Main Highlights
- Malbek, a contract lifecycle management business, has raised $15.3 million in a Series A fundraising round.
- According to CEO Hemanth Puttaswamy, the financing will be utilized to assist product development and expansion, bringing the company’s total raised to over $20 million.
- The company uses artificial intelligence to automate contract procedures in sales, finance, procurement, and other departments.
- Malbek simplifies and expedites the contract authoring process.
Malbek, a contract lifecycle management business, has raised $15.3 million in a Series A fundraising round led by Noro-Moseley Partners, with TDF Ventures and Osage Venture Partners also participating. According to CEO Hemanth Puttaswamy, the financing will be utilized to assist product development and expansion, bringing the company’s total raised to over $20 million.
Companies are realizing the importance of contract management systems, which had a market value of $1.5 billion in 2019. Companies that do not implement these measures risk losing about 5% of their revenue after signing a contract, according to Goldman Sachs. According to PricewaterhouseCoopers, employing automated contract management systems to increase accuracy and compliance can save businesses up to 2% of their annual costs.
The company is based in Somerset, New Jersey. Brian Madocks, Puttaswamy, Madhusudan Poolu, and Matt Patel started Malbek in 2017. The company uses artificial intelligence to automate contract procedures in sales, finance, procurement, and other departments. Connectors for software from Salesforce, Workday, Slack, Microsoft, and others are available, allowing contract data to move between first- and third-party systems.
“This investment enables us to empower more business users to gain deeper, more actionable contract data insights, eventually saving businesses significant time, reducing risk, and accelerating top-line revenue,” Puttaswamy said. “Malbek is a tried-and-true next-generation contract lifecycle management solution designed for everyone. He also stated that their modern solution is trusted by Fortune 500 customers and other large enterprise teams, as well as many small to mid-sized high-growth organizations, to unite [different] teams and take the hassle out of the entire contract process, from pre- to post-signature and every step in between.
Managing contracts
According to Puttaswamy, Malbek offers a range of tools to assist firms in avoiding contract management problems, which may lose an average of 9.2 percent of revenue yearly. Malbek’s Konnect Integration Marketplace, for example, enables users to link Malbek with business programs using no-code, drag-and-drop software integrations. Lifecycle AI offers suggestions for contract creation, review, negotiation, approval, and milestone management.
“We utilize Malbek’s contract lifecycle management systems at Momentive to enhance efficiency and free up staff to focus on more important business initiatives,” stated Momentive legal operations head Ewa Hugh. Momentive competes with startups such as Lexicon, LinkSquares, Evisort, Contractbook, and Concord, but it has increased revenues over 500 percent year over year with companies such as Tibco Software, EDF Renewables, Pantheon, and Rothman Orthopaedic Institute.
According to John Ale of Noro-Moseley Partners, “Malbek leads the way in the customer lifecycle management area, as shown by the company’s sales win rate over other solutions.” “Malbek modernizes real-world contract administration at scale while giving deeper insights into contract data that may otherwise be overlooked during the review.”
Malbek simplifies and expedites the contract authoring process. To begin, the solution provides automatic clauses as well as pre-approved wording and words from which to choose. Furthermore, AI and analytics assist you in harnessing the potential of data in your contracts. As a consequence, owing to Malbek’s contract management software, it is now feasible to increase contract efficacy.
It makes contract evaluation and approval more intelligent and adaptable. As a consequence, the proper individuals are involved at every stage of your contracting cycle. Similarly, redlining and version control make it simple to spot modifications, safeguarding the contract’s value. You won’t have to worry about losing track of a contract’s status during the review and approval process.
Milestone Reminders in Malbek
Malbek’s built-in search function will change the way you find information. As a result, looking for a contract or a keyword is as straightforward and effective as searching for something on Google. You will never be caught off guard again since milestone management is automated. As a consequence, you no longer have to be concerned about missing a sudden contract commitment or renewal. Risk and costs may rapidly pile up, but Malbek offers contract peace of mind.
