Summize Ltd, a Manchester-based software provider for the legal sector, has reported a 250 per cent revenue increase each quarter for this financial year as a result of growing demand for its time-saving technology.
The firm has secured ten new significant contracts since the start of the year, as well as diversifying its business model with the development of an entirely new revenue channel.
Summize clients are now being offered a managed services option, enabling them to extend the artificial intelligence and machine learning-driven software to their own clients.
As a leading developer and supplier of intelligent software, Summize gives users the ability to understand, manage and review contracts in their own way, as well as analysing and summarising multiple contracts at once. It allows users to build bespoke clauses, making contract reviews easier and more flexible for time-poor professionals.
The platform, which supports SMEs, in-house and private practice teams, has been created to automate a traditionally time-intensive manual process and can save clients up to 85 per cent in time cost per review. Summize clients include Brabners, Elior, Zuto, and Flexicare.
In addition to its sales and customer increase, Summize has also been focused on its team development during the COVID-19 pandemic. It has made three new hires in the last month, taking its current headcount to 15, up from two co-founders in 2019.
Tom Dunlop, founder and CEO of Summize, said: “It is a really exciting time for Summize and the software sector as a whole. Having only brought our product to market this year, we have already welcomed an impressive roster of clients, which has accelerated in recent months despite the current economic pressures. We are growing at a fast rate financially, geographically and across our client base, and the influx of market demand has only accelerated that growth in recent months.
“Legal professionals are notoriously time-poor and the digital transformation agenda has historically lagged in this sector. Additionally, given the added pressures implied by the coronavirus pandemic, they are looking to autonomous platforms like ours to make their lives easier. We are constantly reviewing and developing our technology to keep ahead of the curve and that’s why we have added this managed services option, to allow our customers to provide a better service to their network.”
In 2019, Summize received a £500,000 investment from NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund.
