Some 180,000 companies have joined Concord's contract management platform, with more than half signing up over the last 12 months, the company has revealed.
It has seen rapid market adoption of its completely digital contract management Platform as a Service (PaaS), posting 300% YoY revenue growth and more than doubled its enterprise customer base in the past 12 months.
Concord said the growth is being driven by a strong ‘network effect’ whereby new subscribers invite multiple users to participate on the platform.
New customers include Kickstarter, Newell Brands, Barracuda Networks, Bitdefender, thetrainline.com, Rent the Runway, Sizzling Platter and Spark NZ (New Zealand).
Unlike other contract management systems, Concord provides a single and completely digital environment for the origination, negotiation, execution and renewal of all contracts, including all parties, all edits and all signatures.
Concord eliminates the need for third-party e-signature providers, email and Word, which it says removes fragmentation from the contract process and eliminates potential compliance gaps and vulnerabilities.
Matt Lhoumeau, Concord CEO and Co-Founder, said: “96% of businesses have no contract management in place – it’s Concord’s vision to change this. Our strong growth over the past year indicates we’re successfully chipping away at that 96%, changing the way companies conduct business and helping them reap the rewards of digital transformation and new business processes.
"We will continue to invest in and advance the capabilities of our platform so that customers have the best possible user experience, introduce the Concord platform to their key internal and external stakeholders, and create a network effect of sustainable and scalable business advantage.”