monjur is a company that offers Contracts-as-a-Service solutions specifically designed for IT-managed service providers. Pulse 2.0 interviewed monjur co-founder Robert Scott to learn more.
Robert Scott’s Background
Scott received his undergraduate degree from Austin College with concentrations in Philosophy and Economics. And he graduated from Hofstra University School of Law in 1996 and became the managing partner of a boutique intellectual property and technology firm in 1999. In March 2023, Scott co-founded the monjur platform, a first-of-its-kind platform for delivering SaaS-enabled legal services.
Formation Of Monjur
How did the idea for the company come together? Scott said:
“We needed a way to make our legal services more affordable for small businesses. The bulk of the MSP market is made up of firms with annual revenues under $1 million USD, and 96 percent of the SAAS market will never reach $1 million in annual recurring revenue.”
“Our goal with monjur was to create a more effective and efficient way for our clients to receive the comprehensive legal protections their businesses need to succeed and scale.”
Favorite Memory
What has been your favorite memory working for the company so far? Scott shared:
“My favorite memory so far was when Monjur was voted ‘Best New Solution’ by the ChannelPro SMB forum.”
Challenges Faced
What challenges has Scott faced in building the company and has the current macroeconomic climate affected your company? Scott acknowledged:
“One of the biggest challenges we faced when starting monjur was demonstrating the value of our unique as-service model that features dynamic updates. Many clients were happy with old contract forms that they had become comfortable with but lacked the latest protections. There was also a fear among our earliest clients about how their end-user customers would react to a transition to standard online contracts.”
“Fortunately, we have had many clients report that those initial fears were unfounded and that 99 percent of the quotes come back accepted with no questions about the online terms and conditions we provide.”
Core Products
What are the company’s core products and features? Scott explained:
“The monjur platform is a cloud-based contracts-as-a-service platform that provides online customer contracting solutions for the IT industry. This allows these companies — such as IT-managed services and cloud solution providers — to avoid many of the cybersecurity and ransomware risks associated with offering those services.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Scott noted:
“The company launched in March 2023, and has already revolutionized the legal services industry. By re-envisioning legal services through the lens of SaaS, the monjur team has created a platform where users can set up, deploy, host, and manage comprehensive customer contracts — all at a cost of less than one billable hour per month. This required the mojnjur team to invest in innovative technology and engineer entirely new processes to deliver a novel service.”
Significant Milestones
What have been some of the company’s most significant milestones? Scott cited:
“Some significant milestones include:
— Over 190 new logos acquired since March of 2023
— Over $2.6 million dollars in contracts-as-a-service sales
— Expansion into Canada
— Integrations with Hubspot, Connectwise, Datto, Quoter, Zomentum
— Voted “Best New Solution” by Chanell Pro SMB Forum
— Selected to compete in Connectwise PicthIT 2023”
Customer Success Stories
Upon asking Scott about customer success stories, he replied:
“Clients of monjur have appreciated how disruptive the platform is to the industry, as can be seen in the testimonials on the “About” page of our website. Primarily, we find that our customers are satisfied with the platform’s ease of use compared to other legal services providers, as well as the experience that our team brings to the table in various fields, including mergers and acquisitions, data privacy, intellectual property licensing, and more.”
Funding/Revenue
After asking Scott about the company’s funding and revenue metrics, he revealed:
“The company is not currently seeking funding. However, we were able to grow our monthly recurring revenue from $399 in March of 2022 to over $80K in November of 2023.”
“Total Sales: Over $2.6 million dollars in long-term recurring revenue sales.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Scott assessed:
The TAM for tech-based legal services is valued at just under $30 billion for 2023, and is projected to grow to over $35 billion by 2027. The TAM for IT Managed Services is 50,000 firms in the US and Canada with another $8,000 SAAS providers.
Differentiation From The Competition
What differentiates the company from its competition? Scott affirmed:
“The monjur platform stands out from other legal services companies thanks to its SaaS approach and affordability. Issues of contract management and legal compliance are difficult to navigate — especially for smaller businesses whose leadership is newer to the business sphere. Our platform allows IT businesses to navigate the increasingly complex and constantly evolving world of privacy laws and regulations with more ease than if they were to do it themselves.”
Future Company Goals
What are some of the company’s future company goals? Scott concluded:
“We will continue to evolve with ever-changing technology, revolutionizing how clients can stay protected and efficient.
Our roadmap is heavily focused on AI, including the development of an AI legal document analyzer and a legal plug-in for large language models to allow users to obtain a legal review of AI-generated content.
We will be inviting other firms to partner with the Monjur platform to transform their practices and unlock the power of their IP.”
