Company Information
HQ
Pune, India
Founded
2015
Market
Contract Lifecycle Management
Solution
Contract Management
Representative
Customers
Viatris, Aditya Birla Group, Adani, Landmark Group, DP World, Starbucks, Myland, Britannia, Domino’s
Ideal Customer
Profile
Companies based in India and the Middle East seeking core CLM capabilities, as well as global brands with domestic Indian operations or business units operating in India.
Company Size
This solution is a fit for midmarket Indian companies as well as multi-nationals with regional operations.
Business Model
Technology Ecosystem(s)
This solution can be hosted in the AWS or Microsoft Azure cloud. It can also be deployed on-prem as a managed service.
Primary Users
Business
IT
Sales
Procurement
HR
Legal
The primary user of this solution is General Counsel and the Legal office. Finance and Sales are secondary users. IT teams occasionally use the solution but rarely drive it.
Investment Level
Provakil is price competitive in the domestic Indian CLM market and could be good value for multi-nationals operating in India and used to paying higher prices.
Agility
This solution is average in terms of its agility.
Complexity
This solution can address slightly below average complexity requirements.
Geographies
North America
Latin America
EU
ME
Africa
Japan
Asia
Australia /NZ
This solution is a fit for companies in India and the Middle East, as well as global brands (e.g., Starbucks, Dominos) with a growing presence in those geographies.
Orientation of CLM
GC
Legal Ops
Buy Side
Sell Side
Enterprise
This is primarily a buy-side solution that can also handle Legal Ops. Provakil also offers sell-side capabilities for smaller startups.
Top 3 Verticals
CPG
Global CPG and food service brands who are expanding into the Middle East and India will find a potential fit with Provakil Contract Management.
Manufacturing & Logistics
Similarly, global manufacturing and logistics companies establishing a presence in the Middle East and India are candidates for this CLM solution.
Financial Services
Banks and financial services providers in India are also a potential fit.
Analyst Notes
Founded in 2015, Provakil initially focused on practice management software for lawyers and law firms before expanding into enterprise solutions, with CLM functionality introduced in 2019. Beyond core CLM capability, Provakil’s offering provides a robust legal management product suite also covering matter management, disputes/litigation management, legal spend management, IP management, secretarial and compliance tasks. Provakil has developed integrations with over 10K courts in India, a system akin to the Pacer system in the US.
Provakil’s AI-powered CLM platform offers features like contract repository, templates, workflows, document editing, redlining, and audit trails. Typical implementation times range from 8 to 10 weeks, catering primarily to the buy-side segment, although some organizations also utilize the solution for sell-side contract management. Provakil’s pricing model, comprising startup, midsize, and enterprise plans based on workflows, templates, users, and support, has garnered traction in the market. With a predominant focus on the Indian market, Provakil is expanding its footprint in the Middle East, targeting sectors like banking, CPG/retail, and financial services. With the Indian economy projected to outpace the GDP growth of most, if not all, western economies, Provakil is well-positioned to grow above the industry average as it matures.
