Tag: Icertis

the-financial-times-names-icertis-one-of-the-fastest-growing-companies-in-the-americas

The Financial Times Names Icertis one of the Fastest Growing Companies in the Americas

April 4, 2023 Published by

 

Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), today announced its recognition on the 2023 Americas’ Fastest Growing Companies list by the Financial Times (FT). Based on its revenue growth rate, Icertis ranked #239 on the prestigious list of 500 companies across 20 countries in North, Central, and South America.

“Icertis surpassed $200 million in annual recurring revenue in 2022, growing at over 40% year-over-year, and we are uniquely positioned to transform the foundation of commerce through contracts as we continue to build a consequential and enduring company,” said Samir Bodas, Chairman and CEO of Icertis. “By applying artificial intelligence to contract data, Icertis has established contracts as the fifth system of record, capturing a company’s entitlements and obligations for all its customers, partners, suppliers, and employees. The Icertis Contract Intelligence platform gives finance, legal, procurement, and sales teams enterprise-wide visibility into commercial commitments, enabling optimal outcomes in a competitive, rapidly changing environment. This recognition by FT is a testament to our continued momentum as we lead the burgeoning CLM market and the skyrocketing demand for contract intelligence.”

Icertis is transforming the CLM category by applying proprietary and generative artificial intelligence (AI) to the whole lifecycle of a contract, incorporating contract data into core business processes to surface unique insights that support more informed decision-making. With robust AI models and strategic partnerships, Icertis enables companies to rapidly digitize contracts, shape the information within them into structured data, and connect that data to the surrounding ERP, SCM, CRM, and HCM systems across the business. By overlaying AI on its rich enterprise data lake of more than two billion metadata and transactional elements, Icertis creates exponential value for customers, enabling enterprises to increase revenue, reduce costs, ensure compliance, and manage risk by anchoring its operations on what matters most in every commercial relationship – the company’s contractual entitlements and obligations.

This recognition follows a multitude of analyst accolades, industry awards, and partner recognitions that exemplify growth milestones at Icertis, further showcasing the company’s continued global leadership in the CLM market. Most recently, Icertis:

Icertis was the first company to grasp the true potential of CLM and has boldly pursued the vision of enterprise-wide contract intelligence for over a decade. The company continues to build momentum as global enterprises, and the most disruptive innovators, choose to turn their commercial agreements into strategic advantage.

Now in its fourth edition, the Americas’ Fastest Growing Companies list is presented by FT and Statista Inc., a world-leading statistics portal and industry ranking provider. Rankings are based on the compound annual growth rate (CAGR) in revenue between 2018 and 2021 submitted by over 7,000 companies.

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Icertis Names Rajat Bahri as Chief Financial Officer

July 30, 2022 Published by

 

Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), announced today that it has appointed Rajat Bahri as Chief Financial Officer (CFO) to help guide the company through its next phase of growth.

An industry veteran, Bahri has held financial leadership roles at large public enterprises, pre-IPO companies, and at disruptive technology firms. Following senior leadership roles at Kraft Foods, Bahri transitioned to technology as CFO at Trimble Navigation and later at Jasper Technologies, where he executed Jasper’s acquisition by Cisco while on the company’s pre-IPO roadshow. He then served as CFO at e-commerce leader Wish, where he took the company public in a December 2020 IPO. Most recently Bahri was CFO at identify management provider ID.me and currently serves on the Board of Pacific Gas and Electric Company (PG&E).

Bahri succeeds Curt Anderson, who as CFO for the last four years operationalized and added rigor to finance during a period of significant growth, with a more than 500% increase in ARR (annual recurring revenue) and an approximately fourfold increase in employees during his tenure.

“Icertis is on a journey to transform the foundation of commerce, with contract intelligence quickly becoming the fifth system of record for the enterprise,” said Samir Bodas, Co-founder and CEO of Icertis. “Rajat fits perfectly with our FORTE culture and brings a wealth of financial and business expertise, to help Icertis capitalize on the opportunity ahead of us to be a consequential, enduring company.”

“Icertis is transforming the CLM category via strong partnerships with platform leaders such as SAP and Microsoft, working with the best global systems integrators in the world and delivering significant value to iconic customers. What especially excites me is the transformational ability of structuring the information in business contracts into data, connecting that data to operational systems, and using AI to increase revenue, reduce costs, ensure compliance and manage risk. I look forward to working with the Icertis team and our customers to ensure that the intent of every agreement is correctly memorialized and fully realized,” said Rajat Bahri, CFO at Icertis.

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Icertis Recognized as the Winner of 2021 Microsoft AI Partner of the Year

July 15, 2021 Published by

 

Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), announced today that it has won the Artificial Intelligence (AI) 2021 Microsoft Partner of the Year Award and been named a Finalist of the Global ISV Microsoft Partner of the Year Award for the fourth year in a row. Icertis was honored among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.

