Legal Software Startup Scores Funds
INDIANAPOLIS - An Indianapolis-based legal contract technology company says it has secured more than $1.2 million in investment and is continuing a rapid growth path. PactSafe Inc. was founded by business attorney Brian Powers, who has brought on talent from the region including former ExactTarget Senior Director Eric Prugh. Powers tells Inside INdiana Business the year-and-a-half-old company includes only a handful of workers now, but it plans to add 20 within a year. PactSafe is launching Vault, a program geared toward in-house legal teams to digitally-embed contracts.
PactSafe says it also plans to seek another round of funding during the second quarter of next year to continue its trajectory. This series of investment was supplied by a group that includes Vulpes Testudo Fund, Acceleprise, Elevate Ventures, Todd Richardson and Ward Poulos. The company says revenue over the last two quarters has jumped 400 percent.
Powers and Prugh have also just completed the Acceleprise program, a well-known entrepreneurship accelerator and networking program in the Bay Area.
Powers says "companies, large and small, need a way to protect themselves by having one single place to easily control the drafting, publishing, and execution of their digital legal agreements, such as their terms of service. Because in-house legal teams have lost control of these agreements to teams like IT, marketing, or sales, managing and tracking down agreements online is difficult and time consuming. The result of poor record-keeping and insight has cost companies millions of dollars in lawsuit settlements and legal fees. At PactSafe, we are laser-focused on continuing to build the platform to ensure our customers can streamline and automate contract execution in a secure, reliable, and protected environment. We’re incredibly thankful for the partnership of our customers, our mentors at Acceleprise, and our investors to help us accomplish this goal."
The company was a nominee for this year's TechPoint Mira Awards in the Tech Innovation of the Year category.
PactSafe is looking to add salespeople and software engineers over the next three months.