Careers at Icertis
Icertis’ mission is to be the #1 cloud partner in contract management.
Samir Bodas was the Chief Executive Officer of Aztecsoft. Monish Darda was a senior executive at BladeLogic. They both wanted to start a business together, particularly something involving the cloud, which they viewed as a promising arena. They thought hard about what could be done in the cloud and what types of business functions should be included.
Through their research they realized that many companies were still encountering challenges in contract management. A major problem was lack of automation, which led to revenue leakages, higher costs, and growing risks. In response, the men decided to create a cloud-based software product for contract management processes.
Specifically, the offering addressed functions that required external access by partners, vendors, and customers. It differed from existing options on the market, which were often narrow or shallow; their product was touted as being detailed and comprehensive, while also having an intuitive interface. In 2009 the men founded Icertis to promote and sell their solution.
The product was built on the Microsoft Azure platform. Interestingly, around the same time as the company’s founding Microsoft sought a solution for the management of its contractual concerns, and became a client. Initial success enabled Icertis to raise $6 million in Series A funding in 2015 and $15 million in Series B funding in 2016. It now has six offices worldwide.
Benefits at Icertis
Business model of Icertis
Icertis has a mass market business model, with no significant differentiation between customer groups. The company targets its offerings at firms of all industries and sizes.
Icertis offers four primary value propositions: accessibility, convenience, performance, and brand/status.
The company creates accessibility by providing a wide variety of options. Its platform works seamlessly with Microsoft Office and integrates easily with all major CRM, ERP, PLM, CPQ, Sourcing Procurement, Service Management, Project Management, and Document Management solutions.
It can also be implemented across different markets and geographies thanks to multilingual support. Lastly, its solution can manage any type of contract – including sell-side, buy-side, corporate, MSA, NDA, SOW, MoUs, and employment.
The company offers convenience by making life simpler for clients. It features a configurable dashboard that adapts to the role of the user and provides only the metrics and data that that person needs. New workflows, fields, and rules can be configured without custom development. Lastly, its “smart search” feature saves key data specific to the user’s contracts.
The company demonstrates strong performance through tangible results. Specific positive outcomes for clients include the following:
- ABB used Icertis’ solutions to reduce the amount of time its strategic procurement contracts waited at each internal stage, resulting in a drop in average cycle time from 24 days to four
- Abbvie Canada used Icertis’ solutions to change its procurement contracting process, resulting in a reduction in contract cycle time by more than 90%
- KPIT used Icertis’ solutions to establish alerts and escalations and centralize enforcement, resulting in a 50% improvement in contract turnaround
- MindTree used Icertis’ solutions to introduce a new contract management system, resulting in a 40% improvement in contract turnaround times
- Microsoft used Icertis’ solutions to streamline its contract management, resulting in a reduction in contract administration costs by 40% and an improvement in contracting speed by 60%
The company has established a strong brand due to its success. It bills itself as the leading provider of contract lifecycle management in the cloud. Its ICM solution manages over 2.5 million contracts by more than 750,000 users in over 90 countries and over 40 languages. It has many prominent customers, including Becton Dickinson, Daimler AG, Hyndai, Microsoft, and Roche. Lastly, it has won many honors, including the following:
- Recognition as a “Leader“ in The Forrester Wave: Contract Life-Cycle Management
- Recognition as a Top 50 Private Cloud Company to Work For by Glassdoor and Battery Ventures
- Recognition as one of Gartner’s Cool Vendors in Procurement and Sourcing Technology
- Recognition as Procurement Software Solution Provider of the Year by ELSC
Icertis’ main channel is its direct sales team. The company promotes its offerings through its website, social media pages, sponsorships, and participation in summits and conferences.
Icertis’ customer relationship is primarily of a self-service, automated nature. Customers utilize its software products while having limited interaction with employees.
The company’s website features a “Resources” section that includes useful tools such as white papers, analyst reports, and case studies. The site also provides answers to frequently asked questions.
That said, there is a personal assistance component in the form of phone and e-mail support.
Icertis’ business model entails designing and developing software products for its customers.
Icertis maintains partnerships with the following companies:
|· Adobe Sign|
· Duff & Phelps
· Thomson Reuters
Icertis’ main resources are its human resources, who include the engineers that design and develop its software products, the sales employees that promote it, and the customer service employees that provide support.
As a relatively new startup it has relied on funding from outside parties, raising $21 million from three investors as of March 2016.
Icertis has a cost-driven structure, aiming to minimize expenses through significant automation. Its biggest cost driver is likely sales/marketing, a fixed expense. Other major drivers are in the areas of customer support/operations and administration, both fixed costs.
Icertis has one revenue stream: revenues it generates from the sale of its software products to customers.
info: Samir earned a B.A. in Computer Science at the University of Texas at Austin and an MBA at the Wharton School of Business. He previously served as CEO of Aztecsoft and Disha Technologies, and as a software engineer at National Instruments.
info: Monish earned a B.E. in Mechanical Engineering and a Master’s degree at Florida Atlantic University. He previously served as the Co-Founder of Websym Technologies and has over 20 years of experience in application development.
info: Anand earned an undergraduate degree in Electronics at Nagpur University. He previously served as Vice President of Sales for Europe and APAC at KPIT Cummins and also worked at Atos Origin and Tata Unisys.
info: Peter earned a Bachelor of Arts at the University of Vermont and an MBA at Northwestern University’s Kellogg School of Management. He previously served as Executive Vice President of Sales at Smartsheet.
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