Agiloft Company Profile
Background
Overview
Agiloft, Inc., established in 1991 and headquartered in Redwood City, California, is a leading provider of contract lifecycle management (CLM) and business process management software. The company specializes in delivering no-code platforms that automate complex business processes, thereby reducing risk and enhancing operational efficiency. Agiloft's mission is to empower organizations to agree and thrive by providing adaptable and robust CLM solutions.
Industry Significance
As a pioneer in the CLM space, Agiloft has been recognized for its innovative approach to contract management, offering solutions that cater to a diverse range of industries, including healthcare, financial services, and public sector organizations. The company's no-code platform allows for rapid deployment and customization, making it a preferred choice for organizations seeking efficient contract management solutions.
Key Strategic Focus
Core Objectives
Agiloft's strategic focus centers on providing agile and adaptable CLM solutions that streamline contract processes, enhance compliance, and drive revenue growth. The company aims to deliver significant savings in purchasing, enable more efficient legal operations, and accelerate sales cycles, all while drastically lowering compliance risk.
Areas of Specialization
Agiloft specializes in contract lifecycle management, offering solutions that automate the creation, workflow, and renewal of contracts. The platform is designed to be highly configurable, allowing organizations to tailor it to their specific business processes without the need for extensive coding.
Key Technologies Utilized
The company's platform leverages a no-code architecture, enabling users to configure and customize applications through a web interface with dropdown menus and drag-and-drop tools. This approach facilitates rapid deployment and scalability. Additionally, Agiloft integrates artificial intelligence (AI) capabilities to enhance contract management processes, including AI-powered contract review and data extraction.
Primary Markets Targeted
Agiloft serves a global clientele across various industries, including healthcare, financial services, technology, and public sector organizations. The platform is designed to meet the needs of both small and large enterprises, providing scalable solutions that adapt to the evolving demands of different markets.
Financials and Funding
Funding History
In August 2020, Agiloft secured a $45 million growth equity investment from FTV Capital. This marked the company's first round of external funding, following years of being bootstrapped and profitable. The capital injection was intended to accelerate the development of Agiloft's AI-based CLM software and expand its presence in vertical and geographic markets.
Revenue and Growth
As of 2024, Agiloft reported an annual revenue of $71.4 million, reflecting significant growth in the CLM market. The company has experienced a 124% increase in new sales over the previous year, indicating strong demand for its solutions.
Pipeline Development
Product Releases
Agiloft has continually enhanced its platform to meet the evolving needs of its customers. In 2021, the company released the Sourcing and Supplier Information Management module, extending the value of its CLM software by streamlining the source-to-contract process and enabling the automation of supplier information management. Future releases are expected to further enhance platform extensibility and integration with enterprise applications such as Microsoft Word, Outlook, and Dynamics.
Technological Platform and Innovation
Proprietary Technologies
Agiloft's no-code platform is a key differentiator, allowing users to configure and customize applications without the need for extensive coding. This flexibility enables rapid deployment and adaptation to specific business processes.
Significant Scientific Methods
The platform incorporates AI capabilities to enhance contract management processes. These include AI-powered contract review, data extraction, and analysis, which improve efficiency and accuracy in managing contracts.
Leadership Team
Executive Profiles
- Eric Laughlin, CEO: With over a decade of leadership experience in legal software and tech-enabled services, Eric previously led Legal Managed Services at Ernst & Young, LLP, and held various roles at Thomson Reuters.
- John Pechacek, CTO: A software industry veteran with over 30 years of experience, John has led technology development at companies like Velocity Solutions and PayScale.
- Kevin Niblock, CRO: Kevin brings over 30 years of sales and leadership experience in the IT industry, having held positions at Zuora, Apttus, Software AG North America, and TIBCO Software.
- Andy Wishart, CPO: With 20 years of experience in legal technology, Andy was previously VP of Product Management at Thomson Reuters and co-founder of Contract Express.
- Nicole Milstead, CMO: Nicole has over 25 years of experience leading marketing and business development teams at companies like FinancialForce, Oracle, and SAP.
- Angel Lange, CFO: Angel has over 20 years of experience in accounting and financial planning, with previous roles at Protegrity USA, Inc., and MasterControl, Inc.
- Prashant Dubey, Chief Strategy Officer: Prashant has over 20 years of experience in the legal technology industry, having held positions at Elevate and as founder of Sumati.
