(Image source: Exari.)
Exari, a provider of enterprise contract lifecycle management solutions today announced it has acquired contract data discovery, capture and analytics Adsensa. Exari characterizes the combination of the organizations’ capabilities as creating for the first time a complete contract life-cycle management (CLM) platform that enables companies to manage new, legacy and third-party contracts all from one complete solution.
“The CLM market is growing because more contract professionals see this product as a way to address their top challenges,” according to a report from Forrester Research. “This market growth is in large part due to the fact that general counsels and other contract pros increasingly trust CLM providers to act as strategic partners, advising them on top contract life-cycle decisions.”
“For years, large banks have integrated disparate technologies to maintain control and gain insight into their Master Trading Agreements,” comments Colin Hall, Chief Data Officer at Credit Suisse, which is working with Exari on the development of new technologies in the CLM space. “In today’s competitive environment, banks need to streamline their business processes whilst satisfying a myriad of regulatory environments. Technologies that can help achieve these efficiencies will be in high demand.”
Acquiring Adsensa will help Exari to expand its presence in insurance and other industries, including financial services, energy and professional services. The acquisition will also open significant opportunities in new industries and geographies, according to an Exari statement. The Adsensa team, with operations in Newbury, London and Chicago will complement Exari’s worldwide presence, the vendor says.
“Companies struggling with getting deep insight into their policy data will benefit greatly from this combination,” comments Ian Macartney, CEO at Torrent Technologies, a Marsh company. “Adsensa’s deep and accurate extraction along with Exari’s robust and complete platform will streamline the business process, decision making and ultimately, market competitiveness.”
Exari touts its platform as the most complete of all major CLM vendors for unifying contract management across the entire enterprise. The company says that it is differentiated from other vendors through delivering what it calls a unique Universal Contract Model combined with high-speed machine extraction to deliver unprecedented contract insight and control, leading to reduced risk.
“This acquisition delivers on what the market has been demanding,” says Ed Mullen, Chairman of the Board, Exari Group. “The combined company will serve over 250 customers worldwide and can now solve even more comprehensive challenges and deliver real, tangible benefits. The combination nearly doubles the Exari customer base and will accelerate Exari’s growth in existing markets and open new markets as customers and prospects understand the power of the platform.”
“The team at Adsensa has built a profitable, growing company with excellent customer satisfaction and highly differentiated solutions,” comments Bill Hewitt, CEO of Exari Group. “Adsensa’s powerful contract data discovery software combined with Exari’s leading CLM software creates a tremendously robust platform. The acquisition is immediately accretive, and will make Exari a stronger, faster growing company. We’re thrilled to welcome the entire Adsensa team to the Exari family.”
“We’re delighted to be joining forces with Exari,” said Laurie Davison, CEO of Adsensa. “Our complementary solutions will give more control over their contract and document management processes while advancing their digitization efforts to a whole new level. We’re excited to be a key part of Exari’s continued growth.”