Founded | 2009[1] |
---|---|
Headquarters | Bellevue, Washington United States |
Key people | |
Industry | Internet Software and Services |
Products | Icertis Contract Intelligence (ICI) |
Employees | 1,700+[10] |
URL | www |
Icertis is a privately owned software company that provides contract management software to enterprise businesses using a software-as-a-service model.[1] The company, which was founded in 2009, is headquartered in Bellevue, Washington.[11] It also has additional offices in North America, India, and Europe.[1][12]
History
Icertis was co-founded in 2009 by Samir Bodas, former CEO of Aztecsoft, and Monish Darda, a former executive at BladeLogic.[13][11]
The company raised a round of seed funding in 2012.[13][14] At the time, it was doing business in India, offering its contract management software to ICICI Bank and its public transportation management software to Prasanna Purple Mobility Solutions.[15][16]
In 2015, Icertis raised $6 million in its Series A round of funding, which was led by Greycroft Partners and Fidelity Growth Partners India.[13][14] By this point, the company's services were being used by large multinational companies such as Microsoft, Roche, and Hyundai.[13][14] The company's Series B funding took place in 2016 and was led by Ignition Partners.[17][12] Bodas announced that the $15 million Icertis raised would go toward opening new offices, in addition to the ones Icertis already had in the U.S., India, and Switzerland.[17][12] The company also planned to increase its marketing in Europe and further develop Icertis Contract Management.[17][12]
Icertis' Series C funding round closed in 2017, raising $25 million.[18][19] Icertis nearly doubled its total number of employees between March 2017 and June 2018.[18][19] In 2018, Icertis secured $50 million with its Series D round of funding.[19] The money was put toward further expansion of the company and the refinement of its software's AI capabilities.[20][21]
Its Series E funding round, which closed in 2019, raised $115 million and pushed the company's valuation past $1 billion.[22] At the time, Icertis' software had around two million users and was being used to manage approximately 5.7 million contracts at companies such as Google and Airbus.[22]
Technology
Icertis provides cloud-based software intended to digitize, organize, and centralize business contracts. The software is licensed to companies through the software-as-a-service model.[1][23][24]
The company's flagship product, Icertis Contract Intelligence, is a contract lifecycle management platform.[25] It allows a company to digitize and store all of its contracts in the cloud.[1][24] The platform utilizes artificial intelligence (AI) technology to identify problematic contract clauses and flag potential compliance issues.[26][24] Its machine learning capabilities can read contracts and offer insight about what its terms might mean for a company's finances.[27] It can also aid in quickly drafting new contracts.[25]
The Icertis platform integrates with Salesforce, Workday, Microsoft Dynamics, SAP Ariba, and SAP Customer Experience.[28][17]
In 2019, Icertis worked in collaboration with Microsoft to develop blockchain technology for Mercedes-Benz.[29] This technology enabled Mercedes-Benz to launch a blockchain prototype that recorded each individual action within in its supply chain, which Mercedes could then review to ensure that its suppliers were conforming with Daimler AG's quality and ethics standards.[30] As of 2021, Icertis's contract management software has been used by large multinational companies such as Microsoft, Sanofi, Daimler AG, and Cognizant.[4][31]
Operations
Icertis is headquartered in Bellevue, Washington.[12] The company has additional offices in North America, as well as in India and Europe.[12][1] Its co-founders, Samir Bodas and Monish Darda, operate as CEO and CTO, respectively.[4] Icertis is a privately owned, venture capital-funded company with minority stakes held by Softbank and SAP.[32][33][34] As of December 2021, it employed approximately 1,700 people.[10]
References
- ^ a b c d e f Dearton, Thomas Hector (March 11, 2021). "This Pune-based startup tripled its valuation in less than two years". Business Insider India. Retrieved January 5, 2022.
- ^ Zahn, Max; Serwer, Andy (March 11, 2021). "Contract management 'next big enterprise software category': Penny Pritzker". Yahoo Finance. Retrieved January 5, 2022.
- ^ a b Staff (May 5, 2012). "Icertis develops contract lifecycle management product for Microsoft". Business Standard. India. Retrieved 2 Dec 2019.
- ^ a b c Bhalla, Kritti (September 1, 2021). "After Freshworks, Icertis is looking for an IPO for next year in the US". Business Insider India. Retrieved January 5, 2022.
- ^ McGrane, Clare (July 2, 2018). "Tech Moves: Icertis taps Caradigm CEO as new COO". GeekWire. Retrieved January 5, 2022.
- ^ a b c d e "Leadership - Icertis".
- ^ "CFOs In Tech: Icertis' Curt Anderson On The Need To Evolve With Startups And How Covid Changed The Game". Inc42. February 8, 2021. Retrieved January 5, 2022.
