Cheers to Contract Lifecycle Management: The Growth of Malbec
It all started over a glass of wine, and the founders of this CLM software drew on their previous experiences to develop something truly innovative in the sector.
Contract administration is frequently overcomplicated and unnecessary. For most people, it may not appear to be much while they are on the receiving end, but there are other nuances involved. Included among these complexities, which can frequently become bottlenecks, are contract drafting and negotiation as well as review and analysis to maximize performance while minimizing risk. Sales teams might become mired down by contract obligations, which can have a negative influence on transaction cycles and the time it takes to generate revenue.
Legal teams are frequently involved in the negotiation and drafting of agreements, and they must ensure that all parties are satisfied while also complying with all applicable rules and regulations. When done manually, this can be a time-consuming and inefficient process. Contract approvals can be painstakingly slow, especially when amendments are coming from several stakeholders. This is probably where the idiom “hammering out a contract” comes from, which means “hammering out the details.”
The Conversation That Started It All
When Hemanth Puttaswamy, the CEO and co-founder of contract lifecycle management solution Malbec, was previously employed as an executive at a public firm, this was something that troubled him. Puttaswamy’s sales team frequently had to deal with faulty contract management practices, which included difficulties tracking contract obligations for the finance and customer service teams, among other things.
Taken to his colleagues Madhu Poolu and Matt Patel, who were both experts in contract lifecycle management, Puttaswamy expressed his dissatisfaction with the situation to them. While discussing the flaws in the process, they concluded that contracts are among the most valuable assets a company may have because they can have a favorable or negative impact on the company’s top and bottom-line success.
During a casual dinner discussion, the trio discussed the possibility of forming their own company to make contracting for businesses easier for them. When they decided to start the company, they hoisted their glasses of Malbec, which became the company’s name, and raised their glasses to the future with a toast. Malbec was established as a legal entity.
Pool (CTO) and Patel (COO) recognized that to secure the success and long-term sustainability of their project, they would need to draw on their individual and collective strengths.
In his previous role as CTO, Puttaswamy had three successive exits from different solution sectors under his belt. Pool, an incredibly gifted engineer who attended the same university as his, was a former classmate. While working for Revitas, an enterprise software business that specialised in revenue management, they met Patel, who is a CLM practitioner and expert in creating CLM solutions for corporations such as GE Aviation. They became friends and eventually married.
As the new Malbec product team grew, they empowered each member to contribute product design ideas and incorporate their unique perspectives, which resulted in the creation of Malbec, the CLM solution that transforms contract documents into living, breathing actionable business assets. Malbec is a CLM solution that transforms contract documents into living, breathing, actionable business assets.
Combining Their Powers
Malbec provides business users with the opportunity to take control of their environments through self-service configurability. Their patented artificial intelligence (AI) engine, as well as their sophisticated search and filter capabilities, enable sales, legal, finance, and procurement teams to capitalize on the insights revealed in contract data to increase their productivity. This aids in the acceleration of deal cycles as well as the preservation of profit margins.
The artificial intelligence-enabled contract lifecycle management solution includes numerous features that cover all of the bases, including a searchable contract repository, contract request and assembly, intelligent clause playbook, redlining, negotiations, and review, mobile approvals, integrations with common business applications such as Salesforce.com, and much more.
As simple as using an ATM, the user interface of this strong platform is also one of the lowest total costs of ownership on the market, thanks to the self-service configuration tools that are available. It also contains a patent-pending artificial intelligence engine for contract optimization before signature and contracts analysis after signature.
The Final Product
Malbec is presently in use by several major corporations, each of which has completed enterprise-wide global deployments involving many departments.
Malbec also managed to thrive despite the concerns surrounding the COVID-19 pandemic, as seen by the closing of a $3 million fundraising round with Osage Venture Partners, the company’s fourth round of funding, bringing its total funding to $5.3 million. I consider it an incredible privilege to be a member of the Osage Venture Partners family,” Puttaswamy added. “The importance they focus on fostering a collaborative business culture struck a deep chord with us.” As a team, we have maintained a high level of discipline, inventing at a fast rate, and signing countless customers in only the previous few months. Our ability to advance to the next level of expansion will be aided by this money.”
Malbec still has a lot of adventures ahead of him. While remaining at the forefront of modern contract management solutions, they will continue to engage in product innovation, including artificial intelligence, and will expand their sales, marketing, and customer experience teams to reach new markets.