Ironclad at $150M ARR
Jan-Erik Asplund
TL;DR: As contracts shift from static PDFs to real-time, data-rich workflows, Ironclad is bundling creation, negotiation, clickwrap, and native e-signature into the enterprise CLM system of record. Sacra estimates Ironclad hit $150M in annual recurring revenue (ARR) in April 2025, up from $130M at the end of 2024. For more, read our full report and dataset on Ironclad.
We first covered the legal tech space in January 2025, analyzing Harvey’s push to displace Westlaw and LexisNexis with GPT-native legal copilots—and noting how tools like Ironclad were beginning to compete with Harvey at the edges of contract creation, negotiation, and analytics. We followed up in April 2025 by mapping the broader digital procurement stack, highlighting the emergence of “little P” platforms like Ramp, Brex, and BRM—and Ironclad’s positioning as the core CLM infrastructure layer for both legal and business teams.
Key points via Sacra AI:
- Launched in 2014 on the back of the newly emerging legal operations function, Ironclad replaced legacy enterprise CLMs by building a GitHub-style workflow engine for contracts—letting legal-ops teams route approvals (e.g. sales > $100K to finance), manage versions, and collaborate across teams without leaving Microsoft Word. Unlike incumbents that focused purely on post-signature search and storage, Ironclad’s wedge was pre-signature process control—offering a no-code workflow designer, Word-compatible editor, integrated e-signature, and a centralized repository with contract metadata for post-hoc analysis—all bundled into a single SaaS platform priced per seat and packaged by deployment size.
- By expanding from legal to sales, procurement, and HR teams—enabled by that configurable workflow layer—Ironclad grew to a Sacra-estimated $150M in ARR as of April 2025, up from $130M at the end of 2024, as more enterprises sought one end-to-end system-of-record for everything from NDAs to MSAs to vendor agreements. Compare to competing CLM platform Icertis at $250M ARR as of February 2024, up from roughly $240M at the end of 2023, AI legal platform Harvey at $50M ARR at the end of 2024, up 400% YoY from $10M at the end of 2023, and Clio at $250M ARR in February 2025, up from $235M at the end of 2024.
- With generative AI redrawing the competitive map in CLM, Ironclad is layering GPT-4 across drafting, clause analytics, and obligation extraction—while shoring up its Word-native editing, expanding into e-signature and clickwrap (via PactSafe), and preparing for the future of AI-native contract workflows. CLM is collapsing into unified systems under pressure from SaaS consolidation, and Ironclad’s integrations with Big 4 systems integrators plus its long-term play to standardize schemas and metadata put it in position to convert workflow data into structured insights and build the cross-customer data flywheel that point solutions can’t.
For more, check out this other research from our platform:
- James McGillicuddy, CEO of BRM, on the problem with “little P” procurement
- Harvey at $50M ARR
- Art Levy, Chief Business Officer at Brex, on the strategy of Brex Embedded
- Ameet Shah, partner at Golden Ventures, on the economics of vertical SaaS marketplace
- Gaurav Baheti, CEO of Procol, on bringing procurement online in India
