Icertis Have Been Busy – New Announcements in CLM AI

You may have heard that earlier this month, Icertis, the Bellevue, Washington-based firm that provides cloud-based, enterprise contract lifecycle management (CLM) software, opened an office in London, also in Paris and Sofia, to service growing demand – in fact the firm has quadrupled its European customer base in the space of a year. The Paris and London offices are hubs for regional operations while Sofia serves as the firm’s first multi-lingual customer support centre. It has six European offices now alongside Frankfurt, Stuttgart and Zurich, and although the company is only 9 years old, the platform already manages more than 5 million contracts for over 2 million customers in 40 languages across 90 countries.

So given this pace of change, we took a look at what it’s been up to.

Following a successful year in customer wins, at the end of last year it launched its GDPR compliance app to add to its list of business applications on its ICM (Icertis Contract Management) platform. So, as well as its features like analytics, benchmarking, risk analysis and so on, and alongside its capabilities like performing automatic contract reviews, spotting issues quickly and accurately, tracking when terms are met, and issuing automatic renewal reminders, it can also flag and adjust contracts according to all of the areas of the new regulation. It monitors ongoing contractual commitments and of course the Data Protection Officer (DPO) or whoever is in charge of that, gets visibility into GDPR compliance across the organisation, and it stores all agreements on a secure and GDPR-compliant cloud infrastructure with all data encrypted and with a permission-based level of access.

Then, around February this year, the firm raised $50 million in Series D funding, bringing its total funding to $96 million. “This funding round is a huge market validation for Icertis and for the CLM space in general,” remarked our chief research analyst Pierre Mitchell at the time. He was informed that the funds would be used primarily to extend the platform’s capabilities.

So here we are in May and just this morning the firm announces an injection of AI technology to power two new applications. ICM DigitizeAI and ICM DiscoverAI. AI and ML are being used to drive intelligent clause identification, extract obligations and attributes from contracts, and to power a data-validation interface. ICM DigitizeAI automatically imports legacy contracts in any format into the ICM platform and then maps attributes and clauses to the enterprise’s contract structure. They are then easier to find and analyse. ICM DiscoverAI identifies clauses and metadata in third-party contracts and matches clauses to the company’s clause library, resulting in a faster contract review period. These are integrated with other commonly used applications like Microsoft Word, which Spend Matters describes as “a must have” and both apps also leverage Microsoft Azure’s Cognitive Services (Text Analytics, Bing Entity Search API, Translator Text API and others) within the ICM platform.

The digitisation of contracts has brought in a new era of contract management which allows for the exploitation of technologies that could never have been applied before. So the world of contract management and compliance is undeniably changing dramatically. As Samir Bodas, CEO and Co-founder of Icertis said: “… for the first time in the history of contracting, AI, including machine learning, can be applied to a pool of data that never existed …” It's an exciting time for contact management and we're looking forward to seeing what it encompasses next - SRM?

So Icertis have been busy, and we wish them continued success. Here are more details on the newest announcements. While we haven’t seen the software in action, our US analysts have. So there is a very comprehensive analysis of Icertis and its technology alongside its competition on the Spend Matters Pro subscription site if you want to know heaps more about its capabilities and how it stacks up against other players. And certainly if you are thinking about investing in CLM software, do read this first Want to Buy a Contract Management System? Here Are a Few Questions You Need to Ask.

And of course the best way to understand providers and measure them up is to take a look at the Spend Matters SolutionMap ranking chart for this market, then follow through with more detailed analysis with our additional comparison services.

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