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Digital contracting company Ironclad today launched a new product designed to help companies collaborate on contracts with external parties.
At a time when traditional business processes have had to move online due to the remote working surge, companies such as Ironclad have been well-positioned to capitalize. The San Francisco-based company pitches itself as a “contract lifecycle management” (CLM) platform, one that supports many of the key parts of the contract workflow — this includes collaborative editing, so that different teams in an organization can work toward making a business agreement compliant and water-tight.
With Ironclad, users can @mention colleagues to garner feedback or accept/reject any edits that have been made. And the myriad integrations unlocks data and functionality from third-party services spanning e-signatures, CRMs, and cloud storage.
However, traditional contract negotiations with third-parties has always entailed countless back-and-forth exchanges, often involving numerous Word or Excel docs and unwieldy email interactions that are tricky to keep on top of. And this is where Ironclad Connect enters the fray.
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Ironclad Connect extends the platform’s core functionality outside the host organization, so that @mentions, comments, version control, task-assignment, and more, are no long reserved for the Ironclad customer itself. It’s a little like a “secure, enterprise-grade Google Docs,” according to the company — one built specifically for business contracts.
So in effect, all the counterparties to a new sales agreement now have their own private sandbox account powered by Ironclad’s technology, where they can engage with the documents and communicate in a single interface.
Founded in 2014, Ironclad has amassed an impressive roster of customers in its eight-year history, including Mastercard, Dropbox, L’Oréal, and Reddit. The latest launch follows a flurry of activity for the company — it recently hit a $3.2 billion valuation off the back of a $150 million funding round. This followed a new AI partnership with Google to transform contracts into “operational data pipelines” — it’s all about processing and understanding the content of documents at scale.
Ironclad Connect builds on that momentum, by alleviating much of the spadework involved in getting a contract over the line — centralization is the name of the game.
“Contract negotiation has always been a convoluted process, primarily because traditional tools like Word and email fragment communication – rather than centralize it,” Ironclad senior VP of product Steven Yan said in a statement. “By baking collaboration directly into the contracting experience, Ironclad Connect helps teams and counterparties work with each other to reach common ground faster and more efficiently.”
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