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.
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