Ironclad Connect helps companies collaborate with counterparties on contracts

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Digital contracting company Ironclad today launched a new product designed to help companies collaborate on contracts with third parties.

At a time when traditional business processes had to be moved online due to the proliferation of remote working, companies like Ironclad were well positioned to capitalize. The San Francisco-based company presents itself as a “contract lifecycle management” (CLM) platform, a platform that supports many of the most important parts of the contract workflow – this includes collaborative editing so that different teams in an organization can work on creating of a business agreement compliant and watertight.

Contract collaboration

Ironclad allows users to @mention colleagues to get feedback or to accept/decline changes made. And the myriad of integrations unlock data and functionality from third-party services, including e-signatures, CRMs, and cloud storage.

However, traditional contract negotiations with third parties have always resulted in countless back-and-forth exchanges, often involving numerous Word or Excel documents and impractical email interactions that are difficult to keep track of. And this is where Ironclad Connect enters the fray.

Ironclad Connect extends the core functionality of the platform beyond the host organization so that @mentions, comments, versioning, task assignment and more are no longer the preserve of the Ironclad customer. It’s a bit like a “secure, enterprise-grade Google Docs,” according to the company — one built specifically for business contracts.

Ironclad Connect: Invite an opponent

So basically all counterparties to a new sales agreement now have their own private sandbox account, powered by Ironclad’s technology, where they can interact with the documents and interact in a single interface.

Ironclad Connect: Example Activity Feed

Founded in 2014, Ironclad has amassed an impressive number of clients in its eight-year history, including Mastercard, Dropbox, L’Oréal, and Reddit. The latest launch follows a wave of activity for the company — it recently hit a valuation of $3.2 billion after a $150 million round of financing. This followed a new AI partnership with Google to turn contracts into “operational data pipelines” – it’s all about processing and understanding the content of documents at scale.

Ironclad Connect builds on that momentum, easing much of the spade work involved in getting a contract across the line – centralization is the name of the game.

“Contract negotiation has always been a complicated process, especially because traditional tools like Word and email fragment communication — rather than centralizing them,” said Ironclad senior VP of product Steven Yan in a statement. “By integrating collaboration directly into the contract experience, Ironclad Connect helps teams and counterparties work together to reach common ground faster and more efficiently.”

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This post Ironclad Connect helps companies collaborate with counterparties on contracts

was original published at “https://venturebeat.com/2022/03/17/ironclad-connect-helps-companies-collaborate-with-counterparties-on-contracts/”