It’s official, Mumboe is now out of beta and officially launching. Momboe is a web-based application that helps companies take the mumbo jumbo out of managing their contractual agreements. The company is running with the highly popular “freemium” model, so if you’re interested you can sign up for an account today. The company is presenting at the Under the Radar conference in Mountain View this week.

“Mumboe is part of a new generation of web applications being brought to market by innovative companies such as Salesforce.com, 37 Signals and others that are challenging the notion that business software has to be complex and expensive,” says William Kane, Mumboe’s chief executive officer. “These applications offer the practical functionality businesses need, without the high cost and complexity of their enterprise counterparts.”

In 2008, Mumboe plans to roll out additional functionality including the ability to automatically extract common fields such as effective dates, term duration and responsible parties from agreement documents and display them in the system. Other planned enhancements include further integration with Microsoft Outlook and integration with Salesforce.com.