the fastest-growing contract management platform company, today
announced accelerated market adoption of its cloud-based contract
management platform and 2.5x revenue growth over the last 12 months.
There are now 260,000 companies on the Concord Software as a Service
(SaaS) platform. The Concord SaaS platform drives horizontal adoption by
providing all key stakeholders collaborative access to the contract
drafting, negotiation, signing and renewal processes within a single
Concord also announced a new pricing model. Unlike other contract
management solutions that charge per seat regardless of usage, Concord
pricing reflects the actual functionality needed by different
stakeholders. Pricing is now based on Creator, Collaborator and Viewer
usage options. For example, legal teams need Creator usage
comprising full platform functionality including contract creation,
editing and negotiation rights. Procurement, HR and sales teams
typically only require Collaborator rights such as contract
requests and the ability to select from previously approved form fields.
Finance teams often only need Viewer rights to have visibility to
track contract status, time to revenue and renewals. DevOps teams simply
need API access to connect and integrate with other enterprise tools. By
pricing and providing access according to need, the Concord platform is
seamless and economical to adopt throughout an organization.
The cross-functional and external stakeholder proliferation capability
is unique to Concord and a key factor to Concord’s platform adoption
dramatically outpacing that of its competitors. For example, 64 new
customers from vertical industries including e-commerce, logistics and
healthcare have joined the Concord platform in the past two quarters.
The horizontal approach Concord takes to the contracting process creates
a powerful network effect which has resulted in 60,000 new users to the
platform in the past two quarters.
Concord posted 260% revenue growth YoY, driven primarily by enterprise
customer adoption of the Concord platform. In CY2018, 39% of new
customer acquisition occurred in the enterprise sector, a trend Concord
expects to continue. Additionally, Concord’s international footprint is
expanding, with 19% of the company’s customers now located outside the
U.S. Further penetration of the enterprise sector with an eye to key
global markets will continue to fuel Concord’s growth in 2019 and beyond.
Said Concord CEO and Co-Founder Matt Lhoumeau, “The contracting process
is fraught with friction and for us radical simplicity is the antidote.
Managing agreements isn’t just a matter of automating contracts and
restricting access. It is about bridging silos and connecting people in
new ways to reach agreements effortlessly.”
Following the company’s $25M Series B funding in October 2018, Concord
expanded its San Francisco headquarters and made a host of important
high-caliber hires including Lynn Feldman, VP of Talent, and Steve
Bower, VP of Customer Success. This expanded bench-strength will ensure
the company’s continued successful and sustainable growth.
Bringing all stakeholders into the contracting process, including legal,
finance, sales, procurement, HR and external stakeholders, and providing
the most advanced legal tools, automation, reporting and intelligence,
the Concord platform transforms the unwieldly and often fractious
contracting process. The platform eliminates the need for third-party
e-signature providers, removes fragmentation from the contracting
process, and eliminates potential compliance gaps and vulnerabilities.
It unlocks business and profit drivers including accelerated time to
revenue, increased productivity and improved financial visibility –
while maintaining and improving compliance around the legal process.
for more information about Concord’s contract management PaaS.
Founded in 2014 and headquartered in San Francisco, Concord’s mission is
to empower people and organizations to agree more. Driven by the belief
that agreements are the foundation of everything, Concord was built to
remove the frictions that stand in the way of agreements. Concord’s
radically simple, and intuitive contract management platform is designed
for everyone across any organization. Enabling users to create,
collaborate, sign and manage all agreements in one place. Concord
enables 260,000 companies around the globe to connect all their people,
processes and contracts in one place. Built with intuitive features,
like online negotiation and editing, deadline alerts, and approval
workflows, Concord gives users everything they need for the entire
contract lifecycle — making growth and compliance synonymous.
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