BOSTON – November 16th 2020 – LinkSquares, provider of the fastest and most comprehensive AI-powered contract lifecycle management and analysis tool, today announced that it has been named a 2020 Cool Vendor in Contract Lifecycle Management and Advanced Contract Analytics by Gartner. According to the report, “Extreme market volatility has many organizations revisiting their ability to quickly identify, analyze and manage third-party contract risk.”1
Gartner shares, “Our research has shown that the typical legal department causes an additional three days in turnaround time for each contract.” The report also provides guidance for legal teams and application leaders, including the following:
- “Over 90% of legal departments report that ROI from automation either met or exceeded their expectations, with 43% saying their ROI had exceeded their expectations.”2
- “However, many of the solutions available on the market take months to get up and running, and require extensive configuration and cost. The solutions highlighted in this research have bucked that trend, providing faster, more nimble options that can help companies address these challenges at a much lower price point and complexity level.”
Beau Sylvester, LinkSquares customer and head of Ubreakifix Strategic Initiatives for Asurion, said, “Two years ago, Asurion struggled with document management utilizing more than 25 different locations to store legal documents. After looking at numerous options, we landed on LinkSquares as the best platform for our document management solution. The partnership with LinkSquares has resulted in lowered risk for lost and breached documents, and better efficiency from our staff on search and retrieval of documents using cutting edge technology empowered through LinkSquares. My favorite characteristic of LinkSquares is how intuitive it is for the end user.”
Hundreds of customers trust LinkSquares to provide insights for millions of executed contracts. DraftKings, Fitbit, Asurion and other high-growth customers rely on LinkSquares to not only automate manual contract processes and provide data analytics, but also to help reposition legal teams and departments away from being a time- and resource-intensive cost center. With the AI-powered insights into existing contracts, customers can rely on outside counsel less, potentially saving hundreds of thousands of dollars in legal fees. LinkSquares also eliminates the extra cycles involved in the manual teaching, data entry, upkeep and lengthy onboarding that other contract management solutions require.
“The pressures that legal teams face to quickly determine and mitigate business risks were amplified during the pandemic,” said Vishal Sunak, CEO and co-founder of LinkSquares. “Now, legal teams, sales, procurement and other strategic arms of the organization are involved in contract lifecycle management in a big way, which means they need a central source of truth to communicate and guide future decisions. To us, being a Gartner Cool Vendor validates our commitment to empower business leaders to streamline a labor-intensive process and easily use artificial intelligence to stay agile.”
1Gartner, “Cool Vendors in CLM and Advanced Contract Analytics,” Patrick Connaughton, Marko Sillanpaa, Kaitlynn Sommers, 12 October 2020.
2Gartner’s 2019 Gartner Legal and Compliance Automation Survey