“With Contractbook, we have an organized, structured, and safe repository for our legal documents. What is even better is that Contractbook has automated the creation and management of our compliance documents which saves us a ton of hassle and manual work,” Nitin Gupta, Head of Benchmarking.
Software unicorn Pave has reduced their funnel drop-off rate by 10% thanks to a seamless compliance contract workflow.
Pave is a San Francisco-based software company that joined the unicorn ranks in 2022 when they raised a $100M Series C. Their ultimate mission is to make compensation more fair and transparent for employers, employees, and investors. They do that with a product that enables SMBs to benchmark, plan and communicate compensation for their employees.
As Nitin Gupta, Pave’s Head of Benchmarking told us, “When talent becomes global, so does compensation.” Consequently, Pave is expanding globally. They recently moved to Europe, which is more strict on privacy. Pave is consolidating highly sensitive compensation data for their customers, so privacy was already highly top-of-mind for them.
Pave has their compliance certificates in order, but as Gupta said, “Stickers and stamps get us in the door, but they do not close the deal for us.” Customers want compliance reports, security documentation, recent pen tests, etc. Pave is happy to exchange all that data. Still, they can’t do it without exchanging an NDA with mutual validation of actual interest.
In the end, this entire process turned out to be time-consuming and full of manual touchpoints.
First, a potential customer would ask them for security documentation via email. Pave would then send over the NDA. Often, new customers would ask to use their own NDA or try to redline it. Pave would then have to send the new version to their law firm for approval. When the negotiation was settled after a little back and forth, they would sign the NDA and Pave would then send over their SOC2 report, GDPR report, and Internal Policies watermarked by Nitin Gupta. After the exchange, Nitin would set a ticker in his email reminding him to follow up two weeks later.
This system didn’t work out for Pave. They rely on product-led growth, so they had to be more efficient.
As Nitin Gupta said, “If we were selling a $20,000 deal, maybe we could afford a full-time contracts person to exchange NDAs and security practices, but we’re an SMB product. We don’t have the resources to have a manual process for information exchange.”
That was when they got in contact with Contractbook.
Challenge Pave are consolidating highly sensitive compensation data for their customers, so privacy was highly top of mind for them. Their current process process turned out to be time-consuming and full of manual touchpoints.
High compliance, low effort
Contractbook was able to step in and give Pave a streamlined workflow for managing their compliance documents.
First, Pave got a single, organized repository for all their NDAs.
“What is even better is that Contractbook has automated the creation and management of our compliance documents which saves us a ton of hassle and manual work,” Nitin Gupta told us.
The NDAs are automatically created and sent based on some essential data that the customer provides through a short form. In most cases, the exchange goes smoothly, and the NDA returns with a signature a few minutes later. If the new customer suggests changes, Pave’s lawyers can easily access and negotiate the deal directly in Contractbook without emailing multiple versions back and forth. Nitin Gupta can track the process all the way.
When the NDAs are signed, all the compliance documents mentioned above are automatically sent to the customer via Contractbook, where Nitin already has an automatic reminder set. "The most important thing with Contractbook was to automate the NDA exchange and security document exchange as part of this compliance process,” Gupta told us.
“The first goal was to reduce the manual effort required to do compliance and security review with our customers. The second goal was to make it frictionless for our customers. We are running a product-led growth strategy, so any friction in the onboarding and integration experience means customers fall out of the funnel.”
Solution Contractbook has automated the creation and management of our compliance documents which saves Pave a ton of hassle and manual work.
"It's more seamless," Nitin Gupta said when we asked him about the value of Contractbook. "Previously, we didn't have a system of management for NDAs, but if exchanging NDAs is part of your core business process, you need a system."
Now, he knows exactly who is responsible, he can track the process, assign reviewers, and he has a single organized place for all his documents.
With the high number of NDAs that they are transacting, Pave is happy to have an automated solution. Nitin Gupta told us that "by virtue of the volume of security documents we get, we probably would have a full-time support person doing documentation."
On top of that, the new system is professional and works smoothly for Pave's customers. Gupta estimates that about 10% fewer customers drop off in the integration phase thanks to the new integration experience.
"We are happy customers, and I could not imagine a world where we are not using Contractbook," he says.
Results Thanks to the new Contractbook integration, Pave estimates that about 10% fewer customers drop off in the integration phase.
Companies like Pave usually use Contractbook’s tailored compliance workflow that enables legal teams to streamline and automate compliance processes.
You can automate NDA generation like Pave. Or you might even implement solutions that allow your customers to auto-generate data processing agreements and other GDPR documents directly from your website.
As a legal team, you get complete control of all your legal documents and reduce the amount of tedious paperwork you have to deal with.
Ready to give your compliance team a contract boost?