Company Reports Strong Growth in Customer Acquisition, Network Effect, Revenues & Hires
SAN FRANCISCO–(BUSINESS WIRE)–August 30, 2018–
Concord, the fastest-growing contract lifecycle management (CLM) company, announced rapid market adoption of its completely digital contract management Platform as a Service (PaaS). Concord posted 300% YoY revenue growth and more than doubled its enterprise customer base in the past 12 months. To-date more than 180,000 companies have joined the Concord platform. This growth is buoyed by a strong ‘network effect’ whereby new subscribers invite multiple users to participate on the platform.
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Screenshot illustrating the Concord platform (Graphic: Business Wire)
Companies of all sizes and industries are migrating to the Concord PaaS. New customers include Kickstarter, Newell Brands, Barracuda Networks, Bitdefender, thetrainline.com, Rent the Runway, Sizzling Platter and Spark NZ (New Zealand).
Concord’s steady investments in top talent and operations safeguard and support the company’s continued business growth. Headcount has increased 300% YoY with strong focus on engineering, operations and sales. New senior hires will lead sales, customer success and product. The company will double its office space over the next quarter to accommodate employee growth.
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. This removes fragmentation from the contract process and eliminates potential compliance gaps and vulnerabilities. The platform brings finance, sales, procurement and legal teams, their third-party suppliers and customers into a single automated, collaborative and digital environment where contracts are managed as a key business process. As a result, customers also benefit from improved financial visibility, faster time to revenue from the sales pipeline, increased efficiency and infinite scale.
Said Matt Lhoumeau, Concord CEO and Co-Founder, “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.”
Visit www.concordnow.com for more information about Concord’s contract management PaaS.
Founded in 2014 and headquartered in San Francisco, Concord enables over 180,000 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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John Snedigar, 408-705-7518