Icertis : Structuring and Connecting Contracts through AI

Samir Bodas, CEO and Co-founder
Employment agreements, Non-Disclosure Agreements (NDA), Statement of Work (SOW), and merger agreements are all intended to ensure seamless functioning between two parties. But the language used in these documents often leaves the participants perplexed. A contract is meant to facilitate effective negotiation between parties, requiring all stakeholders to understand the agreement completely. However, the increased complexity in today’s contracts is driven by the changes in the risk and compliance environment. The advent of General Data Protection Regulation (GDPR), Brexit, Foreign Corruption Practices Act (FCPA), and various other regulations have made things more complex, increasing the risk associated with noncompliance. At the same time, the pace of business has increased, and many organizations are unknowingly taking on more risks.

Contracts are required to cover massive amounts of detail. More often than not, companies struggle to understand, manage and evaluate a large amount of text involved in business and governmental interactions. The struggle with contract management and evaluation is constant. The larger the contract, the more complex they are and harder to evaluate. A large volume of smaller contracts, all with slightly different terms and conditions in different parts of their lifecycles, create a different yet still critical challenge. As a result, companies are now relying on the power of Artificial Intelligence (AI) to navigate the challenging landscape of contract management. To this end, Icertis stands out with unmatched technology and category-defining innovation, pushing the boundaries of what’s possible with contract lifecycle management (CLM).

Icertis’ 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. Serving in over 40 countries with more than 10,000,000 contracts under management, the company has been recognized in the industry as the clear contract management software leader.

By applying AI to digitized data, Icertis transforms contracts from static documents into live contracts that interact with humans, surrounding systems, and ultimately even other contracts. The company unleashes the transformative power of AI into contract management by leveraging the unmatched quantity, quality, and variety of data available in the ICI today. Icertis’ contract management software has been validated by leading business analyst firms, industry associations, media outlets, partners, and customers, with top marks for usability, flexibility, and organization-wide capability.

Powered by AI, Icertis enables users to address previously intractable contract challenges, including digitizing legacy contracts and importing third-party contracts at scale, analyzing past negotiation history to gain insights for improvement, and deep data visualization capabilities that provide unprecedented visibility into contract relationships and performance. The company’s AI applications offer intelligent clause identification, accurate attribute extraction, and a robust data validation interface–all mapped to semantic definitions within the ICI platform. This enables companies to reduce cycle-time and eliminate errors by automating critical aspects of the contract review process, consistently negotiate the best possible terms and outcomes with a given counterparty, process third-party contracts faster while reducing risk and improving contract performance, and more.

SOLIDIFYING CLM MARKET LEADERSHIP

In March 2021, Icertis announced the closing of an $80 million Series F round at a valuation of $2.8 billion. The company has now raised over $280 million, and the latest funding triples the valuation of its Series E round in July 2019.


It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have’ to a ‘critical-to-have’ software category

The Series F 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 intends to 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.

“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. In addition, the company 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., add integral perspectives and expertise as the company’s business continues to proliferate.

Despite strong headwinds from COVID-19, the company has experienced accelerated growth, highlighting the critical importance of contracts and CLM’s emergence as a must-have system of intelligence for CXOs. “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,” added Bodas.

REVOLUTIONIZING THE LEAD-TO-CASH PROCESS

Focused on constantly pushing the boundaries of CLM, Icertis announced the integration of its ICI platform with SAP Sales Cloud to transform the lead-to-cash process in December 2021. With a streamlined, unified experience across ICI and SAP Sales Cloud, sales leaders can reduce sales cycle times by up to 92 percent and deliver a smooth buying experience. The ICI Integration for SAP Sales Cloud, now available on the SAP App Center, allows organizations to access the customer, pricing, and quote information found in SAP Sales Cloud to quickly and accurately create sales contracts in the ICI platform that reference agreed pricing terms, promotions, incentives, and rebates.

The advanced contracting capabilities in the ICI platform, such as configurable proposal creation rules and templates, guided self-service sales contract wizards, flexible approval workflows, and AI-powered sales contract insights, also help companies accelerate the lead-to-cash process. “We’re proud to partner with SAP to deliver an integrated solution that connects contracts and contract data to the sales activities that touch them,” notes Alaina Bookstein, Vice President, Business Development, Icertis. The combined power of sales and contract management workflow will empower enterprises to manage agreements across multiple departments to gain deeper insights and align supplier and customer terms. Organizations also benefit from ongoing clause analysis, which provides input for negotiation strategy, clause updates, and risk assessment, ensuring they are prepared to respond to new challenges and opportunities readily.

Over the last few years, CLM has been one of the fastest-growing enterprise software categories with a 35 percent year-on-year growth rate and has been increasingly recognized as a universal, critical asset for businesses of all sizes, across all industries, in every geography. With its bold vision and track record of execution, Icertis remains the undisputed leader of this vast, emerging enterprise SaaS category. “Icertis is clearly out in front and executing on our vision to transform contracting – the foundation of commerce – and this is just the beginning!” exclaims Bodas.

Company
Icertis

Headquarters
Bellevue, WA

Management
Samir Bodas, CEO and Co-founder

Description
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM)