Icertis - Providing Contract Management to Businesses
đCompany Profiles
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
Icertis is a software company that provides contract management software to enterprise businesses. The company is headquartered in Bellevue, Washington with 12 offices globally, including an engineering office in Pune, India, new offices in Singapore and Sydney, and 3 support centres, with the most recent one opened in Sofia, Bulgaria.
With Icertis, companies can accelerate business by increasing contract velocity, protect against risk by ensuring regulatory and policy compliance, and optimize the commercial relationships by maximizing revenue and reducing costs.
Icertis - Company Highlights
| Startup Name | Icertis |
|---|---|
| Headquarters | Bellevue, Washington, United States |
| Industry | Internet Contract Software Provider and Services |
| Founded | 2009 |
| Founders | Samir Bodas and Monish Darda |
| CEO | Samir Bodas |
| No. of Locations | 12 |
| Website | www.icertis.com |
Icertis - About and How it Works?
Icertis - Logo and its Meaning
Icertis - Founder and History
Icertis - Mission
Icertis - Recent News
Icertis - Business Model
Icertis - Revenue and Growth
Icertis - Funding and Investors
Icertis - Competitors
Icertis - Challenges Faced
Icertis - Future Plans
Icertis - FAQs
Icertis - About and How it Works?
Icertis is a provider of a contract management platform for enterprises. It covers the full lifecycle of contract management capabilities beginning with intelligent contract setup and then continuing with authoring, approvals, negotiations, and all other aspects of ongoing contract operations. With Icertis, companies can accelerate business by increasing contract velocity, protect against risk by ensuring regulatory and policy compliance, and optimize the commercial relationships by maximizing revenue and reducing costs.
âContract management on the cloud reduces friction and increases the value of a contract by bringing all stakeholders on one seamless platform,â Samir Bodas(Co-Founder of Icertis) says.
The AI-infused Icertis Contract Management (ICM) platform is used by companies like 3M, Airbus, Cognizant, Daimler, Microsoft, and Roche to manage 5.7 million contracts in 40+ languages across 90+ countries. Icertis claims to provide intelligent contract authoring. In the future, they intend to use blockchain technologies to enable basic contract management functions through a shared ledger, which would offer universal performance tracking and ratings
Icertis - Logo and its Meaning
Icertis' logo includes a cloud structure with "Applied Cloud" written in it that means Icertis provides AI-infused Icertis Contract Management.
Samir Bodas and Monish Darda started off building multiple cloud-based applications but scaled up when they homed on a contract management solution that has them competing with biggies like SAP and Oracle.
Icertis - Founder and History
Icertis was founded in 2009 by Samir Bodas and Monish Darda.
The Icertis Contract Lifecycle Management (ICLM) product has been built on the Microsoft Azure cloud-computing platform and is aimed at improving contract management efficiency and compliance by providing access to contract lifecycle information across many device types including smartphones and tablets. According to Microsoft, which has deployed ICM globally, the system can assist in the management of "hundreds of thousands of contracts".
Icertis claims to provide intelligent contract authoring. In the future, they intend to use blockchain technologies to enable basic contract management functions through a shared ledger, which would offer universal performance tracking and ratings.
In March 2020, Icertis announced the appointment of Pranali Save as Chief Human Resources Officer.
Sarika Anand
Icertis - Mission
Icertis' mission statement says, "At Icertis we are passionately committed to a values-driven approach to doing business â in our mission to be the contract intelligence platform of the world, how we get there is as important as the destination."
Icertis - Recent News
- Icertis is strengthening the âBeating Heartâ of Business with Contract Intelligence
- Icertis Adds Former Airbus and BMW Chief Procurement Officer Dr. Klaus Richter to Board of Advisors
- Icertis Named for Second Year in a Row on Deloitteâs Prestigious 2020 Technology Fast 500â˘
Icertis - Business Model
The business model of the company is an annual subscription model based on the total number of contracts drawn up and tracked. The India market provides 10 percent of the company's revenues. Icertis has a 500-member R&D team in Pune. It also employs another 200 members in the US.
