Icertis, the leader in contract intelligence and Contract Lifecycle Management (CLM), is celebrating huge success in 2021. While as a private company, it has not revealed any financial figures, the numbers it has revealed are impressive.
In terms of customers added, it doubled its growth in 2020. Possibly more importantly, for 2022 and beyond, it added more than a dozen new partners. It has also added another 30% to its employees over the year. In Europe, that expansion is even greater, with Simon Patteson, Vice President Sales EMEA at Icertis, revealing that the firm had grown over 60% during 2021.
The Icertis Contract Intelligence platform holds more than 10 million contracts from 93 countries and 40 languages. The larger that number grows, the more accurate the insights it provides to customers. ICI used machine learning and AI algorithms to build predictive models, optimise the contracting process and uncover insights.
It has won several significant contracts from firms such as Pacsun and Persistent Systems during the year. In Europe, it saw big wins in the second half of the year. It added AkzoNobel, EMAG Group, and Red Bull GmbH to its platform. These well-known brands join other major customers, including Daimler, Microsoft, Porsche, and Sanofi.
Samir Bodas, CEO and Co-founder, Icertis, commented: “We are experiencing a once-in-a-lifetime opportunity, where converging factors continue to align for CLM to be a massive market.
“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.”
The future looks even better
The customer momentum is strong, but more significant is the growth within its partner ecosystem. It added significant numbers and notable names to its list during the year. These included Carahsoft, a significant Government IT Solutions Provider. It also expanded its relationship with major technology partners.
Patteson noted: “Accenture is a fantastic brand. They started as a customer, which is a great way to start a partnership. They know how the solution works internally. We expect that they’re going to be able to help us to expand our delivery capability. In this hot market, we need people that are experts and fully invested in ensuring our customer success, making sure that our customers are getting the outcomes they’re after.
“On top of that, we’ve got a huge brand helping us expand our reach—naturally sales and marketing partnerships. A really exciting partnership, we have many, but this is a fantastic expansion with Accenture.”
Icertis also expanded its alliance with Salesforce and Microsoft and was named Microsoft AI Partner of the Year. These new and improved partnerships should bear fruit in 2022 with even more and potentially larger customer wins.
Bodas added: “Icertis is positioned as the strongest enterprise-wide CLM platform by industry analysts, and our growth continues to outpace the market. 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.”
R&D continues to deliver
Not only is Icertis investing in Sales and Marketing, but it is also investing in its product. That spending was boosted even further in March 2021 with the $80 million Series F funding round led by B Capital Group.
2021 saw the launch of several vertical industry solutions. They take the experience gained from more than 10 years of deployments and condense them into domain-specific solutions and accelerate the time to value for customers in those industries. Icertis estimates that the delivery times are reduced by up to 30%. There are now Icertis Contract Intelligence solutions for:
- Consumer Goods & Distribution
- Healthcare | Payer
- Medical Technology
- Consulting & IT Services
According to Patteson, more industry verticals are coming with Healthcare (for the US market) and Financial Services. Icertis is not the first company to create vertical industry solutions. Infor and others do it for ERP solutions.
Global market intelligence firm IDC noted: “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.”
Enterprise Times: What does this mean
Not only has Icertis had a strong year, but next year also promises to become even better. Organisations are rushing to transform digitally. Icertis can provide an important part of that transformation. With a quick time to values and a growing number of industry accelerators and partners such as SAP and Accenture, it is well poised for growth.
The only disappointment in these announcements was the lack of financial information. With the investment by SAP, it opens the possibility of an exit by acquisition rather than IPO. Certainly, SAP will have a close eye on the revenue and growth that Icertis has to check its investment and whether it wants to expand.
Jim Moffatt, the former CEO and Vice Chairman of Deloitte Consulting recently joined the Icertis Board of Directors and Audit Committee. He is also positive about the future. He commented: “Icertis leads the booming CLM space, a sector growing 35% year-over-year 2, 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. 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.”