Icertis Announces Year of Record Growth

BELLEVUE, Wash., March 8, 2022 /PRNewswire/ — Icertis, the contract intelligence company that pushes the boundaries of what’s possible with Contract Lifecycle Management (CLM), today announced it concluded 2021 celebrating expanded solution use by a record number of deployed customers, having added nearly twice as many customers as in 2020, and adding more than a dozen new partners. These recent growth highlights build on the company’s momentum in 2021 and pave the path for a banner year in 2022.

Icertis Contract Intelligence (ICI) digitizes the contract process, uniquely extracts the critical structured and unstructured data in contracts, connects this data to operational surround systems, and uses AI to ensure the intent of each contract is correctly memorialized and fully realized across the enterprise. Trained on many of the 10+ million contracts in ICI, spanning 93 countries and 40 languages, Icertis’ award-winning AI applications use machine learning to build predictive models that optimize contracting processes and uncover insights for strategic decision making.

Recent Customer Wins and Expansions Fuel Global Growth

Icertis saw incredible momentum in 2021, with almost half of its existing customers expanding their relationship with Icertis and a record number of market-leading brands—across 19 countries and numerous industries—joining its customer roster.

In 2021, market-leading companies such as AkzoNobel, EMAG Group, Pacsun, Persistent Systems, and Red Bull GmbH, chose Icertis to transform their contract management. These customers join many of the world’s most iconic brands already using Icertis Contract Intelligence, including Daimler, Microsoft, Porsche, Sanofi, and others.

“Deploying the Icertis Contract Intelligence solution has been a critical enabler to our Contracting Centre of Excellence. It has significantly improved our performance, decreasing cycle times on various contract categories,” said Sandrine Fleischman, Global Head of Contracting Centre of Excellence, Sanofi. “ICI provides a single tool and a streamlined process to facilitate contract management and improves monitoring and standardization across contracting operations. We are now building on this success by rolling out Icertis AI technology to maximize the value of our contract data. With AI, we will be able to import third-party contracts at scale, control data quality, and facilitate monitoring of contractual obligations.”

Record Year of Partner Growth Sets the Stage for Scale

“We are experiencing a once-in-a-lifetime opportunity, where converging factors continue to align for CLM to be a massive market,” said Samir Bodas, CEO and Co-founder, Icertis. “In 2021, we seized this opportunity, far surpassing the number of new customers we added in 2020, growing our team more than 30%, and exceeding our growth plan. Partnering with top-tier professional services providers, we also saw a record number of customers go live on Icertis Contract Intelligence with even faster time to value.”

Icertis experienced a record year of partner growth, adding more than a dozen new partners, including Carahsoft Technology Corp. and Consilio. Additionally, Icertis expanded its alliances with SAP, Microsoft, and Salesforce, was named Microsoft AI Partner of the Year, and received the 2021 SAP® Pinnacle Award in the SAP Store Category.

“Icertis is positioned as the strongest enterprise-wide CLM platform by industry analysts, and our growth continues to outpace the market,” added Bodas. “Integral to delivering customer success during rapid growth is our industry-leading partner ecosystem. Our global network of partners enables us to continue to focus on transforming contracting—the foundation of commerce—while delivering exceptional service and value to our growing customer base.”   

Industry-First Vertical CLM Solutions Speed Time to Value

In October, Icertis again raised the stakes for the CLM market with the release of the industry’s first vertical CLM solutions, built with the deep domain expertise Icertis has achieved with customers across key industries. The innovations extend the value of the ICI platform with industry-specific data models, automated workflows, provision/clause AI models, and business performance reports.

The tailor-made solutions leverage Icertis’ decade-plus years of experience working with industry leaders and are designed to speed solution delivery by up to 30 percent. Icertis’ first vertical solutions include:

• ICI for Consumer Goods & Distribution;
• ICI for Healthcare | Payer;
• ICI for Medical Technology;
• ICI for Consulting & IT Services; and
• ICI for Technology.

“Enterprise applications are evolving beyond functional usage to serve industry verticals. Icertis has not only caught onto this change but it has the customers within these segments to show this differentiating value.” – IDC¹

Icertis plans to introduce several new industry solutions in 2022, as it continues to achieve the critical mass that enables delivery of vertical-specific AI models and templates.

Leadership, Technology, and Employer, Accolades Showcase Trajectory

Building on numerous top-tier analyst recognitions and partner awards in first half of 202I, Icertis was recognized in the second half of the year for the company’s record growth, market leadership, employer practices, and technology innovations. Honors include:

• Named to Inc. Best-Led Companies in America List;
• Honored on Forbes Cloud 100 for the third year, ascending 25 spots;
• Named a Leader in IDC MarketScape: CLM Software for Corporate Legal (see recognition);
• Named a Fastest-Growing Company in North America on 2021 Deloitte Technology Fast 500™;
• Named a “Top 100 Company to Work For” by Seattle Business Magazine for the fifth year; and
• Winner of Economic Times HCM Gold award for “Excellence in Cultivating a Culture of Trust & High Performance (and Bronze for “Excellence in Remote Work Arrangement & Management).

“Icertis leads the booming CLM space, a sector growing 35% year-over-year², transforming the foundation of commerce with contract intelligence. Contracts sit at the heart of many core business processes and CLM is quickly establishing itself as the fifth enterprise system of record,” said Jim Moffatt, former CEO and Vice Chairman of Deloitte Consulting, who recently joined Icertis Board of Directors and Audit Committee. “I am excited to actively help guide Icertis’ growth globally as we build an enduring company grounded in strong values with a clear purpose—to build trust, strengthen bonds, and create a better world through contract intelligence.”

¹IDC. “Icertis: Bringing Vertical Solution to Aid Businesses as They Navigate a Changing World,” doc #1cUS48322521, October 2021

²MGI Research 2019: https://www.mgiresearch.com/research/mgi-forecasts-contract-lifecycle-management-clm-total-addressable-market-tam-forecast-2018-2022/ 

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. For more information, visit www.icertis.com and follow @Icertis on Twitter or LinkedIn.

Media Contact:
Liza Colburn
Director of Corporate Communications
Liza.colburn@icertis.com
+1 (781) 562-0111

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SOURCE Icertis