- ^ Kuhlman, Cara (May 21, 2021). "Tech Moves: Icertis hires new CMO; Expedia Group board member steps down; and more". GeekWire. Retrieved January 5, 2022.
- ^ "Icertis Appoints Pranali Save As New CHRO". BWPeople. Business Week. March 11, 2020. Retrieved January 5, 2022.
- ^ a b Abhishek, Sahu (December 11, 2021). "This company gives its employees the option to choose their work preference". HRWorld. The Economic Times. Retrieved January 5, 2022.
- ^ a b Soper, Taylor (March 11, 2021). "Seattle-area startup Icertis now valued at $2.8 billion after fresh $80M round". GeekWire. Retrieved January 5, 2022.
- ^ a b c d e f Day, Matt (March 10, 2016). "Bellevue software-maker Icertis pulls in $15 million in funding". Seattle Times. Retrieved January 5, 2022.
- ^ a b c d Verma, Anuradha (April 28, 2015). "Cloud-based enterprise software startup Icertis secures $6M from Greycroft, Fidelity". Techcircle. Retrieved January 5, 2022.
- ^ a b c Cook, John (April 28, 2015). "Ex-Microsoft manager raises $6M for cloud startup Icertis". GeekWire. Retrieved January 5, 2022.
- ^ "ICICI Bank adopts Icertis Contract Lifecycle Management Product on Windows Azure". Express Computer. May 7, 2012. Retrieved January 5, 2022.
- ^ "Icertis, Prasanna Purple Mobility tie-up to revolutionize public transport management". DataQuest. January 13, 2013. Retrieved January 5, 2022.
- ^ a b c d Shu, Catherine (March 10, 2016). "Contract management software maker Icertis raises $15M Series B". TechCrunch. Retrieved January 5, 2022.
- ^ a b Cook, John (March 25, 2017). "Cloud-based enterprise contract management company Icertis scores $25M". GeekWire. Retrieved January 5, 2022.
- ^ a b c Lerman, Rachel (June 12, 2018). "Bellevue tech company Icertis pulls in $50 million". Seattle Times. Retrieved January 5, 2022.
- ^ Lazarus, Sydney (February 14, 2018). "Icertis Raises $50 Million in Series D Round, Plans to Invest in AI Capabilities and Global Expansion". Spend Matters. Retrieved January 5, 2022.
- ^ Grayson, Katharine (February 26, 2018). "After raising $50M, Seattle-area startup Icertis plans Twin Cities office". Twin Cities Business Journal. Retrieved January 5, 2022.
- ^ a b Levy, Nat (June 17, 2019). "Contract management startup Icertis hits $1B valuation with massive $115M funding round". GeekWire. Retrieved January 5, 2022.
- ^ Merten, Paxtyn (October 21, 2019). "Cloud company expands Bellevue HQ amid hiring wave". Puget Sound Business Journal. Retrieved January 5, 2021.
- ^ a b c Berthiaume, Dan (January 18, 2022). "Pacsun digitally transforms contract management". Chain Store Age. Retrieved January 5, 2021.
- ^ a b Raval, Abhishek (August 5, 2021). "KPIT solves pandemic related contractual complexities with CLM solution". Express Computer. Retrieved January 5, 2022.
- ^ Labbe, Mark (March 12, 2021). "Icertis raises $80M for AI-powered contract management". Tech Target. Retrieved January 5, 2021.
- ^ Levy, Nat (June 17, 2019). "Contract management startup Icertis hits $1B valuation with massive $115M funding round". GeekWire. Retrieved January 5, 2022.
- ^ Brooks, Steve (January 26, 2022). "SAP invests in Icertis and strengthens partnership". EnterpriseTimes. Retrieved January 30, 2022.
- ^ Wheatley, Malcolm (July 4, 2019). "Blockchain: Potential unlocked?". Automotive Logistics. Retrieved January 5, 2021.
- ^ Sturman, Catherine (May 16, 2020). "Mercedes-Benz launches a breakthrough blockchain-prototype to deliver sustainable supply chains". Manufacturing Global. Retrieved January 5, 2021.
- ^ Fassbender, Melissa (August 30, 2017). "Sanofi Taps Icertis". Outsourcing Pharma. Retrieved January 5, 2022.
- ^ Antony, Anto; Kalesh, Baiju (November 11, 2021). "SoftBank Nearing Icertis Stake Deal at $5 Billion Valuation". Bloomberg. Retrieved January 27, 2022.
- ^ Morris, J.P. (January 25, 2022). "SAP deepens partnership with Icertis, taking minority stake and committing to joint roadmap with the CLM specialist". Spend Matters. Retrieved January 27, 2022.
- ^ Porr, Jeremy (March 12, 2021). "Icertis Raises $80M at $2.8B Valuation to Digitize the Contracting Process". Built in Seattle. Retrieved January 27, 2022.