Online transaction innovator pioneers new market category, processes 500M clickwraps, increases YOY ARR 120%
PactSafe, a leading clickwrap transaction platform that helps enterprises securely grow online transaction volume, has started 2021 with significant growth and momentum. The company reached several milestones in 2020, including processing over 500 million clickwrap agreements, increasing annual recurring revenue by 120% year over year and adding a record number of new customers.
Read More: Three Ways Technology Is Transforming Market Research In 2021
PactSafe helps enterprises create, present, manage, track and archive legal terms and conditions through clickwrap agreements that enable quick and seamless shifts to e-commerce. The importance of clickwrap agreements has proven particularly timely given the explosive growth of e-commerce during the pandemic. Recognizing the digital transformation needs enterprises faced as a result, Aragon Research established a new content automation software category in 2020 called Clickwrap Transaction Platforms (CTPs).
PactSafe pioneered the CTP market and since its creation, Aragon has named the company a hot vendor, an emerging provider and an innovator. One of the most prevalent use cases for CTPs is e-commerce, as companies can process millions of transactions each day and automatically generate purchase agreements with detailed records for each one.
“2020 was a gratifying year for PactSafe in many ways, most notably in the support our team and platform provided to our customers—long-standing and new—as they adapted to the pandemic and resulting surge of online business,” said Brian Powers, founder and president of PactSafe. “The momentum we’ve witnessed around company growth and adoption of our platform is affirmation that clickwrap transaction platforms are becoming increasingly vital to enterprises looking to transform old legacy approaches to contracts.”
Read More: Kofax Wins A 2021 Most Loved Award From TrustRadius
PactSafe also expanded its platform and redesigned its user interface in 2020, empowering businesses to not only transact online more conveniently and securely, but also hit their growth goals faster and more efficiently.
“Thanks to PactSafe’s platform, technology and exceptional support, we had complete confidence extending our leasing platforms to our online customers, as well as our call center,” said James Hafen, vice president of product development at ExtraSpace Storage. “We started 2020 with a single channel that could support the finalization of a self-storage lease and we ended the year with four distinct, contactless channels for completing a lease. PactSafe was instrumental in each of these newly extended channels.”
“In response to the global health crisis, we’ve been hyperfocused on supporting and empowering the local communities we serve to help the DoorDash community during this unprecedented time,” said Kathy Zhu, head of commercial and legal operations at DoorDash. “We originally turned to PactSafe to help our teams deliver a smooth, low-touch, compliant contracting process to merchants. Once the pandemic hit, our partnership with PactSafe became even more critical. The PactSafe team has been tremendously helpful over the past year, working with us so that we can achieve our goals despite the unique business conditions in which we operate.”
The momentum around the CTP market enabled PactSafe to double in size in 2020 and beef up its engineering talent. The company plans to continue hiring this year for its Indianapolis headquarters, as well as remote positions.