Generative AI Contracting Copilots Drive Icertis Above $250 Million in Annual Recurring Revenue
Icertis Copilots Become Fastest Growing Products in Company History
BELLEVUE, Wash., Feb. 21, 2024 /PRNewswire/ -- Icertis, the global leader in AI-powered contract intelligence, today announced that the launch of Icertis Copilots and continued adoption of contract intelligence worldwide have driven the company above $250 million in annual recurring revenue (ARR). Icertis Copilots are now the fastest growing products in the history of the business, marking a new milestone following their introduction as the first generative AI applications for enterprise contract management in July 2023.
Built on the Icertis ExploreAI Service and backed by the security and scalability of Microsoft Azure, Icertis Copilots harness the power of generative AI and the rich data contained in contracts to turn commercial agreements into interactive assets that fuel strategic decision making. Global leaders such as ALPLA, Krones, and Genpact have selected Icertis Copilots to responsibly leverage generative AI in contract-driven operations, enabling increased efficiency, reduced risk, and substantial cost savings across their enterprises.
"Icertis Copilots are expected to enable Genpact to gain instant insights into key provisions in our contracts and summaries of critical details so that decision-makers can quickly and easily understand the business impacts of each commercial agreement," said Heather White, Chief Legal Officer, Genpact. "Coupled with our trust in the core Icertis platform, we hope to realize substantial value by responsibly applying generative AI to improve our contract management."
Contracts act as the single source of truth for a business's relationships with its customers, partners, and suppliers, making contracts one of the most valuable sources of data for AI-driven innovation. Icertis integrates contract data with enterprise systems to amplify cash flow, improve financial resilience, and safeguard compliance in a rapidly shifting regulatory landscape, enabling enterprises such as Mercedes-Benz, Best Buy, Cognizant, Lamb Weston, Murphy Oil, Qantas, and Johnson & Johnson to enhance strategic outcomes in today's business environment.
Icertis continues to build momentum and expand its global footprint as enterprises recognize the importance of contracting in company-wide digital transformations. In 2023, three out of every four deals included Icertis AI products, pointing to increasing trust and measurable value delivered through its reliable, innovative AI models designed for complex contracting.
"AI presents a once-in-a-generation opportunity for businesses to thrive, but AI is only as good as the data it can access. Icertis equips leaders with unmatched insights by unlocking one of their most powerful sources of enterprise data – the commercial agreements that drive their business," said Samir Bodas, CEO and Co-founder, Icertis. "Icertis has firmly established contract intelligence as a category of AI software that is an enterprise staple, becoming the first pure-play contract lifecycle management provider to cross the $250 million ARR threshold thanks to our proven history of innovation, long-standing partnerships with Microsoft and SAP, and game changing Icertis Copilots that enable tangible business value in all industries across the globe."
Icertis was one of the first to recognize the opportunity for AI in contracting and remains the only enterprise-grade contract lifecycle management (CLM) solution that delivers the security and reliability business leaders need, with more than 70 percent of its customers above $1 billion in revenue. The company continues to command the approximately $30 billion CLM market with the backing of investors including B Capital, Eight Roads Ventures, Greycroft, and Penny S. Pritzker (PSP) Partners.
About Icertis
Icertis is the global leader in AI-powered contract intelligence. The Icertis platform revolutionizes contract management, equipping customers with powerful insights and automation to grow revenue, control costs, mitigate risk, and ensure compliance - the pillars of business success. Today, 30% of the Fortune 100 trust Icertis to realize the full intent of millions of commercial agreements in 90+ countries.
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SOURCE Icertis
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