NEW REPORT: The State of CLM and AI-Powered Contract Intelligence

Icertis Celebrates Fifth Consecutive Year on the Forbes Cloud 100 List

This achievement marks the fifth consecutive year that Icertis has been honored on the elite list, demonstrating the company’s unwavering commitment to excellence and innovation.

August 7, 2023

Icertis has been named to the Forbes 2023 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world. This achievement marks the fifth consecutive year that Icertis has been honored on the elite list, demonstrating the company’s unwavering commitment to excellence and innovation.

Icertis has consistently ascended the ranks as the only contract lifecycle management (CLM) provider since making its debut on the Cloud 100 list – advancing from number 85 in 2019 to 48 in 2023. From pioneering contract intelligence to delivering the market’s first generative AI applications for enterprise contract management, Icertis continues to demonstrate unmatched leadership and double-digit growth as the only CLM provider that enables enterprises to responsibly harness the power of AI. 

“The past year our industry has seen a generational step forward in innovation and with AI leading the charge, we are witnessing one of the most important platform shifts in decades,” said Paul Drews, Managing Partner, Salesforce Ventures. “The Cloud 100 list represents the best of the best, and we’ve never been more excited about what the future holds, not only for the cloud but for the entire technology industry.”  

Icertis was the first to grasp the true potential of applying AI to contract data and recognize contracts as the fifth System of Record. The company has boldly pursued the vision of organization-wide contract intelligence for over a decade, building the world's largest and most diverse contract data lake with more than 2 billion contract-specific metadata and transactional elements. This data, coupled with Icertis proprietary AI, empowers 30 percent of the Fortune 100 to drive efficiencies and derive instant insights that enable bottom-line results for companies like Microsoft and Mercedes-Benz.

In 2023 alone, Icertis announced a strategic AI-focused collaboration with Microsoft and PwC, drove a 50 percent year-over-year increase in the application of AI for contracts on its platform, and introduced Icertis ExploreAI Service, its next generation contract intelligence partner with generative, assistive, natural language capabilities. By applying AI to 7,000+ contract types across 11 verticals, with 100,000+ contracting attributes, clauses, and obligations, Icertis is digitally transforming contract-driven processes across the enterprise and enabling businesses to realize unparalleled value from their commercial agreements.

In response to a recent AI award win, Monish Darda, Chief Technology Officer and Co-founder of Icertis said, “Our continued AI innovation and how we are differentiating true contract intelligence from traditional contract management is critical to help enterprises address more strategic revenue and compliance challenges in today’s market. Transforming contracts into structured, connected data is just the beginning as we explore how innovations like generative AI will transform the way businesses fully realize the intent of their commercial agreements.”

Contracts are the foundation of commerce, defining a company’s relationships with customers, suppliers, partners, and employees while governing every dollar in and out of the enterprise. The data from contracts offers one of the largest untapped opportunities to increase revenue, reduce costs, improve compliance, and eliminate risk – vital outcomes in the current business environment.  

“This year’s Cloud 100 list is one of the most dynamic in history. While the industry faced macro headwinds, the 2023 Cloud 100 winners displayed the innovation and resilience of the cloud economy and the combination of growth and efficiency that prove the power of the cloud business model,” said Mary D’Onofrio, Partner at Bessemer Venture Partners. “It is further exciting to see so many honorees at the forefront of the AI revolution, which we believe will continue to transform the cloud and propel the next wave of growth for many of this year’s winners.”

Published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures, the Cloud 100 reviews submissions from hundreds of cloud startups and private companies each year. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership, estimated valuation, operating metrics, and people & culture.