Cloud Contracts 365: Revolutionising Legal Support for the Tech Industry

We are thrilled to announce that Cloud Contracts 365 (CC365) has been shortlisted as a finalist in two categories at the prestigious UK Business Tech Awards 2024: “Transformation Through Technology” and “Best AI Solution”. This recognition is a testament to our team’s dedication and innovative approach in revolutionising legal support for the tech industry.

A Vision for Accessible Legal Support

At Cloud Contracts 365, our mission has always been clear: to democratise access to legal support for technology businesses. We recognised a critical gap in the market where tech companies, especially start-ups, small and medium-sized enterprises (SMEs), struggled with the complexities and costs associated with legal services.

The scale of this problem is staggering:

• UK SMEs lose £13.6B per year by failing to take care of their legal business.
• Only 14% of Tech companies we surveyed regularly use a lawyer.
• Legal services are unaffordable for most businesses. Hiring a lawyer is expensive and can slow down the sales cycle.
• Many tech businesses ‘DIY’ their contracts with no legal experience, resulting in them carrying unnecessary legal risk, which can impact profit and inhibit growth.
• This problem only intensifies as businesses grow.

Our solution? An AI-powered platform that puts the power of legal expertise directly into the hands of tech businesses, making high-quality legal support accessible, affordable, and efficient.

Our Innovative Approach                                             

The CC365 platform offers three core services:

1. Contract Builder:
   • An intuitive contract creation wizard that generates industry-specific commercial agreements in seconds, not weeks.
   • Provides guidance every step of the way on how to answer questions, empowering users to make informed decisions.
   • Offers best-in-class contract templates tailored for tech businesses.
   • Allows customisation to fit specific business needs while maintaining legal integrity.
2. Contract Reviewer:
   • AI-powered document analysis that reviews commercial contracts, highlighting areas of legal risk and providing actionable insights.
   • Provides a risk score from 0 to 100, helping users quickly assess contract risk.
   • Groups risks by severity, allowing for prioritised review and negotiation.
   • Offers suggestions on how to mitigate identified risks.
3. Contract Manager:
   • A centralised document repository, creating a single-source-of-truth, for easy access and management of all contracts.
   • Integrated e-signature capabilities for seamless contract execution.
   • Automated reminders for key dates and renewals. Never miss an important contract milestone again!

What sets us apart is our laser focus on the IT and tech industry. We’re not offering a one-size-fits-all solution; instead, we’ve tailored our platform to address the unique legal challenges faced by IT and technology companies. Our terms are designed to cover IT-related issues, ensuring that our clients have access to relevant, industry-specific legal support.

Our Journey: From Concept to Reality

The idea for Cloud Contracts 365 was born out of a deep understanding of the legal challenges faced by tech businesses. This insight comes from our founder, Kim Simmonds, an experienced commercial lawyer with a unique specialisation. Through her other company, Law 365, Kim has spent the last decade working exclusively with IT and tech companies, supporting them with their legal needs. This extensive experience has given her an unparalleled understanding of the legal challenges and requirements of the tech industry.

In February 2022 we built a Proof of Concept (PoC) to validate our idea, and in August 2022, we won a government grant via Innovate UK. Our vision resonated with the Innovate assessors, and we were awarded a substantial £500,000 grant to bring our concept to life.

We assembled a dedicated team and embarked on the Innovate project to deliver the Minimum Viable Product (MVP) of CC365. Through rigorous development and testing, we completed the Innovate UK project in September 2023, on time and within budget.

This milestone paved the way for our commercial launch in January 2024, marking the beginning of our journey to transform legal support for the tech industry.

Impact and Results

Since our launch in January 2024, the response has been overwhelming. In just the first month, our free 14-day trial attracted 120 companies, with an high conversion rate to full subscriptions. These numbers not only validate our platform’s appeal but also demonstrate its ability to deliver real value to our users.

Why Cloud Contracts 365 Stands Out

We believe CC365 stands out from other legal tech solutions currently available for some key reasons:

1. Industry-Specific Focus: Unlike generic legal tech solutions, we cater specifically to the needs of the IT and technology sector.
2. AI-Powered Legal Expertise: We combine advanced machine learning with our proprietary, specialised legal knowledge base, enabling rapid and accurate contract analysis tailored for tech businesses.
3. Simplicity: We’ve transformed complex legal processes into intuitive, easy-to-use experiences.
4. Affordability: With subscription plans starting at £99 per month, we’re making high-quality legal support accessible to businesses of all sizes.
5. Comprehensive Solution: From contract creation and review, to execution and management, we offer an end-to-end solution.
6. Expert Guidance: Our platform provides step-by-step insights throughout the contracting process, acting as a virtual legal advisor for tech businesses.
7. Time and Cost Efficiency: CC365 dramatically accelerates the contracting process, enabling in-house document creation and review in seconds, resulting in significant time and cost savings for companies.

A Step Forward: Our Shortlist Recognition

Being shortlisted for not one, but two categories at the UK Business Tech Awards is a significant milestone for our team. It’s a validation of the hard work, innovative approach, and the positive impact we’re making in the industry.

Kim Simmonds, founder of CC365, shared her thoughts on the nomination: “We are absolutely thrilled to be recognised by the UK Business Tech Awards. This nomination is a testament to the dedication of our entire team and the transformative power the platform. It’s not just about creating a product; it’s about changing how the tech industry interacts with legal processes. Being shortlisted is an incredible honour, it tells us that we’re on the right track, that our innovative approach to legal tech is making a real difference. It’s incredibly motivating.”

Looking Ahead

While we’re honoured by this recognition, we see it as just the beginning. We’re committed to continually improving our platform, expanding our services, and finding new ways to support the tech industry. Our goal is to empower more businesses to navigate legal challenges confidently, allowing them to focus on what they do best – innovating and growing.