Exari, the leading provider of cloud-based contract lifecycle management solutions, today announced it has acquired CMA Contiki, a leading provider of enterprise contract management software. The combination will create the new gold standard for end-to-end enterprise contract management platforms. The acquisition was an all cash transaction.
“This acquisition creates a fantastic vehicle for growth,” said Ed Mullen, Chairman of the Board, Exari Group. “The combined company will serve hundreds of thousands of users across 80 countries in key industries including Financial Services, Insurance, Utilities, Professional Services and Energy. By combining buy-side, sellside, and automated document creation we can instantly deliver the next generation contract management platform to an under-served market. With operations in the Americas, Europe and Asia Pacific, Exari will continue to acquire new customers and expand within our existing multinational customers worldwide.”
The new platform unifies contract management across an entire enterprise. Critical business issues being addressed include complex contract creation, strategic sourcing, revenue assurance, eContracting, supplier risk and performance management, a contract repository, management dashboards and sophisticated contract analytics. Unlike other vendors, only Exari delivers a unique Universal Contract Model™ combined with deep granularity of contract data to deliver unprecedented insight and control.
“This is a powerful combination,” said Bill Hewitt, CEO of Exari Group. “The team at Contiki, headed by CEO Reidar Hauge, has deep industry knowledge and broad buyside experience. We’re thrilled to welcome Reidar and the entire Contiki team to the Exari family.”
According to Gartner, “CLM is evolving from an operational record-keeping system, primarily used for legal audit purposes, to an enterprise-level core system addressing business risk, costs and the pursuit of revenue maximisation. Leading organisations are seeking a wide CLM context, encompassing all (or most) contract processes and agreement types across the organisation.” 1
Charlotte Parker, Supply Chain Analyst at Centrica’s Exploration and Production business, said: “We are looking forward to continuing our relationship with Contiki following its acquisition by Exari, which will strengthen the services from Contiki we already receive. We would like to congratulate both organisations on this move.”
“We’re excited about the next steps in Exari’s evolution,” said Nigel Rea, Director of Precedents and Drafting, LexisNexis UK. “Through our strategic partnership we deliver world class document automation and management and look forward to bringing unified enterprise contract management technology to our clients.”