Trakti, a contract lifecycle management specialist, is becoming known for its “digital native” contract negotiation and management platform that makes CLM fully digitized, and was recently named a Future 5 start-up by Spend Matters.
For those who aren’t aware, the Future 5 list represents five of the most exciting procurement start-ups in the world today according to our analysts. Many procurement technology start-ups move from early-stage to market contenders quickly, so each company was vetted by the Spend Matters analyst team to meet the following criteria:
- Be less than 5 years old, with ideally less than 2 years in market (official product launch)
- Have 5+ customers
- Have an innovative, interesting application of technology
- Have clear momentum and staying power
- Have under $10 million in revenue
More and more, companies are looking at contract management to help reduce risk and scale to their growing needs. This is often done in practice as electronic versions of prose, but most aspects of a contract are usually included in an attached document, and contracts themselves haven’t had to be electronic in their entirety. That’s changing with Trakti with its contract management expertise and targeted use of blockchain technology.
In Spend Matters’ PRO coverage, Nick Heinzmann said: “Trakti fits somewhere between the enterprise vendors and the “new school.” It does have greater strengths on authoring and negotiation, but it also has more technical chops than the upstart vendors, as none of them approaches contract modeling or post-obligation management in as advanced a way as Trakti does.”
We chatted with Trakti’s CEO and co-founder, Luigi Telesca, to learn more about the solution and to get a first-hand understanding of just what it means to be selected as a Future 5 start-up.