About Our Company
ContractZen is a Finnish cloud technology company founded in 2014. The all-in-one SaaS solution includes metadata-driven contract management, all-digital board portal, virtual data rooms (VDR), secure e-signatures, and more. Easy to use on any device, ContractZen improves corporate governance and business operations by reducing costs, accelerating processes and minimizing risks.
The company has customers in over 30 countries and is owned by leading Finnish and international lawyers and other private investors. Company is also financed by the Finnish Funding Agency for Technology and Innovation, which has funded successes such as Supercell, Rovio and F-Secure. The company has offices in Helsinki and Palo Alto.
Zen Ambassador, Americas
Member of the Board
Partner, Head of IP & Commercial Practice, Borenius Attorneys Ltd
Member of the Board
CEO, Suuruspää Real Estate Development Company
The Story of ContractZen – from Idea to Market
Despite Numerous Solutions on the Market:
- Document challenges are robbing organizations of 21.3% of their overall productivity (IDC)
- Poor contract management costs companies a massive 9% of annual revenue (IACCM)
- An average due diligence costs between 50,000 and 100,000 dollars
- Large corporations lose a document every 12 seconds (ForestEthics)
- The average number of contracts per company has increased 20% over the last five years.
We, the founders of ContractZen, have faced the above mentioned challenges continuously during our working life. We have also worked in several companies that offered different kinds of solutions to these challenges. Day by day, we witnessed how document and contract management solutions continuously failed to help organizations in managing their contracts and important corporate documents. Business-critical documents were still misplaced or lost and critical dates were forgotten; this in turn led to missed business opportunities, unrealised profits and extra governance work for executive, legal and administrative personnel. These corporate risks all contribute to the non-compliance and due diligence failures that companies face all around the globe. Despite numerous contract management solutions available on the market, 10 to 20% of contracts have been permanently lost (depending on the study). Simultaneously, studies show that a well-functioning contract management system can increase your bottom line by 9 %.
After realizing this, we surveyed companies of various sizes and industries and learned that, whether they were entering M&A situations, joint ventures, financing rounds, tax audits or some other similar types of events, there is typically quite predefined set of documents that should be available to all parties. We also received first-hand knowledge about how due diligence situations are often seen as a heavy burden that requires a lot of effort and time.
In the end, it was obvious that there was no modern solution on the market that would help customers with these troubles – easily and affordably. Therefore, we decided to build one. Our complete and easy-to-use enterprise-grade cloud service helps companies of any size manage their contracts, executive meetings and other important documents, e-sign their documents and share them easily with our integrated virtual dataroom service. ContractZen was founded in 2014 in our hometown Helsinki, the startup hub of Finland.
ContractZen solution has been live since July 2015. Our new service concept was welcomed by the market and received funding from several leading Finnish and international lawyers and other private investors shortly after. We have also been funded by the Finnish Innovation Fund Tekes, which has funded plenty of success stories such as Supercell, Rovio and F-Secure. Currently, we have customers on every continent besides Antarctica and the number of people using our solution is growing on a day to day basis.
From startups to Fortune 500 corporations, company executives are responsible for the proper management of the most important documents in the company: contracts, board meeting minutes and other corporate documents. Our mission is to help every company on the planet take care of this task in a way that is easier than ever before with the use of new technologies and innovations. Welcome to Everyday Due Diligence!
We would like to warmly thank all of our customers and partners for taking part in this tremendous journey.
Markus & Riitta