16
Nov

LinkSquares Named a 2020 Gartner Cool Vendor in Contract Lifecycle Management and Advanced Contract Analytics

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.”

Details from the report can be found here. For more information about LinkSquares’ AI-powered contract lifecycle management platform, contact sales@linksquares.com.

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

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    AI STARTUP RUBIKLOUD TO BE ACQUIRED BY OTTAWA-BASED KINAXIS FOR $81.4 MILLION CAD

    OTTAWA, ON, June 15, 2020 – Kinaxis® Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

    Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud’s AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse’s demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company’s rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.

    “Rubikloud has capabilities and value that we can offer our CPG customers today, leads us into the retail industry with some bellwether accounts, and adds a group of approximately 80 people to an already-impressive AI and machine learning (ML) team here at Kinaxis. Over time, this enhanced group will contribute to new and existing AI-powered capabilities across the full Kinaxis RapidResponse® platform and applications,” said John Sicard, President and CEO of Kinaxis. “This acquisition reflects the growing importance of AI and ML to power intelligent automation and augment human decision-making to better deliver on customer promises, remove waste and increase resiliency for effective risk management.”

    Rubikloud’s SaaS-based ML offerings empower retail and CPG manufacturers to transform their core operations by improving and automating complex, profit-generating decisions. Rubikloud’s proven AI capabilities and intuitive tools enable users to leverage disparate data sources to improve forecast accuracy, site-level allocations, inventory availability and promotion plans by allowing users to run boundless simulations in real time.

    “We founded Rubikloud with the belief that purpose-built AI could be used to solve some of the most complex industry problems and we have spent the last seven years building a fantastic product that receives validation from global customers every day,” said Kerry Liu, CEO, Rubikloud. “We’re excited at the prospect of joining Kinaxis, which helps us bring our innovations to a much broader customer base at a faster pace than on our own. Not only that, being two strong Canadian companies we see great cultural synergy and look forward to working on the complex problems we know RapidResponse and concurrent planning can solve for customers.”

    Terms of Agreement
    Kinaxis will acquire Rubikloud for US$60 million in an all-cash transaction that is expected to close within 60 days. Based on Rubikloud’s current revenue and expense profile, the company’s fiscal 2020 revenue and Adjusted EBITDA guidance, as reiterated in its May 6, 2020 news release, remains unchanged. The transaction is subject to customary closing conditions.

    About Kinaxis Inc. 
    Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, follow us on LinkedIn or Twitter.