This MGI 360 Rating™ is designed to help buyers, suppliers, and investors assess the product functionality, management teams, channel breadth, marketing strategy, and financial positioning of Provakil’s CLM tool.

MGI Research initiates coverage of Provakil in the CLM market with a rating of 42 and a Neutral analyst outlook. Provakil represents a new generation of CLM software suppliers approaching the CLM challenge with fresh eyes and using the latest technology toolsets. The company is currently primarily focused on the India CLM market which is rapidly developing. Provakil’s founding team has deep domain expertise in the legal space, with a number of legal professionals and a former litigator to the Indian Supreme Court. Provakil’s CLM market entry has already generated a number of early proof points in terms of competitive transaction wins with large domestic Indian conglomerates and international companies operating in India at scale. The company has also demonstrated the capability to implement its CLM solution and scale its implementation at below-average cost and time.

Who Is Provakil?

Founded by two engineers and a barrister in 2015 in Pune, India, Provakil initially focused on practice management software for lawyers and law firms before expanding into a broader CLM solution, which was introduced in 2019.

What Is Contract Management?

Contract Lifecycle Management (CLM) is the process of strategically managing and leveraging the entire lifespan of legally binding agreements between two or more parties within a business context. CLM tools are evolving rapidly. Not long ago, CLM software described a relatively simple system for document management and e-signature. Today, mature CLM solutions employ AI/ML data capture capabilities to turn the contract management process into an intelligent, real-time system of record. For more about the evolution of CLM software, read The Six Stages of CLM Maturity.

 

A chart plotting CLM suppliers by their solution strength and go-to-market strength

Download Provakil’s 360 Rating to find out where it falls on the Solution Strength vs. Go-to-Market Strength MarketLens.

 

What Are MGI 360 Ratings?

MGI 360 Ratings™ are a comprehensive structured system for evaluating technology companies. The MGI 360 scores reflect analyst opinions based on a scale of 0 to 100, combined with an analyst outlook (Positive, Negative, or Neutral). The 360 Rating system is comprised of 149 unique data points across five pillars:

  • PRODUCT: How strong is the product’s competitive position?
  • MANAGEMENT: How competent and experienced is the management team?
  • CHANNELS: Does the company have a sales capability and channels needed to bring products to market?
  • STRATEGY: Does the company have a realistic view of the opportunity and a compelling strategy for success?
  • FINANCE: Is the company growing and profitable?

 

360 Ratings in Contract Lifecycle Management condense hours of research and customer references into simple, easy to understand ratings and recommendations to clearly demonstrate strengths, weaknesses, and differences among CLM software vendors. All 360 Ratings in Contract Lifecycle Management (CLM) are available in the CLM Top 35 Buyer’s Guide.

 

Get the report to find out how Provakil compares to peer averages in the CLM market:

About MGI 360 Ratings: MGI 360 Ratings score is a uniform 0 to 100 supplier rating system comprised of 149 unique data points. The scores condense hundreds of hours of research into simple, easy to understand ratings and recommendations to clearly demonstrate differences amongst software vendors. The overall score is comprised of five equally weighted major categories that account for up to 20 points in Product, Management, Channels, Strategy, and Finance. Learn more about MGI 360 Ratings.