Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), announced that it is bringing contract intelligence to mid-market companies. This launch includes tailored product enhancements for mid-market companies, extended partnerships, and expanded sales, product development and customer delivery teams. In addition, the company introduced major brand updates designed to bring the award-winning Icertis Contract Intelligence (ICI) platform to fast growing disrupters across all industry sectors. These changes bring new capabilities that enhance ease of use and simplify deployment, allowing customers to achieve faster time to value and help them scale rapidly now and into the future.
Prioritizing the Mid-Market
Already a recognized leader in delivering contract intelligence for large enterprise customers like Airbus, Apple, Daimler, J&J, Microsoft and Sanofi, Icertis is expanding its focus to companies with over $100 million in annual revenue. Over the past three years, the company has seen a 400 percent increase in new customers from this segment and, today, over a third of its customer base is mid-market customers. In addition, nearly one third of the company’s resources are involved in delivering value to the mid-market. This includes not only a focus in Sales and Marketing but work across product and engineering teams as well as customer delivery and support organizations.
Icertis’ mid-market customers represent several industries including financial services, healthcare, IT and technology, life science and pharmaceuticals, manufacturing, retail and packaged goods, and transportation. Mid-market companies that have deployed the ICI platform to reduce cycle times, increase negotiation effectiveness, and manage contracts at scale include Auth0, Convergint, DATEV, DenizBank, Gateway Heath, HERE Technologies, MRI Software, Transurban, Trinchero Family Estates, UniGroup and Vallen, among others. These companies are looking to structure and connect the critical information in their contracts so they can close deals more quickly, dynamically trigger actions when conditions are met, and respond immediately when new challenges or opportunities arise.
“When Vallen began looking for a CLM partner we knew we needed a platform that would give us the foundation we lacked to simply manage contracts,” said David Massie, Director of Contracts, Vallen. “We also knew we wanted a partner to grow and change with us and to bring new technology to the CLM process. The last couple of years have proven that need out as we have transformed our business in a number of ways and Icertis has been right there to make sure our CLM would meet each of our new needs.”
Easy to Deploy, Easy to Use
The changes announced today include updates to the ICI platform that accelerate time to value by ensuring customers can quickly deploy ICI, ensure broad adoption, and gain deeper understanding of their contracting processes. They include:
- Flexible, rule-based contract generation using a step-by-step wizard that enables self-service contracting by determining the right, pre-approved template, terms and conditions based on the products and services selected.
- Simplified yet scalable contract administration tools including dynamic workflows that automate and adjust the approval processes during negotiation to ensure proper governance.
- An easy-to-follow, real-time, learn-by-doing training program that accelerates on-boarding and enhances user engagement without the need for additional tech support.
- Embedded reporting which allows customers to quickly calculate, monitor and present vital key performance indicators (KPIs) within simple DIY reports to improve agreement turnaround time, reduce risks, and identify direct cost savings.
- A pre-configured instance of the platform which allows mid-market companies to “try before they buy” so they feel confident that the platform will meet their needs.
Superior Partnerships Drive Value
In addition to product enhancements, Icertis has forged partnerships with Microsoft, Salesforce and Adobe Sign to vastly simplify the creation, approval and execution of contracts and allow contract requesters, managers and approvers to work in the tools they use every day. These partnerships allow customers to:
- Work seamlessly with Microsoft Office programs including Word, Excel and Outlook to easily set up templates, draft and review agreements, execute bulk updates and actions, automatically intake emails and attachments, and seamlessly route contracts across devices via email.
- Integrate with Salesforce and Dynamics365 so sellers don’t need to switch apps for contract creation, redlining, signature routing, search, and reporting.
- Initiate intelligent Adobe e-signature workflows from within ICI and other systems they are already using, such as Microsoft Word, Salesforce, Workday, and ServiceNow among others, to automatically route documents to multiple signers in the proper sequence.
Strategic Shift to Contract Intelligence
To support this broader scope as well as highlight the growing divide between the company’s offerings and traditional CLM, Icertis unveiled a new strategy and positioning focused on contract intelligence. Contract intelligence goes beyond the static and limited bounds of CLM and gives companies the ability to dynamically analyze contracts in the context of their systems and processes, expand their understanding of how contracts drive all aspects of the business, and ensure that the intent of every contract is fully realized.
“Icertis was the first company to grasp the true transformative potential of CLM, and these moves deliver deep, unparalleled contract intelligence for companies – regardless of size – so they can harness the value embedded in their contracts,” said Samir Bodas, CEO and Co-founder, Icertis. “Our new brand highlights the unmatched technology and category defining innovation that delivers mid-market customers value today and can address future challenges and opportunities.”