LegalTech Takeover – Precisely 2018 Year in Review

Precisely's 2018 year in review

Precisely would like to thank you for the year that’s past. 2018 was a busy year indeed, but what were the main happenings? Let’s take a look at a few things that come to mind. 

An eventful year

Oh, 2018, you were good to us! It was an amazing year, filled with everything from valuable boot-camps and other astounding events, to a rocket ride for the industry and record-breaking Precisely metrics. It’s been hectic but every single minute has been worth it!

We don’t want to bore you with a complete list of all the events we attended, but the SEP Scaleup Summit, the Nordic Legal Tech Day, the Legal Geek Conference, the Future of Contracting, the Startup Sweden Boot Camp and Slush were some of the happenings closest to Precisely’s heart.

Group picture with the representatives of the companies participating in Startup Sweden Boot Camp
Group picture with the representatives of the companies participating in Startup Sweden Boot Camp

 

For instance, Precisely was one of ten companies selected for Startup Sweden, which is an accelerator program that aims to give Sweden’s most promising digital startups the opportunity to take their companies to the next level.

The week-long boot camp didn’t just allow us to dive deeper into and challenge our knowledge of business development, but also to expand our networks with astounding entrepreneurs, investors, and partners.

Leading with LegalTech

The world’s leading startup event, Slush, was held in Helsinki in December. It’s the event that brings tech heads from all industries together – entrepreneurs and investors alike – building an innovative community that’s taking companies to the next level. In fact, helping the next generation of great, world-conquering companies is the very philosophy of Slush.

Slush 2017 by the numbers

  • 20,000 attendees
  • 2,600 startups
  • 1,600 investors
  • 600 journalists

And naturally, Precisely was on-site. But among perfectly put together events, inspiring people and eye-catching scenery, fintech and envirotech weren’t the only focal points. This time, it was legal technology that stole the show.

Stepping on stage

At this year’s Slush, the Finnish Legal Tech Forum, the University of Helsinki Legal Tech Lab and Legal Design Summit held a standalone side event focusing entirely on innovation in the legal sector. The event, called Sleetmakers, gathered LegalTech startups, investors and other influential figures from all over the world under one roof.

Besides offering keynotes and fireside chats with industry experts, the event included pitching and demoing from a few selected companies. Out of which Precisely was one; illustrating how our platform turns people all over the world into contract champions.

But this wasn’t the only pitch that Precisely ended up performing. By selection, we also participated in the prestigious Slush 100 Pitching Competition. Not only that, but out of more than 3000 registered companies, we went on to the top 15; the top 0,5 percent.

Pictures from Precisely's pitch at the Slush 100 Pitching Competition
Precisely’s COO & Co-Founder Simon Fouladi presenting at the Slush 100

 

While we, unfortunately, didn’t go on to win the competition this time (a big congratulations to Meeshkan, you rock!), we’re incredibly happy to see a rapidly growing interest in innovative technology for the legal industry.

Contract automation in action

But pitching wasn’t the only thing we did. This year, Slush introduced the Showcase Studio where a handful of startups got to demo their product live on stage. And Precisely was among the selected few.

Mobile and desktop screenshots of the Precisely platform
Snapshots of the Precisely platform

 

Participating in the Showcase Studio resulted in us showcasing the design and features of Precisely to an audience of hundreds of curious (soon to be) contract champions at the heart of the venue.

Thank you to everyone who came by! If you’re among the people who got to see how Precisely can help you increase productivity and compliance through automation, contact us and we’ll get you started right away!

A red-hot industry

The amount of space and attention that LegalTech has been receiving this year, both at and outside of Slush, is amazing. We wholeheartedly believe that innovative solutions are Precisely what, for instance, in-house legal counsels need to gain back control of their organization’s contracts and ensure compliance.

Furthermore, it seems that you and many others share our belief that LegalTech is the future, considering the more than $1 billion(!) in investment that went into it last year.

Investments into legal technology hit a record – more than $1 billion in 2018

That’s more than four times the amount of 2017! And interestingly, more than a third of this sum went into AI-focused solutions.

Precisely CEO Nils-Erik Jansson in the panel at Relevent's The Future of Contracting
Precisely CEO & Co-Founder Nils-Erik Jansson in the panel at The Future of Contracting

Charts through the roof

You also helped Precisely shatter quite a few internal records last year. Let’s take a look at some of our 2018 platform metrics compared to the previous years’:

  • 305 % increase in automatically created contracts
  • 224 % increase in e-signed documents
  • 148% increase in managed contracts

And besides from the platform, you helped us achieve some other impressive numbers as well:

200+ %

Increase in employee headcount, ranging from natural language processing/machine learning experts to digital marketing professionals. We are incredibly proud of having attracted some of the best in the industry to our team!

2.5+ million

Impressions from our tweets in 2018. Wow!

1 new

Physical international location in London, thereby further picking up the pace of our international expansion.

Kicking off 2019

In the end, none of this would have been possible without you. So let’s start 2019 off correctly by sending some appreciation in the direction of our customers, partners and everyone else who’ve believed in and grown with us.

Thank you!

The upcoming year is quite likely to be as, if not even more, eventful. We’ve got loads of new exciting solutions and product improvements planned that’ll further allow business professionals to focus on what truly matters, instead of shuffling paper.

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Erik Legerius

Erik is a digital marketer and business developer at Precisely. When he isn't managing Precisely's digital marketing related activities, he enjoys organizing events and DJing.