Contract management gets its very own online bank

Sopima Oy has done for the world of contracts what online banking did for payments. At the end of May the company was listed among Europe’s most interesting technology start-ups in the Microsoft global growth program.

The company’s Managing Director Jaan Apajalahti already conceived idea behind Sopima Oy already while working in his previous position implementing ERP systems at Efecte Oy.  He noticed that in many organizations drawing up contracts and contract management was uncontrolled, expensive and time consuming.

The idea of an online contract bank took shape in spring 2009 and market research supported the view that there would be a demand for such a service.

- There was a clear gap in the market. A lot of people actually found it strange that there wasn’t already such a service, explains Mr Apajalahti.

Sopima offers its client companies solutions for drawing up and managing contracts through an easy-to-use, online service. With this service risk management, for example, is enhanced, the whole contract process is handled quicker and productivity increases.

At the Microsoft BizSpark European Summit 2010 in May, 18 out of 3,500 European start-up companies were selected. These companies then presented their solutions to a panel of noted investors and successful business leaders.

From within the Nordic region were only Sopima and one Danish and one Norwegian company.

- Just getting through in such a highly respected international competition was a victory in itself. It is a testament to the fact that the importance of good contract management has been recognized.

- Although we did not win the prize, we have been approached by several European investors since the Summit, smiles Mr Apajalahti.

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