Sep 28, 2021, 09:05 ET
SOMERSET, N.J., Sept. 28, 2021 /PRNewswire/ -- Malbek, today's most cutting-edge, AI-fueled Contract Lifecycle Management (CLM) platform, is announcing a $15.3 Million Series A funding round led by Noro-Moseley Partners. TDF Ventures and Osage Venture Partners also participated in the round. The transaction highlights strong investor confidence in Malbek's success. Funding will be used to accelerate the company's proprietary, patent-pending AI product innovations while continuing to expand across multiple industries, bringing contracting efficiencies to businesses of all sizes.
"This investment unlocks our next stage as a company and enables us to empower more business users to get deeper, more actionable contract data insights that will ultimately save organizations valuable time, reduce risk, and accelerate topline revenue," said Hemanth Puttaswamy, CEO and Co-founder of Malbek. "Malbek is the proven, next-generation CLM made for everyone. Our 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 Legal, Sales, Finance, and Procurement teams to take the hassle out of the entire contract process, from pre to post-signature and every step in between."
Contract management pitfalls, such as missed contract milestones, erode an average of 9.2 percent of revenue annually. Understanding these gaps in the market, Malbek was born with a vision to offer next-generation contract management that both delights the user and accelerates ROI. In a very short period, Malbek has proven itself as a trusted contract management solution provider for global customers across multiple industries, increasing sales nearly 500% year over year and exponentially increasing subscription revenue.
"Malbek leads the way in the CLM space as evidenced by the company's sales win rate versus alternative solutions," said John Ale, Partner at Noro-Moseley Partners. "Malbek modernizes real-world contract management at scale while providing more insights into contract data that could be easily missed during review. We are confident in the team's ability to expand their success and grow their already impressive, happy customer base."
The Malbek platform is used by large global organizations across a variety of industries including TIBCO Software Inc., Momentive (formerly SurveyMonkey), EDF Renewables, Pantheon, Rothman Orthopaedic Institute, and more, allowing contracting teams to achieve higher efficiencies in contracting processes and increased productivity.
- Malbek Contrax™ has proven to free up legal teams' time on contracts by as much as 70% by providing all business users with an intuitive, self-service experience. The majority of customers accelerate deal cycles by about 50% within the first quarter of implementation.
- The Malbek Konnect™ Integration Marketplace allows business users to integrate Malbek with their daily business applications with zero-code, drag-and-drop software connectors requiring no involvement from IT. Key integrations include Salesforce, MS Dynamics, HubSpot, ERPs, Slack, eSignature providers, and many more.
- Malbek Lifecycle AI™ puts the "L" in CLM, serving as the lifeblood of Malbek Contrax™ by providing users with timely insights and recommendations every step of the way--both pre and post-signature. Comprehensive, built-in capabilities help streamline contract authoring, review, negotiation, approval, and milestone management.
"At Momentive, we use Malbek's contract lifecycle management processes to increase efficiencies across Sales, Legal, Finance, and Procurement, freeing up resources to focus on more strategic business initiatives," said Ewa Hugh, Head of Legal Operations at Momentive (formerly SurveyMonkey).
Malbek is today's most modern, cutting-edge CLM solution with a proprietary AI core that empowers the enterprise to do more with less. By supporting the growing contracting demands of your entire organization, including Sales, Finance, Procurement, and other critical business units, Malbek's CLM solution delights every user. Malbek provides end-to-end contract management with out-of-the-box integration to popular business applications, like Salesforce, Workday, Slack, Office 365, and others, allowing your contract data to flow seamlessly while dramatically reducing cycle times. That's contracts reimagined! To learn more, visit www.malbek.io.
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