2021: A Year in Review

by Hemanth Puttaswamy |
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Ok, let's stop and take a breath together. Unlike 2020, 2021 has flown by. Well, as they say, time flies when you're reimagining an industry 😉

From funding and growth to culture and people, a lot has happened this year. And through it all, one thing is as solid as concrete: Malbek absolutely won 2021. Here's how: 

WE GREW OUR CUSTOMER COUNT BY NEARLY FOURFOLD

The word has gotten out. Malbek is no longer CLM's best-kept secret. We have increased our logo count by nearly 400%, and that includes several Fortune 500 and Fortune 50 companies with an exponential revenue growth. Two trends have driven this growth.

First, the days of two-year-long implementations are over. Our Fortune 500 customers have routinely told us that they need CLM solutions that can be implemented in less than a few months with zero custom. That's why when prospects hear that our average time to implement Malbek is four months for large global enterprise, they jump at the opportunity to benefit from that type of focused implementation!

The second trend is that CLM is no longer just for large enterprises. In a world made virtual by the pandemic, even small and medium-sized organizations are now able to realize the benefits of CLM. With more people working from home and the need for virtual collaboration, everyone is clamoring for access to their contracts and greater visibility into where they are. If anything, this year taught us that collaboration and communication are not luxuries, and tools that facilitate both with easier adoption make all the difference.


WE RECEIVED $15.3 MILLION IN FUNDING

In less than three months of negotiations, Malbek received $15.3 million in funding this year. Such short funding cycles aren't very common. However, our investors saw pretty quickly that the difference our product makes for our customers is nothing to scoff at. To me, that validates how we are on the right track.

Due to this funding and our stellar growth, the Malbek team is now three times larger than it was last year. We strongly believe that putting people first makes a difference. Our company culture is central to everything we do, and we make sure our values guide our mission to serve our customers. 

 

We WON 11 awards

You read that right! In total, we have won 11 awards in 2021 alone. Out of those awards, a whopping 7 of them are because of our outstanding customer satisfaction ratings. Highlights include being named a Customer Leader in Spend Matters' Fall SolutionMap and winning G2's Highest User Adoption badge three times in a row!

From the very beginning, Malbek has put our customers first. We work hard to understand them and help them achieve positive business outcomes. These awards validate our goal of empowering all business users around their contracts, and we are proud of how these awards highlight our dedication to customer success. We deliver an unparalleled customer experience with our amazing support team and user-friendly system. Here's to even more awards next year!

 

We TOOK CLM TO THE NEXT LEVEL with Lifecycle AI™

From the very beginning, we never saw AI as a data extraction tool alone. We knew it needed to be core to the whole lifecycle of a contract. This year we focused deeply on expanding our AI capabilities and doubling down on how our customers can use it for the best possible outcomes. Our hard work paid off! We won WCC's Strategic Achievement Award for our customer TIBCO Software's use and application of Malbek's AI functionality. They accelerated their M&A transaction timeline and increased efficiency across global teams with seamless post-acquisition contract ingestion.

We work hard to go above and beyond with AI. TIBCO's story perfectly illustrates what we want AI to be — a tool that goes beyond data extraction. We know from the success our customers have had that our AI functionality allows organizations to gather actionable data that can be used throughout the contract management lifecycle to observe dynamics and build better outcomes.

And to top it all off, here are a few fun stats from 2021:

2021 Malbek by the numbers infographic (1)


All in all, 2021 has been a hugely successful year for Malbek. We are so grateful for the wonderful customers who have chosen to partner with us; partners who are working in complete synchrony with our vision, and above all our amazing employees who wake up every day with a clear mission to make our customers successful. We have achieved and grown, and I can't wait to do it all again in 2022!

Happy holidays and have a great new year!

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