NEW YORK, March 4, 2020 /PRNewswire-PRWeb/ -- SirionLabs, the value leader in contract lifecycle management (CLM) technology, today announced that it has been named a Visionary in Gartner's first ever Magic Quadrant report for Contract Life Cycle Management*. As part of this research, Gartner evaluated 12 CLM vendors across 15 criteria.
SirionLabs is positioned in the Visionary Quadrant based on Completeness of Vision and Ability to Execute. We believe this position is driven by Sirion's innovative capabilities including AI-powered contract authoring, auto-extraction of obligations and granular tracking of performance and compliance against contractual obligations.
Gartner estimates that, "By 2023, artificial intelligence (AI) will enable 30% faster contract negotiation and document completion processes in organizations that deploy leading CLM solutions." The report further adds "historically, the CLM vendor market has been highly fragmented, with vendors narrowly focused on specific groups of stakeholders (e.g., legal, procurement or sales), making it difficult to evaluate them side by side. That has begun to change, as vendors evolve into enterprise-level solutions that can be used across all contract types. Customers expect that the capabilities of any leading CLM solution, regardless of its target audience, should excel at all stages of the contract life cycle."
"Sirion was born with a vision to redefine the Enterprise CLM category with several innovations that were hitherto unheard of in the CLM space – be it automated contract extraction, AI-powered contract review, auto-computation of vendor or customer service levels or invoice validation. Our rapid emergence as the preferred and easy-to-use CLM technology for global leaders such as Vodafone, Unilever, Abbvie and BP has shown that there is a big gap in the CLM landscape which Sirion is effectively addressing." Said Ajay Agrawal, Chairman and Co-Founder of SirionLabs. "We are pleased that we have been recognized by Gartner as a Visionary in Magic Quadrant for Contract Life Cycle Management."
*Gartner "Magic Quadrant for Contract Lifecycle Management" by Patrick Connaughton, Kaitlynn Sommers, Marko Sillanpaa, Micky Keck. February 25, 2020.
Disclaimers
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
ABOUT SIRIONLABS
SirionLabs, with operations in North America, Europe and Asia Pacific, transforms enterprise engagements by bringing buyers and suppliers closer together across the full lifecycle of the contract, from authoring to performance to closure. Sirion's award-winning CLM platform serves as a single source of truth for both parties across all key disciplines: contract authoring and management, performance management, invoice auditing and buyer-supplier collaboration. This holistic approach materially reduces friction between parties, improves transparency and trust, and drives improved outcomes and tangible savings while reducing the cost of governance.
More information about SirionLabs is available at http://www.sirionlabs.com.
SOURCE SirionLabs
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