COVID-19 Disrupts Contract Tech Market, But Some See Opportunity on Horizon
While contract tech providers are experiencing new budgeting realities in light of the novel virus, they are optimistic about future opportunities.
April 21, 2020 at 11:30 AM
3 minute read
Some contract technology companies say COVID-19′s economic impact has already disrupted their sales and marketing. However, providers also tell Legaltech News economic uncertainty is an opportunity to gain more clients as corporations may look for cost-effective measures to handle their contracts.
At Agiloft, sales have dropped nearly 15% since the U.S. was hit with COVID-19, while half of the company's April pending sales were pushed back until the following months, said Agiloft CEO Colin Earl.
Still, "none of [our clients] have said, 'Oh, our company is in terrible distress,'" he noted. "It's always been, well, the CFO said no more spending and that's it. Or the CEO said all enterprise projects are on hold."
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