About Icertis
Icertis provides a contract management tool for businesses. It covers the whole contract management lifecycle, beginning with intelligent contract setup and continuing with authorship, approvals, negotiations, and all other facets of ongoing contract operations. Companies may use Icertis to speed up business by enhancing contract velocity, safeguard against risk by assuring regulatory and policy compliance, and optimize commercial partnerships by increasing revenue and lowering expenses.
Companies such as 3M, Airbus, Cognizant, Daimler, Microsoft, and Roche utilise the AI-infused Icertis Contract Management (ICM) platform to handle 5.7 million contracts in 40+ languages across 90+ countries. Icertis asserts that it offers intelligent contract drafting. They hope to employ blockchain technology in the future to provide fundamental contract administration operations via a shared ledger, which would provide universal performance tracking and evaluations.
Startup Story and Founders
Icertis was founded in 2009 by Samir Bodas and Monish Darda.
The Icertis Contract Lifecycle Management (ICLM) product is based on the Microsoft Azure cloud-computing platform and aims to improve contract management efficiency and compliance by providing access to contract lifecycle information across a variety of device types, including smartphones and tablets. Microsoft, which has implemented ICM internationally, claims that the system can help with the administration of “hundreds of thousands of contracts.”
Icertis asserts that it provides intelligent contract authoring. They hope to employ blockchain technology in the future to provide fundamental contract administration operations via a shared ledger, which would provide universal performance tracking and evaluations.
In March 2020, Icertis announced the appointment of Pranali Save as Chief Human Resources Officer.
Business Model
The company’s business model is a yearly subscription model based on the total number of contracts written out and tracked. The India market accounts for 10% of the company’s revenue. In Pune, Icertis has a 500-person R&D team. It also has 200 employees in the United States.
Icertis Contract Management (ICM) software assists businesses in transforming their commercial basis by assuring compliance, improving governance, managing risk, and increasing user productivity. This, in turn, benefits the bottom line. The platform manages 5 million contracts for 3 million customers at firms such as 3M, Daimler, Johnson & Johnson, Microsoft, Roche Wipro, ABB, Infosys, and Airtel in 40+ languages across 90 countries.
Revenue & Growth
The India market provides 10 percent of the company’s revenues. Icertis raised around $80 million as part of its Series F round, led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures in 2021.
Post-funding, its valuation has nearly tripled to $2.8 billion.
Also Read: IBM – The History And The Successful Run
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
Icertis is not the only company that has encountered difficulties in the sector and a lack of government assistance. According to an Icertis representative, there is no institutional backing for participants in the deep tech contract market.
Future Plans
Icertis stated that the new funds will be used to develop its technological platform to cover a broader range of use cases. It also stated that it will develop its blockchain architecture, which connects with business contract management systems, to address issues such as supply chain transparency and certification compliance. Its income is presently at $100 million, which is another significant area in which it hopes to grow.
The firm, which claims to have five of the world’s most valuable clients (one of which is Microsoft), also stated that it will scale its sales and marketing operations to reach “every major enterprise in the globe” and extend its partner network. It is also interested in acquiring businesses that would be a suitable match for its contracting company.
Company’s Website – https://www.icertis.com/
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