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

Icertis subscription revenues grow more than 300% year-over-year

Poised for high growth in 2015 with multiple Fortune 500 customer acquisitions

February 19, 2015, Bellevue, WA: Icertis, the leading provider of enterprise solutions in the Microsoft cloud, posted another year of strong gains and market penetration in 2014. Fueled by the momentum behind its suite of born-in-the-cloud ERP surround products and marquee customer acquisitions, including Hyundai, AbbVie, Becton Dickinson, and Chemonics, overall product subscription revenues grew by 300% year-over-year.

In 2014, Icertis’ flagship product Icertis Contract Management (ICM), further asserted market leadership in the Contract Lifecycle Management domain. John Yates, CIO at Chemonics said, "We selected Icertis because of ICM’s intuitive user interface, robust configurability, and the company’s agility to respond to our complex global contracting needs. We are delighted with the implementation – the product has enhanced our contracting process and made it even smoother and more efficient."

Built on Microsoft Azure cloud platform, Icertis Contract Management has proved to be highly successful in the market because of its ease of use, rapid implementation, and ability to generate faster ROI for the customers. Customers can achieve significant benefits using ICM, including reduced contract administration costs, improved contract turnaround time, minimized risk, and increased compliance.

In the Gartner research report "Predicts 2015: A Maturing Procurement Technology Market Creates New Opportunities for Value Creation", published on November 20, 2014, Nigel Montgomery and other analysts write, "By the close of 2017, contractual complexity and audit scrutiny will drive a 40% or higher increase in contract lifecycle management (CLM) solution adoption."

Other key highlights of 2014 include:

  • Icertis increased its global footprint by adding multiple Fortune 500 customers across industry verticals, including a pharmaceutical and healthcare leader, a leader in power and automation technologies, and the world’s top auto-maker.
  • Revenue growth was driven by Icertis’ suite of Microsoft Azure-based products, indicating an increase in the momentum of enterprise cloud adoption.
  • Icertis Contract Management reached a significant milestone of managing more than 1 million contracts across its customer base.
  • Icertis won the prestigious "Procurement Software Solution Provider of the Year" award at the 8th Express, Logistics & Supply Chain conference.
  • Icertis Contract Management won the "Technology Innovation on Cloud Award for Supply Chain Excellence" at the 3rd Asia Manufacturing Supply Chain Summit.

"We are excited to deliver yet another year of solid growth. These results reflect the execution of our laser-focused strategy of being a customer-centric organization," said Samir Bodas, CEO at Icertis. "As more large enterprises adopt the cloud, we foresee a positive outlook for the coming year, especially in contract management, where our ability to adapt to our customers’ contracting complexity and compliance needs drives growth. We will continue to accelerate our momentum with proven products and domain expertise, further strengthening our foothold in the market."

About Icertis
Icertis is the leading provider of enterprise solutions in the Microsoft Cloud. The company’s cloud-native products and services address specific enterprise business needs by comprehensively leveraging the cloud’s elasticity, ubiquity, and availability. Icertis’ product suite includes comprehensive ERP-surround solutions for contract and compliance management, transportation management, public transport management, and fleet management. The products have flexible deployment models – on-cloud, on-premises, and hybrid options to ensure that diverse requirements for cost, compliance, and security are met.

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