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Monday, Jun 01st

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MGI 360 Ratings - Icertis in Contract Lifecycle Management (CLM)

MGI 360 Ratings LogoSUMMARY: We initiate the MGI 360 Rating of Icertis in Contract Lifecycle Management (CLM) with a score of 60 and a POSITIVE outlook. 

 

OPINION: Icertis emerged as one of the leaders in the enterprise segment of CLM with a demonstrable base of buy-side and sell-side references in high tech, life sciences, industrials and automotive sectors. Icertis is among a few CLM suppliers that is actively pushing towards CLM Stage 5-6 capabilities such as AI/ML and Blockchain. Icertis management team has an ambitious enterprise-wide vision of the CLM opportunity and has been aggressively aiming at both vertical and geographic markets. The company has a diverse set of marketing and implementation partnerships, but all of the sales are carried out by the direct sales force in North America, Europe and Asia. Field references give Icertis generally positive marks for implementation and support experience but also reflect the current state of company maturity.  Rating detail is in the research note attached below.

USE CASE: A mid to large services or industrial enterprise or a government organization with a wide variety of revenue and procurement models and mid-to-high levels of contract complexity. 

COMPANY DESCRIPTION: Founded by Samir Bodas and Monish Darda, Icertis is a supplier of cloud-based CLM solutions built around Microsoft Azure platform. Fueled by 5 rounds of venture funding that exceed $200 Million, the company grew rapidly since inception. Its customer base is highly international (90+ countries) with a focus on large complex multinational organizations.  Icertis provides CLM solutions for buy-side, sell-side and enterprise contexts. The company has been augmenting its offerings with features and capabilities that move it away from pure document management towards a data orientation for CLM. The company operates in North America, Europe, India, Australia and Singapore. We estimate headcount of around 900. 

COMPETITORS: Apttus,  Ironclad, SAP, Thomson Reuters Legal, Concord, Exari (Coupa), Jaggaer, Conga

ABOUT MGI 360 RATINGS

MGI 360 Ratings is a comprehensive system for evaluating technology companies. IT organizations use MGI 360 to track suppliers, assess purchasing risks and identify promising new vendors. Vendors utilize MGI 360 to track their markets and evaluate partners. Institutional investors use MGI 360 for independent assessment of tech companies. MGI 360 ratings help lower costs, save time, reduce risks, and identify new opportunities.

The MGI 360 ratings are on a scale from 0 to 100 and reflect company opinions of MGI analysts in five key areas on a scale of 0 to 20:

  • PRODUCT: How strong is the product competitive position
  • MANAGEMENT: How competent and experienced is the management team
  • CHANNELS: Does the company have a sales capability and channels needed to bring products to market?
  • STRATEGY: Does the company have a realistic view of the opportunity and a compelling strategy for success?
  • FINANCE: Is the company growing and profitable

Each of these key criteria is subdivided into numerous sub-categories. In total, over 149 criteria are combined to generate an MGI 360 rating in each specific market space. Companies can have one or more MGI 360 rating - one for each market. MGI 360 ratings are revised as important developments occur. While the MGI 360 rating process is comprehensive, this scoring system is not meant to be a predictor of company solvency, liquidity, absence of accounting fraud or stock performance. Access to MGI 360 Ratings is by subscription.

ABOUT MGI RESEARCH

MGI Research is an independent industry research and advisory firm focused on disruptive trends in the technology industry. Through ratings, industry benchmarks, best practices groups, subscription research, market forecasts, advisory engagements, industry studies and conferences, MGI Research helps clients identify opportunities for reducing IT costs and minimize technology risks. MGI Research analysts work closely with business and technology organizations to help make timely go/no-go IT investment decisions, optimize vendor relationships, and create practical strategies for new initiatives in agile billing, payments management, order management, CPQ, contract lifecycle management and other elements of agile monetization platform (AMP).

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Note: This initial rating utilizes the overall MGI 360 Peer averages

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