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According to a report, the Contract Lifecycle Management (CLM) solution market was estimated to grow grow from $1.33 billion in 2022 to reach $3.5 billion industry by 2030. Bellevue, Washington-based Icertis is a leading player in the market that has been using AI to drive efficiencies in the industry way before AI became the talk of the town.
Icertis’ Offerings
Icertis was set up in 2009 by Monish Dorda and Samir Bodas to transform the contract management process. Icertis’s AI-based Contract Management (ICM) platform helps companies ramp up, streamline contracts and processes, close deals faster, and connect across departments during the contract management process.Its core Icertis Contract Intelligence (ICI) platform covers the full lifecycle of contract management capabilities by starting with intelligent contract setup and then moving on to supporting the authoring, approval, negotiation, and other aspects of contract operations such as governance, risk, and compliance. The company has continued to add AI capabilities to its offerings. It introduced Icertis Contract Intelligence Copilots that are helping enterprise in contracting by providing them with assistive, generative, natural language capabilities along with providing them with insights to drive their business forward.Icertis also offers a slew of AI applications and services that enable companies solve contract management challenges that are uniquely suited to AI-powered solutions that provide the ability to import third-party contracts at scale, analyze negotiation history for insights, visualizing insights into contract relationships and performance.Icertis continues to face tough competition in the market. The Gartner magic quadrant report ranks it a visionary in the field, but there are others like DocuSign, Ironclad, Sirion, and Agiloft that carry a similar ranking.
Icertis’ Financials
Icertis’s impressive product offering has been accepted widely by the market. It boasts of a client portfolio that includes 30% of Fortune 100 companies and an offering that spans across millions of contracts in more than 90 countries. In April this year, the company announced that it had surpassed $250 million in annual recurring revenue (ARR). Icertis plans on growing to $1 billion in revenues in the next 4-5 years. Icertis remains privately held and does not disclose detailed financials.It is privately held so far and has raised $520 million in funding so far from investors including SAP, Soft Bank, Silicon Valley Bank, Greycroft, Cross Creek, PremjiInvest, B Capital Group, Ignition Partners, PSP Growth, Eight Roads Ventures, e.ventures, and Meritech Capital Partners. Its last round of funding was held in 2022 when it raised $150 million in a round led by Silicon Valley Bank at a $5 billion valuation. Earlier this year, there were talks that Soft Bank was looking to invest another $150 million in Icertis. The company’s valuation has grown significantly from its 2018 valuation of $500 million. Reports suggest that Icertis is looking to go public this year.More By This Author:Analysis Of Google’s Character.ai AcquisitionAI Unicorns: Cyera Uses LLMs For Data SecurityAI Unicorns: Weka Accelerates AI Model Training
