London-based company iManage, a provider of modern cloud-based platforms for knowledge work, has reported strong customer growth, adding more than 300 new customers in 2023. These figures reflect the company's sustained business expansion as it now serves over 4,000 global customers including 40% of Fortune 100 organisations, 80% of the AM Law 100, coupled with renowned financial institutions and thousands of smaller boutique firms.
The continued growth of iManage is predominately driven by the shift towards iManage Cloud, a state-of-the-art platform which allows seamless collaboration from anywhere, on any device, with the highest security. In 2023, the annual recurring revenue for iManage Cloud jumped 36% year on year. About 60% of the iManage customer base - almost 2,400 customers - have already chosen to operate via iManage Cloud, benefiting from its zero-trust architecture and seamless, performance-enhanced user experience.
Shawn Curran, Director of Legal Technology at Travers Smith, expressed satisfaction with the iManage platform, stating: "After six months of due diligence, Travers Smith found iManage Work 10 in the Cloud much more modern, sophisticated, performant, stable, and easy to use than the competing platform we replaced. It made sense for us to strategically align with iManage."
Currently, iManage handles over 11 billion documents and 11 petabytes of data for more than 430,000 global users. iManage provides futuristic products that assist organisations to harness the knowledge within business content and communications. Reflecting on the advantage of this, T.J. Jones, a partner at Crawford, Wishnew & Lang, said: "Knowing that we can find the right information quickly in iManage is invaluable."
Looking forward, the coming years will see iManage demonstrate significant innovation and sophistication in its knowledge work platform, including the delivery of advanced AI services and capabilities. Using its vast experience with AI technologies, the company plans to enable customers to utilise AI in a secure and responsible manner, with applications such as information retrieval, contract summarisation, and email management.
Chris Kosek, Senior Manager Application Engineering & Development at global law firm K&L Gates, expressed his anticipation, saying: "We're excited about iManage Insight+ and seeing how we can adapt that to our needs."
A strategic partnership with Microsoft is high on iManage's agenda for 2024, with plans to make significant improvements in integrating Microsoft 365, Microsoft Teams, and Microsoft Co-pilot. Partnerships with ServiceNow and further strategic relationships across a broad technology ecosystem are expected to help extend the reach of the iManage footprint into the modern workplace, benefiting users even more.
Reflecting on their achievements so far, iManage CEO and co-founder Neil Araujo noted: "In 2023, iManage celebrated another remarkable year of helping organisations around the world to make knowledge work. Our strategic partnership with Bain Capital helped propel the evolution of our modern, cloud native knowledge work platform, allowing us to better address our customers' needs even as the knowledge work industry evolves at an unprecedented pace. As 2024 unfolds, our dedication to people, innovation, and operational maturity remains steadfast, and we look forward to another year filled with fresh avenues for growth and opportunity."
