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Among the many most enduring but dramatic success tales in authorized tech is that of iManage, the doc and e mail administration firm. Based in 1995, its collaborative method to content material administration made it fashionable amongst amongst legislation corporations just about out of the gate, and it was acquired eight years later for $171 million by Interwoven.
However after Autonomy wolfed up Interwoven in 2009 after which Hewlett Packard purchased Autonomy in 2011, the deal turned into a disaster when allegations that Autonomy had inflated its worth resulted in HP having to write down off practically $8.8 billion of the $11.1 billion buy worth and years of litigation that continues even now.
With iManage, by no fault of its personal, caught up on this M&A morass, its authentic founding administration workforce, led by Neil Araujo and Rafiq Mohammadi, swooped in and acquired again the corporate in 2015 and instantly went to work to place it again on target. Inside a yr, the corporate launched its native cloud platform, iManage Cloud, after which went on to make a number of key acquisitions, together with of UK synthetic intelligence firm RAVN Systems in 2017 and of authorized transaction administration firm Closing Folders in 2020.
Final yr, after taking a minority strategic growth investment from Bain Capital, the corporate launched iManage AI, an AI search engine constructed natively into its cloud platform, after which iManage Tracker, a matter-centric job administration service.
Associated video: How It Works: iManage Tracker.
Now, iManage is revealing new particulars on the fruits of these labors and the way they’ve translated to continued development, and it’s laying out its plans for the yr forward to additional innovate its platform by improvement of AI and to additional develop its partnerships and integrations with know-how suppliers, together with Microsoft.
Development of iManage Cloud
Throughout 2023, iManage added greater than 300 new firms and legislation corporations as clients, bringing its whole international buyer base to 4,000 clients throughout six continents — a rise of 1,000 clients over the quantity it reported when it purchased the corporate again from HP in 2015.
Amongst its clients are greater than 40% of Fortune 100 firms, 80% of the Am Regulation 100, main accounting and monetary establishments all through the world, and 1000’s of smaller, boutique clients, it says.
Associated video: How It Works: iManage Closing Folders.
Driving that development has been a continued shift to iManage Cloud, the corporate says. Annual recurring income for iManage Cloud grew 36% yr over yr, and over 60% of the iManage buyer base – or some 2,400 clients – now work in iManage Cloud.
All of that provides as much as greater than 11 billion paperwork and 11 petabytes of information dealt with in iManage for greater than 430,000 customers.
Develop AI, Develop Partnerships
Having adopted the tagline, “Making Data Work,” iManage says that over the following yr it is going to emphasize vital innovation round its iManage data work platform, together with superior AI companies and capabilities throughout the platform.
“iManage will ship highly effective new capabilities leveraging generative AI for options like data retrieval, contract summarization, and e mail administration – saving busy professionals time and enhancing productiveness,” the corporate mentioned.
Additionally over the following yr, iManage plans to commit vital power to partnerships. This consists of persevering with to construct on its already established “better together” partnership with Microsoft, which incorporates vital enhancements to its integration with Microsoft 365, native desktop co-authoring, Microsoft Groups and Microsoft Co-pilot.
As well as, it mentioned that its integration with ServiceNow and partnerships throughout a know-how ecosystem of greater than 200 companions will play a key function in increasing its footprint inside legislation corporations and authorized departments.
Araujo, in an announcement, mentioned that 2023 was a outstanding yr for iManage, and that its partnership with Bain Capital “helped propel the evolution of our fashionable, cloud native data work platform, permitting us to higher deal with our clients’ wants even because the data work trade evolves at an unprecedented tempo.
“As 2024 unfolds,” he mentioned, “our dedication to individuals, innovation, and operational maturity stays steadfast, and we look ahead to one other yr crammed with recent avenues for development and alternative.”
Study extra about iManage on the LawNext Legal Technology Directory.
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