Malbek Wins 2021 LegalTech Breakthrough Award For "Contract Management Innovation of the Year"
SOMERSET, N.J., Nov. 17, 2021 /PRNewswire/ -- Malbek, today's most cutting-edge, Contract Lifecycle Management (CLM) platform with a proprietary AI core, today announced it has been selected as winner of the "Contract Management Innovation of the Year" award in the second annual LegalTech Breakthrough Awards program conducted by LegalTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout legal technology companies, products and services around the globe.
Malbek takes a holistic approach to end-to-end contract management, uniting the enterprise with a platform that empowers all business users to manage contracts seamlessly with its elegant user interface, connect with daily business applications through its productized integration marketplace, and unlock the power of contract data to reduce risk and accelerate contract cycle times with built-in AI functionality.
Malbek accelerates contracting velocity by eliminating manual and redundant processes, slow approvals, and the inability to search or report on contracts. Malbek Contrax provides a modern, end-user experience with its consumer-grade interface, self-service configurability, and cloud-accessible repository that enables users to access contracts anytime, anywhere, on any device.
The Malbek Konnect Integration Marketplace empowers organizations to build their own custom contract ecosystem with self-service productized integrations that require no technical resources. To date, Malbek offers 25 connectors (and growing) with rich API support that allows for integration with daily business applications, such as Salesforce, Slack, Workday, and more.
Malbek's proprietary AI core, Lifecycle AI™, provides users with timely insights and recommendatons at each stage of the contract lifecycle to accelerate authoring, review, negotiation, e-signature, and obligation tracking. The solution provides AI-assisted contract review of terms and clauses to expedite cycle times, seamless intake and auto-review of third-party paper contracts and data extraction as well as content tampering and integrity checks.
"This is an incredible honor and we're thrilled to be recognized by LegalTech Breakthrough for this award. We believe contract management isn't solely a legal issue - it's a business issue. We want to meet legal teams where they are to unite them around contract lifecycle management," said Hemanth Puttaswamy, CEO and Co-founder of Malbek. "Our solution frees up Legal teams' time on contracts by 50% or more while also cutting contract cycle times by 70% or more. This award is a milestone that validates our mission as we continue to enable customers of all sizes to take their contract management from outdated to state-of-the-art."
Malbek is built from the ground up using modern technology, including microservices, horizontal, scalable architecture, containerized modern security and a single line of SaaS code.
The mission of the annual LegalTech Breakthrough Awards program is to conduct the industry's most comprehensive analysis and evaluation of the top technology companies, solutions, and products in the legal technology industry today. This year's program attracted more than 1,300 nominations from over 12 different countries throughout the world.
"It wasn't that long ago that agreements were stored in shared folders or physical filing cabinets and signatures were signed using ink pens. When it comes to contract lifecycle management, legal operations and contract administrators carry a heavy burden. Their contract workload seems to be always increasing, but the resources usually don't keep pace," said Bryan Vaughn, Managing Director of LegalTech Breakthrough Awards. "Malbek gives us a present-day approach to contract management, helping legal teams reduce inefficiency, expedite revenue, and increase compliance. Congratulations on being our choice for 'Contract Management Innovation of the Year."
Malbek's modern solution is trusted by Fortune 500 customers and other large enterprise teams, as well as many small to mid-sized high-growth organizations, uniting Legal, Sales, Finance, and Procurement teams to take the hassle out of the entire contract process from pre- to post-signature and every step in between.
About LegalTech Breakthrough
Media Contact: Rebecca Holloway, [email protected]
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