iManage reports strong growth, new deals & AI integration

iManage has announced a surge in business momentum, characterised by significant customer and financial growth, as well as advancements in product and technology. The company added 142 new logo customers since the start of the year, bringing its total customer base to 4,183 globally. This includes serving 39% of the Fortune 100 and 81% of the Am Law 100, as well as numerous accounting and financial institutions and smaller boutique customers.

The iManage platform handles over 19 billion documents, with a majority stored in the iManage Cloud. The cloud platform experienced a robust annual recurring revenue growth of 43% from June 2023 to June 2024. One prominent new customer is the Magic Circle law firm Linklaters, which recently transitioned to the iManage Cloud.

Bruna Pellicci, Chief Information Officer at Linklaters, commented on the transition: "We are proud to have transitioned to iManage Cloud, a key milestone in modernising our technology. When I joined Linklaters, our complex DocExplorer system was valued by users but needed an upgrade. Moving to a proven Cloud Document Management platform was essential for a future-ready infrastructure."

"Our global rollout of iManage Cloud in Asia, Europe, the US, and the UK went seamlessly, thanks to the Linklaters team working in partnership with iManage, Morae Global, and Encore Technologies. The smooth transition led to immediate widespread adoption, showcasing the system's user-friendliness. Looking ahead, we are excited about AI opportunities. With a new head of AI and Microsoft's Copilot, we aim to enhance our knowledge management and operations with iManage."

iManage is set to open a new data centre in Switzerland, adding to a recently established centre in the United Arab Emirates, bringing its total to 11 data centres. These data centres are backed by Microsoft Azure, allowing iManage Cloud customers to address their data geolocation needs at a granular level.

The company has emphasised the potential of artificial intelligence to boost the efficiency and productivity of knowledge workers. As part of this commitment, iManage is integrating AI capabilities into its cloud platform. The first three AI services are scheduled for rollout this autumn.

The firm's strategic partnership with Microsoft is central to its new offerings. As part of Microsoft's Cloud Storage Provider Program Plus (CSPP+), iManage has introduced Next Generation Co-authoring. This feature allows users to collaborate on Microsoft Word, Excel, and PowerPoint documents in real-time, streamlining the process and saving all edits to the iManage platform automatically.

Bill Tanner, Chief Information Officer at Australia-based international law firm Allens, praised this new capability: "We are very excited about Next Generation Co-authoring, which we believe has the potential to remove barriers to collaboration that we've previously encountered. We are also eager to leverage the deep connection between iManage and Microsoft, two integral platforms in our daily operations. We expect that this synergy will yield powerful benefits and enable our teams to work more efficiently and effectively."

iManage also reported momentum with its Closing Folders product, a legal transaction management solution that automates aspects of closing deals. The company added more than 35 new customers for Closing Folders in the first half of 2024, reflecting strong engagement and satisfaction from end-users.

Neil Araujo, CEO of iManage, stated, "2024 has been an exhilarating year so far. Our relentless focus on innovation and customer success is driving remarkable growth, while our strategic investments in cloud and AI, along with our deep partnership with Microsoft, are transforming the way our customers work."

"The market is recognising that having your information in one place and appropriately tagged, secured, and governed is a prerequisite for successfully using AI, and we are ideally positioned to build on our decades of experience in this area to deliver the innovation that will enable them to collaborate more effectively, securely leverage the knowledge and talent within the organisation, and become more productive. We look forward to continuing to partner with our customers to help them thrive and succeed in the year ahead."