Founded in 1995, Princeton, NJ-based CobbleStone Software is a cloud-based or deployed (on-premise) contract and procurement management software company used by many leading corporations, state and local governments, and other regulated organizations worldwide.
CobbleStone Software’s platform hosts more than 3 million contract transactions and billions of dollars in contract value. They have been providing contract software as a Software as a Service (SaaS) longer than any other contract platform. CobbleStone is a federal GSA vendor, SOC 2 reviewed, and reviewed by Gartner, Forrester, and Dunn & Bradstreet. They are also Microsoft, Oracle, DocuSign, Adobe, & Salesforce partners focused on contract lifecycle management and associated procurement.
LAYING THE FOUNDATION FOR CONTRACT MANAGEMENT
CobbleStone Software provides cloud-based contract and e-procurement management services with its main platform called Contract Insight Software®. Contract Insight Software is used by hundreds of organizations spanning the globe with thousands of legal, sales, and procurement professionals as its main user base.
CobbleStone’s mission is to provide the most advanced, cost-effective, and user-friendly contract and procurement management software application that enables employees to do their best work. CobbleStone was among the first and most experienced company offering a contract management software product, and continues to be a leader with full contract lifecycle management and e-Procurement software technology.
HOW COBBLESTONE IS PAVING THE FUTURE OF CONTRACT MANAGEMENT
CobbleStone provides leading contract life-cycle management software that is based on a configuration approach and avoids costly development and IT expenses. Contract Insight features contract drafting, template field merging, clause merging, complex legal routing, workflow, contract notification alerts, electronic signatures, contract artificial intelligence with VISDOM Ai, flexible field configuration, management dashboard, searching, clause extraction, multiple contract type management, and so much more — all through an SOC 2 Type compliance data center.
Contract Insight was built on flexibility with a configuration-first approach, flexible template configuration, configurable workflow and alerts, VISDOM contract artificial intelligence, clause extraction, alerts, counterparty management, OFAC integration, dashboard reporting and so much more.
HELPING LEGAL PROS ONE STEP AT A TIME
CobbleStone Software enables legal professionals such as corporate attorneys, paralegals, risk professionals, and contract administrators to manage all aspects of their contracts in one place. Their feature-rich platform allows organizations to manage contracts easier, draft sell and buy-side contracts, mitigate risks, manage compliance, draft documents faster, track costs, receive alerts, sign documents with e-signature, and reduce contract management costs and lost productivity attributed to inefficient contract administration processes.
Some notable clients include: the United States federal government — under a GSA award, the State of Colorado, VITA, James Madison University, and many leading private and public organizations that span the globe.
COBBLESTONE SOFTWARE & LOT NETWORK — A DEFENSIVE PATHWAY TO PAE PROTECTION
CobbleStone was founded by Mark Nastasi, one of the first to offer a commercial off-the-shelf contract management software in the 90s and continues to leverage the web, cloud and mobile technology to assist organizations with better managing their contracts, reducing risks and facilitating legal professionals to do their best work.
Leading financial research estimates that companies spend almost 5% of their revenue to track agreements after signing a contract. Other surveys report that companies using contract management software can reduce annual contract management expenses by 20% to 50%. And leading accounting firms found that 12% of a company’s total annual costs may be devoted to contract management and administrative tasks.
These figures are worth nothing especially during a time when organizations are looking to tighten the belt or trim unnecessary expenses. In the same way, a cost-effective membership in LOT Network is another measure where CobbleStone not only protects their own technology and software from patent assertion entities (PAEs), but assures their customers they are purchasing a product that is protected from the risk of patent litigation.
CobbleStone Software joined LOT Network in 2020 to ensure that their own innovations and technology were protected should any patents fall into the hands of a PAE.
As a leader in helping other companies mitigate risks associated with poor contract management, Mark knew that protecting his company from the threat of PAEs was equally important and felt that joining LOT Network was a win-win for his company and for his customers.