PactSafe Gains Momentum: Secures $1.2M in Total Funding, Launches New Developer API, and Completes San Francisco-Based Acceleprise Program

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PactSafe, the legal empowerment platform designed for in-house legal teams, today announced it has raised over $1.2M in total funding, is launching a new Legal API called Vault for embedding contracts anywhere, and is completing the prestigious Acceleprise program.

"We had PactSafe up and running in a single day, and the platform is now invaluable to us and has saved us an incredible amount of time, effort, and potential legal battles," said Duane Hunt, COO of FormStack.

The additional funding brings investment in PactSafe up to over $1.2 million led by Vulpes Testudo Fund and will use the funding to fuel sales, marketing, and engineering of their legal empowerment platform. PactSafe has grown significantly since their initial launch in early 2015 by hiring 6 employees, increasing revenue by 400% over the last 2 quarters and adding over 100 new customers.

In addition to securing funding, PactSafe is announcing a new product: PactSafe’s Vault is designed for developers and will allow them to easily embed contracts anywhere so that in-house legal teams can control the versioning and publishing of content. Vault includes robust web services to manage agreement versions, publish agreements, and track customers; it also includes libraries designed to easily embed PactSafe agreements into websites, mobile apps, and any connected product like wearable devices. PactSafe’s suite of products now gives in-house legal teams full control with analytics tools designed to provide insight into all of the digital contracts being executed across their organization.

Today, the team also completed the 4-month long Acceleprise program in San Francisco, an enterprise Software-as-a-Service accelerator with an extensive network of enterprise companies, mentors, and investors throughout the Bay Area. During the program, PactSafe gained access to funding, office space in San Francisco, and programming—including mentorship received by some of the region’s most prominent software executives. Today, the capstone of the accelerator program, PactSafe presented details of their successful growth along with their Enterprise product and Legal API at the Acceleprise Demo Day.

“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,” said Brian Powers, CEO and Founder of PactSafe. “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,” commented Powers.

"We had PactSafe up and running in a single day, and the platform is now invaluable to us and has saved us an incredible amount of time, effort, and potential legal battles," said Duane Hunt, COO of FormStack. "Before PactSafe, updating our terms and conditions and other digital legal agreements was a nightmare, demanding a significant amount of time and resources, but with zero peace of mind. PactSafe has proven to be extremely reliable and valuable as a third party certification for our customer sign ups, as well as helped us navigate Safe Harbor repeal to capture acceptance. Now, all of our online legal documents are easy to update, securely stored, trackable, and give us peace of mind - all in just a few clicks."

"We are thrilled to have PactSafe as part of the Bay Area Acceleprise program; the value they provide to their clients is immeasurable, keeping digital legal agreements secure and enforceable," said Mike Cardamone, Managing Director of Acceleprise. “Every company that does business online needs PactSafe, and they need it now as these agreements are becoming increasingly more difficult to manage. Businesses of all sizes execute contracts in a very archaic and non-sustainable way today, and PactSafe is the solution these businesses will need moving forward. On top of the incredibly powerful platform, we enjoy working with Brian and the team and know that PactSafe's success is just beginning."

PactSafe intends to capitalize on its rapid growth by hiring several key team members in sales and software engineering over the next three months, and also plans to raise a Series A round in the second quarter of 2016.

About PactSafe, Inc.
PactSafe, Inc. is a technology company based in Indianapolis. Founder and CEO Brian Powers, a lawyer and entrepreneur, created the PactSafe™ cloud-based application to make the legal contract process smarter and giving control back to in-house legal teams. The company’s advisory board includes leaders from LegalZoom, Salesforce, co-founder of ZipRecruiter and a former Amazon in-house counsel. For more information, visit: http://www.pactsafe.com.

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Eric Prugh
PactSafe
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