In what is probably the most challenging and rapidly evolving time for the CLM market, the CEO and co-founder of Icertis, Samir Bodas, is stepping down from his role to be replaced by current Chief Operating Officer, Anand Subbaraman, (pictured).
Bodas will now become Executive Chairman after more than 15 years of leadership since helping to create the CLM pioneer back in 2009 with Monish Darda, and after growing the business to $350 million in annual recurring revenue.
In that time, he ‘illuminated the strategic role that contracts play in enterprise-wide digital transformation, drove deep partnerships with hyper-scalers and the largest system integrators, and established contract intelligence as a critical system of record used by more than one third of the Fortune 100,’ the company added.
At present the CLM world is getting shaken up by a mass of smaller, leaner AI-first companies that are appealing to inhouse teams to use them for contract review and related needs. Icertis has fought back with deals with Evisort (which later joined Workday), then with Harvey – a deal that is still in place, and also recently with Dioptra.
Bodas commented: ‘In the age of ‘AI everything’, where technology is transforming both companies and whole industries, Anand’s extensive experience in building amazing products, operational depth in delivering to customers at scale, and core values … make him an ideal fit to take Icertis into the future.
‘Over the last 15 years, we have built category-defining products to help our customers derive exceptional value by transforming their end-to-end contracting – the foundation of all commerce. As I focus on my health, the time is right for Anand to step into the CEO role and take Icertis to the next level. I look forward to partnering closely with him as we continue to launch breakthrough innovations.’
Subbaraman – the new CEO – concluded: ‘I am honoured to lead Icertis and our incredible team of Icertians to realize the company’s bold vision for the future of commerce – powered by contract intelligence.’
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