Since launching an end-to-end contract management solution designed specifically for small in-house counsel teams, Pramata has experienced more than eight-times its usual growth rate in new customer deals
San Francisco, Calif., February 22, 2023 – Pramata, the leading end-to-end contract management solution provider, announced today it has experienced more than 300% growth in new sales during the last 24 months. The contract management company also saw more than eight-times its previous growth rate in new customer signings since launching a “radically simple” contract management solution designed specifically for small in-house counsel teams.
The company forecasts more than 200% new sales growth rate this year as it leans further into its core capabilities, giving in-house counsel teams a powerful, easy to deploy CLM (contract lifecycle management) solution that has unprecedented adoption across the business. Last year, Pramata was named G2’s “Easiest Admin” award winner, earning the highest “ease of admin” rating in the G2 CLM Usability Index Report. This recognition by the CLM user community – G2 rates software products and vendors based on user reviews – underscores the power of Pramata’s radically simple approach to contract management.
“In today’s economic climate, businesses are being forced to rein in budgets and reduce staff, requiring legal teams to do more with less. Being able to proactively manage contract data is crucial to the overall health of the business as companies renegotiate contract terms, price increases, and termination rights with customers, partners, and vendors,” said Praful Saklani, Co-founder and CEO, Pramata. “Pramata’s radically simple approach is resonating with in-house counsel teams because our technology delivers complete visibility into contract data, allowing companies to maximize their efforts without increasing headcounts. Our easy-to-budget, easy-to-deploy solution reduces costs while enabling legal teams to be a key driver of the business.”
Building on the momentum from the last eighteen months, Pramata expects significant growth in 2023. The company is on track to sign four-times the number of new customers in 2023 based on current sales trends and new partnerships. In addition to launching a streamlined version of its contract management solution, Pramata also named Foster Sayers General Counsel and Chief Evangelist.
As a former Pramata client, Sayers brings an in-depth knowledge of the platform to his role as chief evangelist. After implementing Pramata’s solution at his previous company, Sayers was able to automate processes for organizing, storing and digitizing executed agreements – helping to more than double the company’s valuation from $2.7 billion to $5.35 billion. Not only did Sayers drive exponential growth at his former company using Pramata’s contract management solution, he revealed new ways to leverage the platform that impacted product design changes.
“Pramata offers premier contract management capabilities, giving in-house teams insight into exact deal structures for previously signed contracts that can significantly accelerate current negotiations,” said Sayers. “Its keyword extraction feature – which allows attorneys to quickly access key contract terms – significantly impacts business outcomes, turning in-house counsel teams into true revenue-drivers.”
On March 14, 2023, Sayers will join Vertafore General Counsel Maggie Warren for “Show Me the Love: 5 Proven Ways to Make In-House Legal Teams a Trusted Partner to the Business,” a virtual conference hosted by In-House Connect. The event is part of In-House Connect’s Deep Dive series designed for both new attorneys and experienced in-house counsel team members.
Pramata makes contract management radically simple. With Pramata’s end-to-end solution, legal teams can easily and accurately manage the entire contract lifecycle – from request to renewal. Pramata does the heavy lifting to give companies the precise contract insights they need and help legal teams provide unparalleled value to the business. For more information, visit: www.pramata.com, LinkedIn, Twitter.