Dealing in contracts typically means negotiating all sorts of legal and logistical unpleasantries, like endless back-and-forths between parties and copious legal review.
And it can significantly drag down the corporate bottom line — contract management cost companies $153 billion per year, according to IT market analysis firm Aberdeen Group.
Virtualization and digital collaboration tools promise to simplify the process, and four-year-old San Francisco-based Concord is gunning to become the suite of choice for sales, legal, and procurement.
The startup today announced a $25 million Series B funding round led by Tenaya Capital, with participation from previous investors CRV and Alven.
As part of the arrangement, Tenaya Capital partner Paul Drews will join Concord’s board of directors.
It currently has offices in Paris in addition to the Bay Area, with an eye toward international expansion.