Horizontal Proliferation of Concord Contract Management Platform Unlocks Business Value from Contracts
SAN FRANCISCO–(BUSINESS WIRE)–Concord, 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 cloud-based platform.
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.
Visit www.concordnow.com 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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This article published with permission from Business Wire