Zen Ambassador, Americas
Chairman of the Board
Director of Emergency Response Centre Services of Finland (112), Member of the Board, ERC Administration
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
“Did you know that there are two types of people in the world? Those who have lost an important contract and those who are going to lose one.”
We, the founders of ContractZen, have lost some important contracts during our working life. We have also worked in several companies that offered different kinds of solutions to contract management. We saw how document and contract management solutions continuously failed to help companies address their true business needs. Business-critical documents were still misplaced or lost and critical dates were forgotten, leading to missed business opportunities, profits and extra governance work for executive, legal and administrative personnel. This increases corporate risks that companies around the world face, such as non-compliance and due diligence failures. Despite the multitude of solutions in the market for managing contracts, 10 to 20% of contracts are permanently lost (depending on the study). At the same time studies show that well-functioning contract management can increase your bottom line by 9 %.
We surveyed companies of various sizes and industries and learned that when they enter M&A situations, joint ventures, financing rounds, tax audits and so forth, there is always quite a clear set of documents everybody wants to see. We also heard how due diligence situations are a real burden, requiring a lot of work and time.
In the end, it was clear that there was no modern solution on the market that would help customers with these pains – easily and affordably. Therefore, we decided to build one: a complete easy-to-use enterprise-grade cloud service that helps companies of any size manage their contracts, executive meetings and other important documents, e-sign their documents and share them easily with integrated virtual dataroom service. This resulted in founding ContractZen in 2014 in our hometown, the startup hub Helsinki in Finland.
Our solution has been live with paying customers since July 2015. Our concept was strong from the start and was funded early on by leading Finnish and international lawyers and other private investors. We have been also funded by the Finnish Tekes Innovation Fund, which has funded successes such as Supercell, Rovio and F-Secure. We now have customers on every continent and the number of users is growing every day.
From startups to Fortune 500 corporations, company executives are responsible for proper management of the most important documents like contracts, board meeting minutes and other corporate documents. Our mission is to help every company on the planet to take care of this task easier than ever before with the help of new technologies and innovations. Welcome to Everyday Due Diligence.
Our warmest thanks go to all our customers and partners!
Markus & Riitta