BELLEVUE, Wash., July 30, 2021 /PRNewswire/ — Businesses today are measured not only by what they do, but how they do it. High expectations around sustainability, privacy, equality, supplier diversity and responsible sourcing require an unprecedented level of transparency into a company’s customer and supplier relationships so it can build trust in the market. These mandates come as accelerating innovation and disruptions reward mature organizations able to respond quickly to new challenges and opportunities with strong digital processes and on-demand data. They are also driving demand for mining the data gold within contracts, leading to Contract Lifecycle Management (CLM) market leader Icertis adding a record number of new customer logos and seeing 40% of its deployed customers expand platform use in the 1H 2021.
“Contracts define a business—what it buys, what it sells, and how it runs. Icertis structures and connects this critical business data so that our customers gain the transparency and agility needed to move faster and deliver on their commitments,” explained Icertis CEO and Co-founder, Samir Bodas. “Icertis has taken the lead in the *$20.8B CLM market because innovative organizations know that contract intelligence is as critical to their business as ERP or CRM. Many of the world’s most iconic brands are already using Icertis to digitize contracts, analyze risks and obligations, and fully realize the intent of every contract.”
Icertis leads the booming CLM space, a sector growing *35% YoY, with future-proof artificial intelligence (AI)-driven solutions that are transforming the foundation of commerce. The company’s growth milestones for January to June 2021 are highlighted by 60% YoY revenue growth, leadership additions, analyst and partner accolades, Icertis Contract Intelligence (ICI) platform innovations, and record customer selection and expansions deals that underscore worldwide demand for deeper business insights and accelerated collaboration across enterprises and supply chains.
Building a World-Class SaaS Organization
Contracts are the single source of truth for all commercial, operational, and legal entitlements and obligations of a company, making CLM critical to sales, legal, and procurement. In the 1H, Icertis further prepared to seize this vast market opportunity with strategic leadership additions and new funding to accelerate R&D, expand sales and marketing, and build out its global partner network.
- Closed an $80 million Series F funding round, bringing the company’s valuation to over $2.8B; nearly triple the valuation of its last round in July 2019.
- Added two distinguished business executives to its Board of 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.
- Added renowned Fortune 500 leader Ursula Burns to its Board of Advisors
- Welcomed SAP veteran Gretchen Eischen as Chief Marketing Officer to lead and further scale Icertis brand awareness and demand generation, as well as corporate, product, partner, and customer marketing globally.
Marquee Customer Wins and Record Expansions Drive Sales Growth
Icertis has become a critical system of intelligence for the C-suite and emerged as the clear leader in the rapidly growing CLM enterprise SaaS category. In the first half of 2021, Icertis added a record number of new logos to its customer roster and saw over 40% of its live customers expand ICI use.
Scores of marquee brands and mid-market organizations, such as Allina Health, Harley-Davidson, Moda Health, RAC Western Australia, and Sierra Oncology, selected Icertis or expanded their scope of ICI use—whether extending contract intelligence to new departments or geographies, or increasing the scale of their initiative. These enterprises keep company with hundreds of market leaders on Icertis’ impressive customer roster, including Accenture, Chemonics, Cognizant, Daimler, Gateway Health, Gordon Food Service, Microsoft, Sanofi, and ServiceNow, among others.
AI Awards, Analyst Accolades, and Partner Praise
In addition to the achieving record commercial momentum, Icertis celebrated numerous recognitions and awards that further showcase the company’s clear leadership in the CLM market.
- Leader in The Forrester Wave™: Contract Lifecycle Management for All Contracts, Q1 2021
- Leader in the Gartner Magic Quadrant for Contract Life Cycle Management two years in a row
- Leader in Spend Matters’ Contract Lifecycle Management Solution Rankings, Spring 2021
- Recipient of the 2021 SAP® Pinnacle Award in the SAP Store Category, out of 20,000+ partners
- Winner of the AI 2021 Microsoft Partner of the Year Award and named Finalist in Global ISV category for the fourth consecutive year
- Only CLM provider named to the Forbes AI 50 List since its inception
Innovations Deliver Deeper, Faster Contract Intelligence
ICI digitizes the contracting process, uniquely extracts the critical structured and unstructured data found in contracts, connects this data to operational surround systems, and uses AI to ensure the full intent of each contract is fully realized. Trained on 10+ million contracts spanning 93 countries and 40 languages, Icertis AI applications use machine learning to build predictive models that optimize contracting processes and uncover contracting insights for strategic decision making. ICI also offers integrations with Ariba, Microsoft Teams, Workday, and additional ERP and CRM solutions, extending the Icertis experience and benefits into other mission-critical applications.
In the first half of 2021, the company delivered multiple advancements to its core platform that make contract data and insights more accessible and greatly speed contract authoring and completion. Newly released solutions and ICI features include:
- AI Studio – This powerful new self-service solution enables ICI administrators to create customized AI models and train them to identify patterns, discover hidden insights, and recommend actions.
- Co-Authoring in MS Word Online – Through its deep partnership with Microsoft, Icertis now enables ICI users to jointly edit contracts and collaborate in real-time within Microsoft Word Online, delivering radical operational efficiency for contract owners.
- ICI Flexible Signature – The Icertis e-signature integration for DocuSign and Adobe now allows parallel signatures so that multiple signatories can sign an agreement simultaneously, reducing contract turnaround time. It introduces a hybrid signature process option for using manual and electronic signature modes in a single transaction. Users can use multiple electronic signature providers within the platform and select which signature provider to use at the agreement level.
With the largest R&D organization in the CLM sector, Icertis has also invested significantly this year to develop Icertis Contract Intelligence for vertical sectors, as well as a series of business applications, to be rolled out throughout the 2H of the year.
For more information about Icertis, visit www.icertis.com.
About Icertis
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with CLM. The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 10 million+ contracts worth more than $1 trillion, in 40+ languages and 93+ countries.
Media Contact:
Liza Colburn
Director of Corporate Communications, Icertis
Liza.colburn@icertis.com
+1 (781) 562-0111
*MGI Research 2019: https://www.mgiresearch.com/research/mgi-forecasts-contract-lifecycle-management-clm-total-addressable-market-tam-forecast-2018-2022/
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