Company unveils free and complete contract lifecycle management solution so no one will ever have to manually manage contracts again; secures $2.7m in new funding
San Francisco, Calif. – October 13, 2015 – Today, Concord unveiled the world’s first free and unlimited solution to change the way contracts are created, negotiated, signed and managed online. As easy to use as Google Docs, Concord offers unlimited e-signatures and storage for an unlimited number of users who’ll never have to manually manage contracts ever again. The company also announced $2.7 million in new funding from Cota Capital, WTI, Alven Capital and angel investors like Zuora CEO and Cofounder Tien Tzuo, Bruno Deschamps and Arnaud Vaissie.
More than 20,000 companies in 110 countries and tens of thousands of users, from startups to Fortune 1,000 companies, are already using the Concord platform to improve the speed of approving and signing contracts. In addition to saving time, the contract success platform saves companies money and leads to significant improvements in compliance. Concord’s users are finding that signatures are obtained 5 times faster, contract approvals and negotiations are sped up by 70 percent, and compliance requirements are improved by 90 percent. Moreover, 85 percent of users state that Concord improves their image and relationships with their counterparties.
“We chose Concord not only because getting contracts signed is easier than ever, but also because it offers online collaboration tools,” said Zdenka Lemut, general counsel at Wagram Music. “Since we started working with Concord, getting contracts signed is almost instantaneous. We’ve seen a 70 percent reduction in contract preparation and management time, agreements are signed faster and our compliance requirements are met as well.”
Concord combines all the features that until now have been either manually managed or available via disparate tools and expensive, complex legacy systems. Users will find it easier than ever to collaborate online, track changes, receive legally binding e-signatures, automate templates and set deadline alerts through a safe and secure cloud-based environment. Anyone – freelancers, startups and multinational corporations – can use Concord to send, sign and manage contracts while only having to pay for a few nonmandatory and advanced features in major use cases. (Watch a video of Concord features.)
“The contract management space is one of the last business processes that haven’t been automated yet, and companies are spending $153 billion a year on inefficient and expensive enterprise systems to negotiate, sign and manage contracts,” said Bobby Yazdani, founder and general partner at Cota Capital. “We were thrilled to invest, as companies are quickly adopting Concord particularly because it was created to manage the contract process for today’s world. It’s only a matter of time before it becomes the standard way contracts are created and managed around the world.”
Users of Concord include Bosch, Siemens, US Department of Transportation, Johnson & Johnson, Sony Music, Carnival, BUT International and Daitem.
“We created Concord after wasting nearly six months of our lives trying to find and renegotiate 500 contracts for a Fortune 1,000 company, a process that would have taken a mere few weeks if automated,” said Matt Lhoumeau, CEO and cofounder of Concord. “We’ve simplified and expedited the contract lifecycle for companies who are now finally able to collaborate and manage all parts of the contract lifecycle online, free of charge. The early adoption of Concord is a testament to the value we’re bringing to companies of all sizes and we’re thrilled to make contracts easy for everyone.”
Concord is a cloud-based contract success platform that’s changing the way the world is creating, negotiating, signing and managing contracts. The platform is being used today by more than 20,000 companies in 110 countries, and tens of thousands of users who are now managing all of their contracts on Concord.