- Through partnership and integration, customers can synchronize procurement and legal clearances while decreasing process complexity with enhanced oversight controls and fewer transaction touchpoints.
Greenbax Inc’s procurement platform Zip and digital contract management start-up Ironclad Inc announced a strategic partnership and new integration that, according to the companies, will give clients a unified procurement experience across platforms.
The two-way connectivity enables workers to start a spending request using Zip. This is automatically forwarded, along with the supporting contract, to Ironclad for legal review and approval. After approval, contracts are transferred back to Zip to conclude the expenditure approval cycle.
The new integration reportedly provides teams with real-time visibility into the status of all purchase approvals. It enables straightforward communication and process setup of workflows across both platforms.
Through partnership and integration, customers can synchronize procurement and legal clearances while decreasing process complexity with enhanced oversight controls and fewer transaction touchpoints. Joint users enjoy an additional benefit from insights that can help improve business operations from unique data acquired during the lifespan of the contractual process in Ironclad and the procurement process in Zip.
Steven Yan, senior vice president of product at Ironclad, said, “The bridge between spend approvals and legal review has historically been disjointed – lacking proper collaboration, communication, and visibility into where approvals are at any given moment. This new integration allows Zip and Ironclad users to collaborate seamlessly and provide invaluable insights throughout the process.”
Rujul Zaparde, co-founder and chief executive office of Zip, stated, “Partnership with Ironclad combines two best-of-breed solutions to streamline processes and reduce friction for our joint customers,” creating “new efficiencies between contract management and the broader procurement workflows to save our customers time and money.”
Both Zip and Ironclad are venture capital backed. Ironclad raised USD 150 million on a USD 3.2 billion valuation in January from Franklin Templeton, BOND, YC Continuity, Emergence, Lux, Haystack, Accel, and Sequoia Capital. According to Crunchbase, Zip has raised USD 81.2 million from investors, including Y Combinator Continuity Fund, Tiger Global, and CRV.
In August, Zip was in the news when it launched a new renewal feature to its software that offers procurement and information technology managers advanced warning of upcoming renewals and automatic license and contract renewals.