Cloud Software Group

TIBCO recognized the numerous challenges associated with its legacy CLM solution. Due diligence consisted of tedious, manual reviews to identify unfavorable terms and clauses, presenting more risk exposure. It also involved a lengthy, complicated process for migrating contracts post-M&A into the CLM. With its multiple Salesforce instances acquired from other companies, needed a CLM solution that could integrate seamlessly across these platforms. In addition to the previous system’s struggle to support TIBCO’s growth strategy, the old system also posed the following challenges:

• Outdated technology, slow performance, and low user adoption.
• Heavily customized solution with high maintenance.
• High cost of ownership with many customizations and challenging upgrades.
• Unsustainable and large dependency on the vendor with costly services.
• Thousands of non-actionable contracts sitting in the repository.
• No integration support for multiple Salesforce instances.

Solution

With a growing need to accelerate contract cycle times and streamline the contract process across departments, TIBCO selected Malbek as its CLM solution with thousands of globally located users and extended integrations to multiple CRMs, CPQs, Messaging (Slack), Compliance Check, Language Translation, e-Signature, and other tools.

Malbek emerged as the only vendor capable of handling this intricate requirement, offering smooth and easy integration with Salesforce across different instances.

Results

After a speedy, 4-month global implementation with zero code customizations, tens of thousands of legacy contracts were migrated into Malbek by the TIBCO team with minimal vendor or technical resource dependencies.

To date, Malbek system upgrades have been seamless with zero to minimal system downtime, while maintaining heavy, 24-hour global usage and high volumes during quarter-end activity.

Hundreds of clauses and dozens of contracting templates and workflows were configured to support global contracting processes, reducing contract cycle times by 70%.

AI-based contract terms and provisions extraction assisted in M&A due diligence processes. All integrations with key business systems were created with no customizations, enabling all business users involved to have greater contract visibility.

In just three short years, TIBCO went from having a CLM that was mainly a repository to completing a successful global implementation of a CLM platform that has accelerated its growth strategy through AI-assisted contract review, reduced contracting cycle times, and created an actionable contract repository. The robust Salesforce integration is used by approximately 2000 salespeople across three different instances saving time, reducing costs, and integration updates.

Today, Legal, Sales, Finance, and Procurement teams are all involved in the contract process on a single platform but spend significantly less time manually creating or reviewing complex business agreements line-by-line. Implementing Malbek has freed up valuable time across the organization so all teams can focus more on strategic business initiatives that will propel the company forward.