“We are elated to be recognized with the top honor for AI innovations by the most-respected software company in the world. No Microsoft partner in the contract management space has been named a finalist or winner in this category—until today,” said Samir Bodas, CEO and Co-founder of Icertis. “In a world of endless data, contract data reigns supreme. Contracts are the foundation of all commerce, and the Icertis Contract Intelligence (ICI) platform sets the standard for AI use in discovering, visualizing, and optimizing this critical resource across enterprises and ecosystems.”

The Microsoft Partner of the Year Awards recognize partners that have developed and delivered outstanding Microsoft-based solutions during the past year. Awards were classified in various categories, with honorees chosen from among 4,400 submissions across more than 100 countries worldwide. Icertis’ decade-long and growing Microsoft relationship, was recognized in two award categories this year:

1.  AI Partner of the Year: This award recognized the top Microsoft partner that designed, developed, and deployed high- value, customer-centric AI Solutions using Azure AI. Icertis AI applications apply machine learning to build predictive models that optimize contracting processes and uncover contracting insights that are critical in strategic decision making. The models are trained on the more than 10,000,000 contracts Icertis manages for its customers worldwide.

A recent McKinsey survey on “The State of AI in 2020” found that 50% of respondents have implemented AI in at least one business function and some leading adopters of these technologies attribute 20% or more of their organizations’ earnings before interest and taxes (EBIT) to AI. Icertis’ high-value AI applications enable companies to address previously intractable contract challenges, including digitizing legacy contracts at scale and analyzing contract terms to improve sales negotiations and gain intelligent insights about terms, obligations, and risks. Notable examples of customers that are benefiting from the Microsoft and Icertis partnership and solutions in AI include:

  • HERE Technologies – “The Icertis DiscoverAI app rapidly digitized and analyzed more than 70,000 legacy HERE and third-party contracts, allowing us to unlock critical contractual terms to improve our business.” — Simon Anolick, Director Legal Counsel at location data and technology platform company HERE Technologies.
  • Sanofi – “With its intuitive interface and the ability to be customized to suit an individual’s unique requirements, users have quickly adopted the new system and are now creating 400 contracts within ICI each month.” — Celine Arquizan, Head of Strategy and Development for the Contracting Center of Excellence at Sanofi.

2.  Global ISV Partner of the Year: This award recognized the top Microsoft globally managed Independent Software Vendor (ISV) that has demonstrated strong customer focus and success by partnering deeply with Microsoft on a global scale. Icertis was named a Finalist in this category for the fourth consecutive year, standing out among the more than 100,000 partners in Microsoft’s extensive ecosystem. This builds on Icertis’ previous Microsoft award recognitions, including the 2018 Microsoft US Partner of the Year Award and the 2019 Microsoft US Partner of the Year Award for Manufacturing & Resources.

The relationship that Icertis has with Microsoft empowers every organization to transform their contracts into strategic advantage by connecting them to the systems and processes they touch organization-wide. The Icertis Contract Intelligence (ICI) platform is natively-built and runs exclusively on Microsoft Azure and integrates with Microsoft products and more than 60 Azure services including Azure AI, Microsoft 365, Dynamics 365, and Microsoft Teams.

“I am honored to announce the winners and finalists of the 2021 Microsoft Partner of the Year Awards,” said Rodney Clark, corporate vice president, Global Partner Solutions, Channel Sales and Channel Chief, Microsoft. “These remarkable partners have displayed a deep commitment to building world-class solutions for customers—from cloud-to-edge—and represent some of the best and brightest our ecosystem has to offer.”

The award recognitions follow numerous CLM market leadership accolades so far this year, including being the only CLM vendor named to the Forbes AI 50 list every year since its inception, winning SAP Partner of the Year: SAP Store Category, and being named a Leader in both the 2021 Gartner Magic Quadrant for Contract Life Cycle Management (CLM), as well as The Forrester Wave™: Contract Lifecycle Management for All Contracts, Q1 2021.

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Icertis Solidifies CLM Market Leadership with $80 Million Series F Round

March 11, 2021 Published by

 

  • Icertis today announced an $80 million Series F round at a valuation of over $2.8B, nearly triple the valuation of its last round in July 2019.
  • The company added two highly distinguished leaders as independent Directors: Penny Pritzker, founder and Chairman of PSP Partners and Karyn Smith, general counsel of Twilio Inc.
  • CLM is one of the fastest growing enterprise software categories with an addressable market of over $20B.
  • Icertis was also named a leader in a recent report, Forrester Wave™: Contract Lifecycle Management For All Contracts Wave, Q1 2021.

Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), today announced the closing of an $80 million Series F round at a valuation of over $2.8B. Icertis has now raised over $280 million, and the current financing nearly triples the valuation of its Series E round in July 2019. The latest round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. The company will use this funding to invest in accelerating its AI and Blockchain development, expanding its sales and marketing footprint, and building out its global partner network.

In addition, Icertis added two distinguished business executives to its Board of Directors. The new independent Directors, Penny Pritzker, founder and Chairman of PSP Partners, and former U.S. Secretary of Commerce in the Obama Administration; and Karyn Smith, general counsel at Twilio Inc., will bring integral perspectives and expertise as the company’s business continues to grow rapidly.

CLM Emerges as the C-Suite’s Go-To Intelligence Platform
Icertis is experiencing accelerated growth, despite headwinds from COVID-19, highlighting the critical importance of contracts – the single source of truth for ALL the commercial, operational, and legal entitlements and obligations of a company – and CLM’s emergence as a “must have” system of intelligence for CxOs. Icertis leads the category because the Icertis Contract Intelligence (ICI) platform digitizes the contracting process, uniquely extracts the critical structured and unstructured data found in contracts, connects this data to operational surround systems, and leverages the power of AI to ensure the intent of every contract is fully realized.

“Icertis has built a mission critical contract intelligence platform which allows organizations to digitize contracts and generate business insights from contracts using AI. The world’s largest corporations, across industries trust Icertis to generate value from their contracts,” said Kabir Narang, Founding General Partner at B Capital Group. “At B Capital, we look to back leading enterprise software companies which are digitizing traditional analog workflows enabling collaboration and generating value for businesses. We are excited to deepen our relationship with Icertis and look forward to continue working with their incredible team as they build the contract intelligence platform for the world.”

CLM is one of the fastest growing enterprise software categories increasingly recognized as a universal, critical asset for businesses of all sizes, across all industries, in every geography. The category has ballooned to an addressable market of over $20B*, growing at a rate of over 35% year-over-year. Due to its bold vision and track record of execution, Icertis is the undisputed leader of this vast, emerging enterprise SaaS category. And, in addition to its commercial momentum, Icertis was named a leader in the recent report, The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021.

“It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have’ to a ‘critical-to-have’ software category,” said Samir Bodas, CEO and Co-founder, Icertis. “As our company and category enter an exciting new phase with the closing of this new round, Monish and I are also thrilled to welcome Penny and Karyn aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our vision to transform contracting – the foundation of commerce – and this is just the beginning!”

Strengthening the Board
Penny Pritzker is an accomplished entrepreneur and civic leader, founder and Chairman of PSP Partners and its affiliates, Pritzker Realty Group, PSP Capital, and PSP Growth. From 2013 through 2017, she served as U.S. Secretary of Commerce in the Obama Administration. Penny is also a philanthropist, co-founding the Pritzker Traubert Foundation, a private philanthropic foundation that works to foster increased economic opportunity for Chicago families. She brings a passion for diversity and drive to build a more inclusive economy to every project and business she supports. In addition, she has served as an advisor to Icertis’ board since 2018.

“From my experience in business, as well as in government as Secretary of Commerce, I have a deep appreciation for how Icertis is addressing a critical business priority – contract intelligence,” said Penny Pritzker. “My exposure to the Icertis Advisory Board for the past several years has reinforced to me Icertis’ market leadership in a massive and growing global market, as well as its stellar team of smart, dedicated leaders who possess an enduring commitment to strong values and building a great culture. Needless to say, I believe that Icertis has a very bright future.”

Karyn Smith serves as general counsel, chief compliance officer, and corporate secretary for Twilio Inc., the leading cloud communications platform. Karyn has more than 25 years of experience working with high growth, innovative technology companies, including leading Zynga, Inc. and Twilio through initial public offerings in 2011 and 2016, respectively. During her tenure at Twilio, Karyn has helped to lead the company through exponential growth, joining as the first lawyer at the company to leading a global team of more than 90 today. She has been a facilitator and participant in the boardroom for more than 25 years, and will bring her skills in leading IPOs, corporate governance, mergers and acquisitions, and risk management to Icertis’ Board.

“As a lawyer and corporate leader, I’ve had the opportunity to help guide many companies through rapid growth and global expansion, while managing risk and compliance. I know first-hand how digitally transforming contracting can benefit companies,” said Karyn Smith. “General counsels and C-suite leaders in every industry will increasingly look to their CLM system to strengthen key relationships, respond to new opportunities, and have the visibility into suppliers and agreements today’s marketplace demands. I’m excited to work with Samir and the rest of the Board, and I look forward to leveraging my experience to help the Icertis team continue their mission to be the contract intelligence platform of the world.”

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