SITUATION
As a Biotech Company, They Needed to Find the Right Contract Management Software
Vitara, a biomedical startup, needed a contract management solution that could serve as a secure central repository for the company’s 500+ contracts. Vitara faced several challenges related to protecting its intellectual property (IP) and managing relationships with vendors and partners.
AT-A-GLANCE
Business Contract Challenges for Biotech Businesses
Using SharePoint and Excel, it was extremely hard for Vitara’s 2-person legal team to get visibility into the stage and status of their agreements. Additionally, there was no standardized process for contract requests or workflow for approvals. Contracts would be shared by email, resulting in another manual and insecure process that ate up valuable time.
Vitara needed a secure, cloud-based CLM solution that would allow it to centralize contracts and contract requests, as well as easily search, report, and analyze data.
Solution with Contract Logix
How to Protect Data and Ensure Compliance with Contract Logix
Vitara chose the Contract Logix platform because the secure, data-driven platform allows instant visibility into contract data, provides out-of-the-box templates enabling them to execute contracts faster, and frees up legal resources to focus on the core business.
Contract Logix offers a phenomenal product, with all the functionality we wanted, at the price point we needed.
-Contracts Manager and Corporate Paralegal
RESULTS
The Contract Logix platform gives Vitara complete visibility into its end-to-end contract process, and its reporting features have allowed the legal team to graphically demonstrate where contracts are throughout each stage of their process including request, draft, negotiation, approval, and signature.
The Contract Logix platform also allowed Vitara to demonstrate governance, risk, and compliance maturity to investors when it secured Series B and Series B extension financing.
Download the full case study to learn more about Vitara’s digital transformation of their contract management.
Download the Full Case Study