Ivo opens London, New York hubs amid rapid AI growth

Legal technology firm Ivo has opened new offices in London and New York, expanding beyond San Francisco as it plans to triple its workforce to 180 people this year.

The move follows a year of rapid growth. Ivo sells an AI platform used by in-house legal teams to review contracts and extract information from agreements. The company reported a 600% increase in annual recurring revenue over the past 12 months and said its customer base grew by 134% over the same period.

London and New York are among the world's largest legal and commercial markets. Establishing teams in both cities brings Ivo closer to corporate legal departments and procurement teams that manage large volumes of contracts across multiple jurisdictions and regulatory regimes.

Adoption among Fortune 500 companies rose by 250% over the last year, according to Ivo. Customers cited by the company include IBM, Uber, Shopify, Atlassian, Reddit and Canva.

Hiring plans

The London and New York offices will house engineering, customer success and go-to-market teams. Ivo said the sites will also help accelerate product updates focused on localisation to meet the needs of customers operating across languages and regions.

Ivo describes its product as contract intelligence software for in-house teams. The company said the platform enables users to review contracts 75% faster and surface answers to business questions in minutes rather than months.

Contract review and analytics have become a key battleground in legal technology as corporate legal departments face pressure to reduce cycle times and improve oversight of obligations, risk and renewal dates. Interest has also grown alongside broader adoption of generative AI tools, even as buyers raise concerns about accuracy, confidentiality and governance.

Ivo said its next phase of growth will focus on reliability and trust as it expands internationally and serves larger customers with complex contract estates.

Min-Kyu Jung, Ivo's CEO and co-founder, said the past year brought strong momentum driven by demand from in-house legal teams.

"It's been an incredible past 12 months at Ivo, all testament to the robust team and platform we've built to serve in-house legal teams," Jung said. "We are committed to being where customers are and building a team that will help them succeed."

Enterprise use

Ivo said its platform is used in the workflows of large multinational companies. It pointed to multi-language support and confidentiality requirements as key factors in customer selection, alongside usability and accuracy.

Uber cited those factors in a statement about its decision to use Ivo.

"Uber selected Ivo because it was intuitive to use, demonstrated a high level of accuracy, could work in multiple languages, and met its confidentiality requirements," said Kate Gardner, Senior Manager, Contract Operations at Uber. "Furthermore, the Ivo team was highly responsive to Uber's needs."

CDW also described changes to its internal processes after deploying the software.

"Ivo has been a fantastic partner to CDW. The Contract Review tool has transformed the way we review contracts, making us far more efficient as a legal team. Ivo's Intelligence product has the potential to make a powerful impact on our entire business by providing key insights surfaced from our contract database. Everything about our experience with Ivo has been phenomenal; their customer service is the best I've ever seen," said Carla Michel, Director, Senior Counsel, CDW.

Jung said the product is aimed at improving visibility across a company's agreements.

"Every key business relationship is defined by an agreement, yet most organizations struggle to surface the insights inside them," he said. "Our focus is to give in-house contracting teams unprecedented visibility into their agreements."

Founded in New Zealand, Ivo is headquartered in San Francisco. The company said the London and New York offices are part of its next stage of growth as it adds headcount and develops features for customers managing contracts across multiple regions.