Published: Jun 13, 2022
Focus: NPIF Maven Equity Finance
Manchester-based digital contracting software business Summize has reported an unprecedented start to the year as demand for its Contract Lifecycle Management technology increases.
Summize makes legal contracts easier to understand, using AI technology that integrates directly within Word, Microsoft Teams and Slack - and can save clients up to 85% in time spent reviewing contracts.
In the first quarter of 2022 the business has reported a 301% increase in booked revenue compared to the same period last year and has secured a number of new clients contracts, including 10 in March alone. Two such deals include partnerships with Sunday Times Fast Track 100 payment and fleet company, Radius Payment Solutions, and GLAS – the global independent provider of debt administration services with offices in the UK, Europe, USA and Australia.
Summize is on track to surpass $1 million in annual recurring revenue (ARR) for the first time this Summer and has gained support from British tech entrepreneur Tom Blomfield OBE who participated in the company’s latest investment round. Blomfield is predominantly known for being the founder of the UK FinTech company Monzo.
Founded in 2018, the business has grown steadily with headcount growing by 47% between March 2021 and 2022. The company has also recemtly bolstered its senior leadership team by appointing commercial B2B marketer Laura Butler and VP of Business Development Jack Finnis.
"We're growing quickly as a team and across our roster of clients and experiencing high demand from companies that want to plug directly into tools such as Teams and Slack, rather than direct users to another all-in-one platform. We’re preparing for high growth scale, future investment and US expansion – the opportunities at the moment are endless.”
Tom Dunlop, Founder & CEO of Summize