âAt that moment we and the team began to focus only on that, and worked to scale up fast,â recalls Samir, who was CEO of Aztec Soft (acquired by MindTree) before starting up Icertis in 2009.
The Icertis Contract Management (ICM) platform helps companies transform their commercial foundation, ensuring compliance, improving governance, mitigating risk, and enhancing user productivity. This ultimately improves the bottom line. The platform is used to managing 5 million contracts by 3 million subscribers at companies like 3M, Daimler, Johnson & Johnson, Microsoft, Roche Wipro, ABB, Infosys, and Airtel in 40+ languages across 90 countries.
Icertis - Revenue and Growth
The India market provides 10 percent of the company's revenues. Icertis raised its first round of funding, of $6 million, by the spring of 2015. There has been no looking back. In the first round, the company had a pre-money valuation of $22 million. It has a valuation of $500 million today and has raised $96 million.
Purbalee Dutta
Icertis - Funding and Investors
Icertis has raised a total of $211M in funding over 5 rounds. Their latest funding was raised on Jul 17, 2019 from a Series E round.
| Date | Amount | Round | Lead Investors |
|---|---|---|---|
| Jul 17, 2019 | $115M | Series E | Greycroft, PremjiInvest |
| Feb 8, 2018 | $50M | Series D | Meritech Capital Partners |
| Mar 29, 2017 | $25M | Series C | B Capital Group |
| Mar 10, 2016 | $15M | Series B | Ignition Partners |
| Apr 28, 2015 | $6M | Series A | Eight Roads Ventures, Greycroft |
Icertis - Competitors
Top competitors of Icertis Contract Management are:
- Conga Contracts
- DocuSign CLM
- Apttus Contract Lifecycle Management
- PandaDo
- SAP Ariba
- Agiloft Contract Management Suite
- Qwilr
- SurveyMonkey
Icertis - Challenges Faced
âI think there are a lot of hurdles that companies have to jump over. It is easier for startups and companies in general, as compared to 10 years ago but still there are a lot of filings that need to be done. The government should make it easier for innovators to innovate, make it easier for entrepreneurs to create companies as at the end of the day, entrepreneurs create employment,â Bodas said.
Icertis isnât the lone player who has found challenges in the industry and finds lack of government support. According to a spokesperson of Icertis there's no institutional support for the players in the deep tech contract sector.
Shubham Kumar
Icertis - Future Plans
Icertis said it would use the fresh capital to expand its technology platform to address wider use cases. It said it would also expand its blockchain framework that integrates with enterprise contract management platforms to solve challenges such as transparency in supply chain and certification compliance. Its revenue is at about $100 million currently â another key area it intends to scale.
The firm, which claims that five of the worldâs most valuable companies are its clients (one of which is Microsoft), said it would also scale its sales and marketing efforts to reach âevery leading company in the worldâ and expand its partner ecosystem. It is also looking to acquire startups that are a good fit to its contracting business.
Icertis lets users manage almost all kinds of contracts. Companies use Icertisâ products to handle procurement, sales and corporate contracts, including non-disclosure agreements. In addition to helping users create contracts, Icertisâ software also tracks when terms are met, ensures regulatory compliance and automates administrative tasks like sending renewal reminders.
Icertis - FAQs
What does Icertis do?
Icertis is a provider of a contract management platform for enterprises covering the full lifecycle of contract management capabilities beginning with intelligent contract setup and then continuing with authoring, approvals, negotiations, and all other aspects of ongoing contract operations.
Who's the CEO of Icertis?
Samir Bodas, is the CEO and Co-founder of Icertis.
When was Icertis founded?
Icertis was founded in 2009.
Who are the founders of Icertis?
Icertis was founded in 2009 by Samir Bodas and Monish Darda.
Must have tools for startups - Recommended by StartupTalky
- Convert Visitors into Leads- SeizeLead
- Manage your business smoothly- Google Workspace
- International Money transfer- XE Money Transfer
