Icertis Revamps Contract Management with Agentic AI

Icertis, a leading SaaS provider in contract management, is boldly advancing its AI capabilities by developing an agentic AI platform designed to transform enterprise workflows. With a focus on execution amid rapidly shifting technological trends, the company is intensifying its investment in AI and forging strategic partnerships to bolster its digital solution offerings.

A Strategic Response to the AI Revolution

Following the surge in interest generated by ChatGPT in late 2022, Icertis has been keenly aware of the sweeping changes in the corporate landscape. Over the past six months, the firm has dedicated significant resources to refining an AI system that automates routine and high-volume tasks. For example, the platform is geared to autonomously handle actions such as invoice payments or streamlining decision-making within low-risk contracting processes.

Cofounder and Chief Technology Officer Monish Darda described the evolution as a shift from debating the potential of AI in contracting to actively implementing a comprehensive GenAI strategy. This forward-thinking approach underscores a broader trend where businesses are harnessing AI agents to drive operational efficiencies.

Execution, Partnerships, and a Vision for the Future

While the prospect of an initial public offering (IPO) remains on the radar, Icertis is currently laser-focused on solidifying its execution strategy. The firm is waiting for optimal market conditions before moving forward with an IPO. In tandem, it is expanding its network by aligning with major industry players such as Microsoft and SAP, along with cutting-edge AI startups like Harvey.

The company is also actively seeking acquisitions in sectors such as procurement, sales, and general AI to further enhance its domain expertise. By doing so, Icertis aims to not only stay ahead of competitors like DocuSign, IronClad, and Sirion Labs but also adapt to the intricate interdependencies found in enterprise ecosystems.

Building a Robust Enterprise Platform

To navigate the complex realm of large-scale enterprise operations, Icertis is developing a seamless platform that integrates agentic workflows. This approach allows AI agents to act autonomously within the established workflow, a concept that is proving vital as the digital world continues to evolve.

With a strong financial foundation—having raised a total of $447 million and reaching a valuation of $5 billion in its last funding round—the company reported an impressive $250 million in annual recurring revenue for fiscal 2024. The recent hire of CFO Rajat Bahri, an expert experienced in steering companies towards successful public offerings, further reinforces Icertis' commitment to robust execution and growth.

Looking Ahead

Icertis' journey illustrates a broader narrative driven by innovation and proactive adaptation in the enterprise tech sector. As businesses increasingly rely on AI to optimize operations, Icertis stands out by not just integrating GenAI strategies but by reshaping them to fit the dynamic needs of modern contract management. The firm's efforts in merging advanced AI with enterprise workflows set a high bar for the industry, promising even more transformative developments in the near future.