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Concord, Cloud-Based CLM Provider, Doubles Enterprise Customer Base, Posts 300% Y-o-Y Revenue Growth

08/30/2018 By

Concord, a provider of contract management software, announced in a press release Thursday morning that it has achieved a 300% year-on-year revenue growth, in addition to doubling its enterprise customer base over the past 12 months.

The fast-growing CLM company has seen brisk market adoption of its solution, with more than 180,000 companies currently on the Concord platform.

Find and compare contract management software companies: Check out the Q2 2018 CLM SolutionMap.

In the past 12 months alone, Concord has added more than 150 new customers, including Kickstarter, Spark NZ, Altria, Newell Brands and Rent the Runway. It has also been a global year for Concord, with approximately 30% of its customer base in Europe.

With offices in San Francisco and Paris, the company itself is also expanding rapidly, having tripled its headcount over the past year to boost engineering, operations and sales. Headcount is expected to double again over the next year, Concord said, and the vendor will also double its office space over the next quarter in response to this growth.

The company’s ambitions are high. “Our vision is to take this CLM market and recognize the unrealized promises,” says Travis Bickham, vice president of marketing at Concord. “CLM has suffered from being an idea ahead of its time. Documents are a relationship.”

According to the press release, 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.” The platform aims to bring “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.”

“Concord has ridden on the coattails of Google, DocuSign and Dropbox,” says Bickham, noting that all three companies have made customers feel comfortable about sharing information in the cloud, whether in the form of Google Docs, e-signatures or cloud storage.

By automating and digitizing the entire business workflow and putting it on one platform using native technology, Concord eliminates the need to plug into additional providers. Bickham describes the Concord platform as a B2C experience for a B2B product, one that is “extremely reminiscent of Gmail and Microsoft Word.”

Looking to the immediate future, Concord plans to continue expanding its own staff and bringing on new customers, while avoiding a shotgun approach to spreading into new geographies, Bickham said.

“Ninety-six percent of businesses have no contract management in place — it’s Concord’s vision to change this,” says Matt Lhoumeau, CEO and co-founder of Concord. “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.”