4 contract-tech executives break down their strategy for winning business in the booming market
As the market consolidates, a handful of companies could be poised to come out on top.Contract tech has seen a boom over the past several years, and companies are jockeying to claim the title of the market leader.
This new type of contract tech is a"much higher-stakes game" and has a"bigger size of the prize" than pure legal tech itself, according to Jae Um, founder of legal research company Six Parsecs. Companies with better contracting technology can increase their revenue by 9% and decrease their claims and disputes by 20%, Um said.
Experts said it's still too early to call the definitive winners in the contract tech race, but they identified four companies emerging as front-runners: DocuSign, Ironclad, Icertis, and ContractPodAI. Other legal-tech companies are following this route, expanding their suite of contract creation, automation, and analysis tools to become a one-stop contracts shop for businesses. And it's not just contract-specific companies that are considering the sector: General enterprise-management companies like Litera, Mitratech, and Onit have also begun branching out into contract tech.
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