Salt Lake City, UT, October 1, 2024 — Sirion, the AI-native contract lifecycle management (CLM) platform, today announced that it has been named a Leader in the IDC MarketScape: Worldwide CLM software for Corporate Legal 2024 Vendor Assessment (doc # US51541124, September 2024). We believe this recognition is testament to Sirion’s market leadership and focus on solving the challenges of legal departments and that Sirion has further solidified its position as a CLM leader that consistently delivers category-defining enterprise contract management innovations. Learn more about the report here.
This IDC MarketScape evaluates CLM vendors in the worldwide CLM market with a focus on functionality for the corporate legal department.
We believe Sirion’s AI-native contracting platform emerged as a Leader in the evaluation due to its market leading functionality focusing on legal use cases for contract analytics, conversational search, generative AI assisted review and redline automation, and compliance management. The report states, “Sirion has subject matter experts and AI capabilities that enable legal teams to enhance their contract review with technology.”
In addition to offering end-to-end contracting functionality, we feel Sirion’s intuitive user experience that makes it easy for legal users to derive value from the platform also played a key role in Sirion being a Leader. According to the report, “Customers felt that other products felt too complicated and that Sirion provided end-to-end functionality that was exactly what they needed.”
“We are honored to be recognized once again as a Leader in CLM for Corporate Legal by the IDC MarketScape. We believe being recognized by a leading independent analyst firm of IDC’s stature speaks to the excellence of our technical teams in creating user-centric, best-in-class technology and reflects the trust our customers place in Sirion for their most critical operations,” said Rajeev Kumar, Chief Customer Officer at Sirion. “In today’s fast-paced business environment, the legal function is central in driving business acceleration, innovation, revenue growth, and operational resilience. Sirion empowers legal teams to be agile, enabling them to generate business value, enhance profitability, and meet stakeholder expectations across the contracting lifecycle. We believe this recognition validates Sirion’s commitment to pushing the boundaries of legal tech innovation, and there’s much more to come as we continue to redefine how modern legal teams deliver value to their organizations.”
“This year’s IDC MarketScape for Worldwide Contract Lifecycle Management Software for Corporate Legal is our most comprehensive assessment of the sector to date. The CLM sector is evolving rapidly, with the application of AI and end-to-end functionality key considerations for legal teams,” said Ryan O’Leary, research director for Privacy and Legal Technology at IDC. “This is an exciting time for the sector and we are looking forward to seeing further innovation and developments from companies positioned in the Leaders Category such as Sirion over the coming months.”
This acknowledgment from the IDC MarketScape contributes to Sirion’s growing list of industry accolades. Sirion is a Leader in the 2023 Gartner® Magic Quadrant™ for CLM, the highest ranked vendor for all five Use Cases in the 2023 Gartner® Critical Capabilities for CLM, and named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Lifecycle Management Applications 2023 Vendor Assessment (doc # US48785822, March 2023). In 2024, Sirion has been recognized as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for CLM report, the No. 1 CLM vendor in Spend Matters® Fall 2024 SolutionMap for the third successive time, as well as recognized as a Digital World Class vendor positioned in the top category in Hackett Group’s latest CLM Digital World Class Matrix evaluation.
To learn more about what makes Sirion a Leader in the IDC MarketScape for CLM for Corporate Legal, please visit https://www.sirion.ai/.
Sirion is the world’s leading AI-native CLM platform, it has been a pioneer in applying generative AI to help enterprises transform the way they store, create, and manage contracts. The platform’s extraction, conversational search, and AI-led negotiation capabilities have revolutionized contracting across enterprise teams – from legal and procurement to sales and finance. The world’s most valuable brands such as BNY Mellon, DHL, KPMG and Vodafone trust Sirion to manage 7M+ contracts worth nearly $800B and relationships with 1M+ suppliers and customers in 100+ languages. Leading analysts such as Gartner, IDC, and Spend Matters have consistently recognized Sirion as a leader in CLM for its focus on category-leading innovation.
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.
