Spend Matters Selects Icertis as Top 50 ‘Provider to Know’ in Procurement

October 17, 2023

Icertis has secured a coveted spot on the tenth annual Spend Matters ‘50 Providers to Know’ list. This achievement marks the seventh consecutive year Icertis has been included among leading procurement technology providers because of its AI-powered solutions that enable strategic decision-making with contract data and deep integrations with trusted enterprise partners like SAP.  

This data-driven list recognizes best-in-class companies in the procurement and supply chain market that are establishing industry standards while rapidly delivering evolving technologies, such as generative AI, and navigating macroeconomic trends that are forcing decisions on crucial product development and resource allocation. 

“I believe the market can be confident that the providers chosen for these lists are truly the most impressive in the industry,” says Nikhil Gaur, Research Analyst and Project Associate at Spend Matters. “Icertis has continued to innovate since the 2022 expansion of its partnership with SAP, the spend management solution portfolio. Already a leading CLM provider offering advanced and customizable features, Icertis is now exploring areas such as generative AI that will open further avenues to contract value realization.”  

Since 2022, Icertis has leveraged the strengths of its partnership with SAP to deliver a joint product roadmap that connects contract data to the processes it powers for procurement teams, integrating seamlessly with SAP Ariba, SAP Fieldglass, and adding a new, endorsed app - ICI for SAP S/4HANA (Buy Side) to give decision-makers a unified view of enterprise operations. 

Spend Matters’ choice underscores Icertis’ unwavering commitment to consistently embrace, and lead, the application of new AI technologies. As an early pioneer of contract intelligence, and the foremost provider to deliver the market’s first generative AI applications for enterprise contract management, Icertis has demonstrated unmatched innovation and double-digit growth as the only CLM vendor that enables enterprises to responsibly harness the power of AI.  

In a recent blog, Samir Bodas, Chairman and CEO at Icertis, stated: “We are in a new era not only in enterprise contracting but commerce itself.” Agreeing with analyst opinions, he notes that in three years, there will be two types of enterprise SaaS companies: generative AI-based companies and dead companies. 

Bodas adds, “For well over a decade, we have been applying cutting-edge technology to these documents—cloud computing at first, then SaaS, then AI/ML and blockchain— to ensure the intent of every contract is correctly memorialized and fully realized in the real world. We call this contract intelligence, and our customers have long recognized its potential to transform the value they get from their commercial relationships. Yet, nothing we’ve done so far will compare to what we will do in the coming years with generative AI.” 

Known for their factual analyses of enterprise technology, Spend Matters identifies companies that meet rigorous criteria, including innovative and interesting applications of technology and the ability to maintain clear momentum and stability. An independent selection process weighs the company’s ability to focus on innovation, market presence, tech competency, and solution delivery.  

Read more about this year’s 50/50 list here