The government has allocated the $500,000 to Queensland-based platform thedocyard, with the aim of encouraging innovation in the legal, accounting and investment banking professions.
thedocyard was created by former Colin Biggers & Paisley partner Stuart Clout, who wanted to come up with a solution that incorporated all of the workflows associated with corporate and commercial transactions from start to finish in a single solution.
This includes running due diligence, negotiating documents, collating signatures and running closing checklists all in the one place, streamlining the processes and reducing administration and risk.
The Department of Industry, Innovation and Science made the announcement that it would deliver $500,000 to the platform. The funding was offered to thedocyard under the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
“I am super proud of the team at thedocyard and want to say a huge thank you to the Department of Industry, Innovation and Science for its vision in building a tech-enabled Australian economy,” Mr Clout said.
“These are highly competitive grants, so we are extremely proud to have secured this funding so we are able to continue to take our world-leading deal technology to the world’s dealmakers.”
thedocyard is currently being used in over 200 professional service firms and corporations across five countries, with $13 billion worth of deals currently being transacted on the platform, according to a statement.
“thedocyard offers deal advisers cost and time savings on tedious administration, while also providing greater visibility and collaboration with all parties involved in the deal,” Mr Clout said.
“It’s a one-stop-shop for deal management and we truly believe that it represents the future of deals.”