Icertis, the leading provider of enterprise contract management in the cloud, today announced it has been named a Leader in the 2020 Gartner Magic Quadrant for Contract Life Cycle Management (CLM) for its ability to execute and completeness of vision.
The Icertis Contract Management (ICM) platform, which manages the world’s largest portfolio of contracts with a total contracted value of over $1 trillion, enables companies to transform their commercial foundation by reimagining contract management. Icertis’ focus on continual customer-driven innovation on the ICM platform, portfolio of ICM Apps and ICM Experiences, helps customers increase revenue, reduce costs, improve cashflow, protect against risk and ensure compliance across the enterprise. The company’s laser-focus on contract management has enabled it to win the trust of the world’s leading companies including:
- 5 of the top 10 most valuable companies in the world,
- 5 of the top 8 biggest pharmaceutical companies in the world,
- 4 of the top 7 biggest software companies in the world,
- 3 of the top 5 biggest manufacturing companies in the world, and
- 4 of the top 8 biggest consulting services companies in the world.
This is Gartner’s first Magic Quadrant report for the CLM market. “Historically, the CLM vendor market has been highly fragmented, with vendors narrowly focused on specific groups of stakeholders (e.g. legal, procurement or sales), making it difficult to evaluate them side by side,” wrote Patrick Connaughton, Kaitlynn Sommers, Marko Sillanpaa and Micky Keck, analysts at Gartner. “That has begun to change, as vendors evolve into enterprise-level solutions that can be used across all contract types. Customers expect that the capabilities of any leading CLM solution, regardless of its target audience, should excel at all stages of the contract life cycle.”
“We are delighted to be recognized by Gartner as a Leader in the CLM market! This recognition reinforces our long-standing and enduring leadership in this transformational $20 billion category,” said Samir Bodas, CEO and Co-founder, Icertis. “Icertis’ passion for delivering value and unrivalled vision help customers optimize their commercial relationships through the entire lifecycle of every contract in the enterprise. We are proud to be on the forefront of transforming contracting – the foundation of commerce.”
“Icertis was the first company to recognize the value businesses could realize from managing all their contracts globally on a single platform in the cloud,” said Monish Darda, CTO and Co-founder, Icertis. “Using artificial intelligence, machine learning and other proprietary technologies, we then converted these static contracts to live assets. And finally, by connecting the ICM platform to transactional, customer, employee and supplier data, companies can now optimize all their relationships, and every dollar coming into and every dollar going out of the enterprise.”
Prior to being named a Leader by Gartner, Icertis’ momentum in the market continued its acceleration driven by a wave of industry recognition and top-tier awards including:
- Becoming the first CLM company valued at more than $1 billion,
- Winning IACCM’s Global Innovation and Excellence Award, the top award in contracting and commercial management
- Winning the Financial Times Intelligent Business award, which recognized Icertis’, outstanding work with a leading car manufacturer using ICM and the Icertis Blockchain Framework to address supply chain transparency,
- Winning the Forbes and Ai Everything Ai Brave award for solving previously intractable contracting challenges with the transformative power of modern AI technology,
- Inclusion in the Forbes AI 50 list of America’s most promising companies working with artificial intelligence,
- Inclusion in the Forbes Cloud 100, the definitive list of the top private cloud companies in the world, and
- Becoming the clear leader in G2’s customer feedback driven Grid for Enterprise Contract Management.
The Gartner Magic Quadrant reports offer visual snapshots, in-depth analyses and provide insight into a market’s direction, maturity and participants. Magic Quadrants compare vendors based on Gartner’s standard criteria and methodology. Each report comes with a Magic Quadrant graphic that depicts a market using a two-dimensional matrix that evaluates vendors based on their completeness of vision and ability to execute.
Readers can access a full complimentary copy of the Gartner report, here https://www.icertis.com/gartner-2020-magic-quadrant-leader/.
Gartner “Magic Quadrant for Contract Life Cycle Management” by Patrick Connaughton, Kaitlynn Sommers, Marko Sillanpaa and Micky Keck, February 25, 2020.
Gartner IT Glossary, “Magic Quadrant,” 27 February 2020.
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