Top 10: Contract Management software

Updated: July 30, 2023

Contract management is a critical process that involves the creation, negotiation, execution, and monitoring of contracts throughout their lifecycle. It is essential for businesses to efficiently manage their contracts with customers, vendors, and partners to ensure compliance, reduce risks, and optimize business operations. Contract management software automates and centralizes the entire contract lifecycle, making it easier to draft contracts using templates, track changes, and collaborate with stakeholders. The software also facilitates seamless contract approvals and electronic signatures, streamlining the contract execution process. Once contracts are in effect, the software helps monitor key milestones, deadlines, and obligations, sending automated alerts and notifications to ensure timely compliance. By providing a comprehensive view of all contracts and their status, contract management software empowers businesses to make informed decisions, identify opportunities for cost savings, and mitigate potential risks, ultimately contributing to improved efficiency, better governance, and enhanced customer and partner relationships. Some of the most popular contract management software options are listed below.

See also: Top 10 ECM software

2022. LexCheck raises $17M to automate common contracting processes



LexCheck, a cutting-edge platform powered by artificial intelligence (AI) for contract analysis, has successfully concluded a Series A funding round of $17 million. Leveraging advanced AI technologies, including natural language processing, LexCheck assists in optimizing contract editing and negotiation procedures. The platform aims to streamline the contract negotiation process by offering organizations digital playbooks that automate contract reviews. Through the delivery of redlines, comments, insertions, and deletions, LexCheck ensures standardization while automatically addressing deviations from preferred positions outlined in the playbooks. This innovative solution revolutionizes contract management, enhancing efficiency and accuracy in contract-related operations.


2022. Juro draws $23M into its browser-based contract automation platform



London-based legaltech startup Juro has successfully raised $23 million in a Series B funding round. Juro is committed to disrupting the use of traditional tools like Word and PDFs for contract management. Instead, it provides a dedicated, browser-based platform specifically designed for building contracts, going beyond simple file transfer workflows in the cloud. Juro's innovative approach involves transitioning contracts from Word to a custom-built, browser-native editor. This highly modular editor seamlessly integrates with a company's existing tech stack. Similar to how developers collaborate using GitHub or designers use Figma, Juro enables users to handle the entire contract process, from creation to signature, without ever leaving their browser. In this sense, Juro considers MS Word as its main competitor.


2021. Zoho introduced contract management software - Zoho Contracts


Zoho Contracts represents Zoho's comprehensive solution for contract lifecycle management (CLM). With its extensive collection of pre-defined contract templates and the flexibility to create custom templates, contract authoring becomes a seamless process. Zoho Contracts offers administrators the ability to configure approval workflows, whether sequential or parallel, and associate them with specific contract types. Approvers can provide contextual comments within the documents and approve or reject them accordingly. In contrast to traditional methods involving back-and-forth email attachments, Zoho Contracts introduces a more controlled approach by granting restricted access to counterparty contacts through password-protected links. Moreover, Zoho Contracts comes pre-integrated with Zoho Sign, an electronic signature software, simplifying and expediting this critical stage of the contract lifecycle.


2020. SirionLabs raises $44M to scale its contract management software



SirionLabs, a startup specializing in providing contract management software to enterprises, has recently secured a funding of $44 million. Established in India eight years ago, this brings the total funding raised by the company to $66 million. In today's business landscape, many companies still rely on manual contract handling, resulting in discrepancies and conflicting promises among different teams within the same organization. These teams often operate independently without knowledge of the terms already agreed upon by others. SirionLabs addresses this challenge by utilizing artificial intelligence and natural language processing to establish connections between contracts and post-contract activities. Presently, SirionLabs hosts contracts in over 40 languages for more than 200 of the world's largest companies, including Credit Suisse, Vodafone, EY, Unilever, Abbvie, BP, and Fujitsu.


2020. DocuSign acquires Seal Software for $188M to enhance its AI chops



Contract management service DocuSign has announced its acquisition of Seal Software for $188 million. Established in 2010, Seal Software may not be widely recognized, but its clientele includes prominent companies such as PayPal, Dell, Nokia, and even DocuSign itself. These organizations utilize Seal's contract management tools, as well as its analytics, discovery, and data extraction services. It is specifically Seal's AI capabilities, developed over time to assist businesses in contract analysis, that motivated DocuSign to pursue the acquisition. This move aims to significantly streamline processes such as legal reviews, enabling substantial time savings for DocuSign and its customers.


2019. Ironclad raises $50M for its digital contracting platform



Ironclad, a startup dedicated to simplifying contract workflow management for legal teams, has successfully raised $50 million in Series C funding. Alongside this funding announcement, Ironclad has introduced its Workflow Designer, a powerful tool that empowers teams to create customized workflows aligned with their unique business processes and timelines. The setup process for these workflows is intuitive and user-friendly. By applying tags to existing contracts, teams can establish processes based on the specific content of each document. For instance, if a contract surpasses a certain value threshold, teams can incorporate a corresponding payment clause or define an approval process based on the contract value. Ironclad's Workflow Designer offers flexibility and efficiency for streamlining contract management.