A Manchester software provider has expanded its business model after revenues soared by 250%.
Summize Ltd, which works with the legal sector, reported the huge uplift for each quarter of the financial year as demand grew for its time-saving technology.
The city centre-based company has also secured 10 new "significant" contracts since the start of the year, as well as diversifying its business model, developing a new revenue channel. It now offers clients a managed services option, allowing them to extend the artificial intelligence and machine learning-driven software to their own clients.
Tom Dunlop, founder and CEO, 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."
Saas (software as a service) firm Summize offers users the ability to understand, manage and review contracts in their own way, as well as analyse and summarise 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% in time cost per review.
Its clients include Brabners, Elior, Zuto, and Flexicare.
It has made three new hires over the last month.
Mr Dunlop added: “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.”
