CEO review: Opening the next chapter in Zefort’s story

Time flies. As I approach my sixth year as the CEO of Zefort, it’s the perfect moment to reflect on the past year, just as I’ve done for the five anniversaries before this.

Today, we stand on the line of a significant change in Zefort’s story — more on that in a moment. But before diving into this year’s reflection, let’s rewind much further than the past 12 months, back to the very beginning of my entrepreneurial journey.

From wantrepreneur to entrepreneur

In my very first CEO’s review blog post, I shared how it took me 15 years to transition from a wantrepreneur to an entrepreneur. My entrepreneurial spark was ignited in the early 2000s during my two years at a scale-up called GoodMood. There I learned invaluable lessons and formed lifelong friendships — shout-outs to Leevi, Olli, and Rami, to name a few.

Fast forward to 2017, when we officially launched Zefort with my co-founders, Juhani and Ville.

When dreaming about entrepreneurial life, I had some ‘boundary conditions’ for what form that would take.

First, I didn’t want to start anything on my own. I truly believe that having the right team is the most critical success factor for any start-up, and it’s much more enjoyable to have colleagues from day one.

Second, I wanted to be part of something that is built from scratch. Rather than scaling from 1 to 100, I wanted to be involved in the 0-to-1 phase.

Third, after witnessing the rollercoaster ride of a heavily VC-backed scale-up at GoodMood — where the first year saw the founders in the driver’s seat and the second year saw the VCs in the driver’s seat — I developed a strong preference for bootstrapping.

Lastly, and perhaps most importantly, I wanted to build a company where it was fun to work.

Wishes that came true

Looking back over the past seven years at Zefort, it’s touching to see how well my wishes have come true. We’ve bootstrapped Zefort from 0 to not just 1, but almost 2, as our annual recurring revenue is about to break the €2M mark.

We’ve built a fantastic team that has grown steadily over the years and now numbers almost 20 people. Along with the team, our product has taken huge leaps forward, and we have the pleasure of working with a growing number of forward-looking customers in both Finland and abroad.

I’ve genuinely enjoyed every single day working at Zefort. Last year, I proclaimed 2023 as Zefort’s best year yet. Well, it seems we’re about to beat that record.

Project Apollo – the next big step

Now, let’s talk about the significant change I mentioned earlier.

At the beginning of this year, Juhani, Ville, and I sat down to plan for the future. We recognized that the CLM market is really opening up – contract management is no longer “nobody’s responsibility” in companies, but is getting the attention it deserves.

The market is also in a very interesting phase: there are many small players but no single dominant player. We anticipate consolidation waves in this market in the coming years. As Zefort moves from the 0 to 1 phase to the 1 to 100 phase, we have decided to initiate ‘Project Apollo’ – a project to find new co-owners for Zefort who will not only bring additional financial resources but also the knowledge and networks needed to accelerate our growth.

Project Apollo kicked off in February, and we were pleasantly surprised by the interest Zefort generated among investors. After six months and numerous meetings, we’ve finally found the perfect partner for Zefort, and I’m happy to announce that we now have ink on the dotted line.

We’re thrilled to announce that the deal is officially signed, and Zefort has welcomed a new minority owner. This partnership brings invaluable expertise to our company, paving the way for an even brighter future. We’ll share more details about the deal in the coming weeks through a formal press release.

While this marks the most significant milestone in Zefort’s history, our core mission remains unchanged. We are still Zefort, committed to developing the best-in-class CLM solution. Our dedicated team remains intact, and we’re gearing up to welcome new talent as we accelerate our growth. Our goal remains the same — to become the leading CLM solution on the planet, now with even stronger support.

Exciting times are ahead. Stay tuned!