Globacap is a fintech SaaS (Software as a Service) that helps businesses run and manage their equity placements including funding campaigns and investment rounds. Its mission is to digitise and automate the world’s private capital markets. But Globacap’s contract processes weren’t keeping up with the company’s rapid growth. Which is where LexSolutions came in.
Just how important are your Ts and Cs for your SaaS business?
Globacap had a complex set of T&Cs that were no longer working for it or its customers. The business model had evolved many times since the business had first developed its contract documents, and they also needed to step up a gear to keep pace.
With different levels of regulated and unregulated service elements on top of an annual SaaS subscription and changes to the business model, the existing terms of business were becoming out of date and unwieldy. An increasing number of larger customers were raising exception. This was causing friction, slowing down sales and was also impacting Globacap’s ability to scale.
Using a legal and content design approach for better contracts
LexSolutions worked with Globacap to rationalise the templates into one standardised set, and to simplify the information architecture which made it more modular and easier to navigate. The team also worked on the commercial and legal content to update it. With a combination of legal consulting work and design, Lex categorised content, simplified structures and used agreement maps to help streamline and visually present the contents of the documents.
The content could then be placed into a standardised T&Cs alongside an order form which hadn’t been possible previously without major overhauls.
The Lex team did the heavy lifting and used a rigorous design process, which made it easy for Globacap to review the content and coordinate with its regulatory advisors.
Leveraging new legal technology and contract automation software
These new documents were published and automated using Majoto, a new contract automation tool that can generate, customise and issue draft documents quickly and efficiently. It can also maintain and publish standard parts of documentation online.
Andrew Olsen, GC at Globacap said:
“Our contracts are an important part of our customers’ journey so they need to set high expectations for what it will be like to work with us. Having worked closely with Lex and integrated new technology we are now in an excellent position to better reflect the quality of our clients’ experience from start to finish, and to be more efficient about it.”
Terms and conditions that lead to faster deals? Music to the ears of any SaaS founder!