The world runs on contracts. They’re the basis of uncountable deals and collaborations that allow businesses to thrive and grow. They’re also wildly time-consuming, requiring considerable resources to draft, analyze, organize, and track.
LinkSquares, a Boston-based contract management company, is determined to help finance and legal departments spend less time on contracts throughout their entire lifespan, while also providing them with the kind of previously unmined data that could lead to new and important insights. As the first AI-powered, end-to-end contract-lifecycle-management platform, LinkSquares empowers contract stakeholders to make decisions more quickly and with greater confidence.
In 2021, LinkSquares introduced several new capabilities to its platform based on or inspired by customer feedback—what CEO Vishal Sunak describes as an essential part of the design process. “We are not lawyers who have built something for other lawyers,” he says. “We’re engineers and product specialists who let our customers create the roadmap to a better product.”
This customer-driven innovation landed LinkSquares a spot on Fast Company’s list of the World’s Most Innovative Companies.
POWERFUL AND EASY TO USE
Traditionally, finance and legal teams have relied on business applications such as Microsoft Word to manually draft contracts. LinkSquares allows them to create new contracts via an easy-to-use template, complete with standardized clauses from past agreements. The documents are then stored in a central digital repository.
The company’s powerful cloud-based software automatically extracts more than 120 key terms throughout the contract lifecycle—such as effective date, automatic renewal, and termination for convenience—and notifies employees when important dates (like the termination date of an executed agreement) are approaching. In-app collaboration capabilities allow employees to share this information internally and with external partners at all stages of the contract’s lifespan.
LinkSquares’ AI-powered software also captures metadata on subjects including force majeure, data breaches, audits, and warranties and presents it in customized reporting. Easily digestible analytics help ensure that companies are in compliance with all agreements and regulations, potentially saving them hundreds of thousands of dollars in legal fees.
EMPHASIZING CUSTOMER FEEDBACK
Last year, LinkSquares introduced more ways to help finance and legal teams identify key insights. The new capabilities can uncover important information about mergers and acquisitions, procurement, nondisclosure agreements, and more—the kind of data that is invaluable to better evaluate risk and accelerate deals.
These features resulted from the LinkSquares product team listening closely to customer feedback and, in turn, communicating those ideas to a group of highly motivated engineers. “We’ve cultivated a rock-solid partnership between our engineering and product teams and our customers,” Sunak says. “We call it the Build Team, and our customers are an essential part of it.”
What’s more, customers have been given access to an open forum where they can provide feedback and offer suggestions for yet more capabilities and product refinements. As Sunak puts it, “Our customers have their hands on the steering wheel, and we’re in charge of the accelerator pedal to get them there faster.”
This customer-driven philosophy has paid off: During the last two years, LinkSquares has been rewarded with eye-popping revenue growth—more than 1,000%—and a fast-growing customer list that includes retailer Wayfair and health insurer AvMed. Its end-to-end software has helped companies manage more than 4 million contracts in the process. “When you have an environment where the customer voice is very strong and your team is motivated to do big things,” Sunak says, “it creates a wonderful innovation and momentum.”