How AI and NLP accelerate contract lifecycle management (CLM), Icertis raises $150M

by | Oct 31, 2022 | Technology

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Traditional contract lifecycle management (CLM) tools focus on improving document workflows. However, Icertis seeks to take the field to the next level with contract intelligence that uses artificial intelligence (AI) and machine learning (ML) to automatically extract contract data at scale. These tools are designed to structure contracts’ commercial, legal and operational data and connect that data to procurement, ERP and human capital management apps to help companies accelerate revenue, reduce costs, improve risk management and ensure compliance. 

When VentureBeat previously covered Icertis in 2019, the CLM market was expected to be worth $3.16 billion by 2023. However, contract intelligence connects contract data to other systems to drive a much larger market that MGI Research predicts will reach $30 billion by 2026.

“In this economic downturn, we believe contracts, which govern every dollar in and out of the enterprise, will emerge as the go-to asset because they are an untapped source of invaluable business value to reduce costs, manage risk, ensure compliance and drive revenue,” Icertis CEO and chairman Samir Bodas told VentureBeat. ”To help improve its position in the growing CLM market, Icertis today announced it has raised $150 million in funding from Silicon Valley Bank.

Rapid growth for Icertis

Icertis has quickly grown over the last couple of years and currently claims to manage over 10 million contracts worth more than $1 trillion in over 40 languages and 90 countries, according to the company. It has also formed over a dozen new partnerships, including one to make Icertis the CLM partner of choice for SAP. This partnership includes a joint engineering and product roadmap and deep integration into SAP Ariba, SAP Fieldglass, SAP S/4HANA and SAP SuccessFactors.

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