Icertis Success Story: 5 Growth Lessons Every Entrepreneur Should Learn

Introduction

In today’s dynamic enterprise software landscape, Icertis has emerged as a transformative force, redefining how businesses manage their contracts. Founded in 2009 by Samir Bodas and Monish Darda in Pune, India, Icertis began with a bold ambition: to build a world-class cloud-based solution that addresses the often overlooked but critical domain of contract management.

Fast forward to today, Icertis is a global leader in Contract Lifecycle Management (CLM), trusted by over 300 of the world’s most iconic brands, including Microsoft, Google, Daimler, and Johnson & Johnson. The company has helped organizations across industries streamline compliance, reduce risk, and maximize the value embedded in their contracts.

Valued at over $5 billion after multiple funding rounds—including a $150 million investment from Silicon Valley Bank in 2022 —Icertis has set the benchmark for how companies manage the foundation of commerce: contracts. With operations spanning North America, Europe, Asia, and Australia, the company has been recognized as a Leader in Gartner’s Magic Quadrant for CLM for five consecutive years .

“Contracts are the foundation of commerce. Managing them intelligently unlocks value across the enterprise.” — Samir Bodas, Co-founder & CEO, Icertis

Icertis’ story isn’t just about pioneering a category; it’s about how disciplined vision, technological excellence, and unwavering commitment to customer success can create an entirely new standard for an industry.

Origin Story

The genesis of Icertis came from the founders’ deep understanding of unmet enterprise needs. While working at companies like Microsoft and Aztecsoft, Samir Bodas realized that despite major innovations in CRM, ERP, and SCM systems, contract management remained largely broken—manual, fragmented, and highly risk-prone.

Meanwhile, Monish Darda, a seasoned technologist who previously co-founded Websym Technologies, brought deep expertise in building scalable cloud platforms. Together, they recognized a massive gap in the enterprise tech stack: contracts—the foundation of commerce—were not being intelligently managed.

Initially, Icertis began in 2009 as an IT services firm, developing custom software solutions for enterprises. However, by 2012, they made a pivotal decision to pivot to a pure-play SaaS company, entirely focused on Contract Lifecycle Management (CLM).

Rather than retrofitting legacy software for the cloud, Icertis was built from the ground up as a cloud-native, AI-powered platform. Their goal wasn’t just to digitize contracts but to transform them into strategic business assets—enabling smarter decision-making, compliance, and risk mitigation at scale.

Relocating their headquarters to Bellevue, Washington, positioned Icertis closer to major enterprise clients and investors in the U.S. tech ecosystem, while maintaining a strong engineering base in Pune, India, which ensured access to top talent and cost efficiencies.

This early combination of strategic location, cloud-first architecture, and global vision set the foundation for Icertis’s breakout success in the competitive CLM market.

Business Landscape and Early Challenges

Breaking into the enterprise software market during the early 2010s was no easy task. Icertis faced a landscape dominated by well-established, legacy players such as SAP, Oracle, and Microsoft, each offering robust, albeit outdated, solutions. The challenge was compounded by a broader enterprise reluctance to embrace cloud-based solutions, especially for critical business functions like contract management, which is inherently tied to sensitive and confidential business data.

For Icertis, convincing Fortune 500 companies to entrust their contracts—arguably some of their most valuable assets—to a young, cloud-native startup was a monumental challenge. Many enterprises were skeptical about the security and reliability of cloud technology, especially when dealing with the sensitive nature of their contracts, which often contained sensitive financial data, intellectual property, and legal stipulations.

Beyond security concerns, the notion that contracts needed specialized lifecycle management was a tough sell. Many enterprises treated contracts as static documents—meant to be signed and stored—without considering how strategic they could be when properly managed throughout their lifecycle. Educating the market on the importance of contract intelligence, compliance tracking, risk management, and collaboration was a massive hurdle.

Icertis responded by prioritizing trust above all else. They committed themselves to building a product that could not only meet the functional needs of enterprises but also excel in security and compliance. They became one of the first CLM vendors to achieve GDPR, HIPAA, and ISO certifications, ensuring that their platform could be trusted by global enterprises in regulated industries. This deep commitment to security and trustworthiness helped establish Icertis as a reliable partner in an otherwise risk-averse market.

To further win customer confidence, Icertis invested heavily in customer success teams, ensuring that their clients had all the necessary resources to transition to and fully leverage their CLM platform. The company focused on creating strong customer relationships and a seamless user experience, providing training and support that allowed enterprise teams to get the most out of their solutions.

Samir Bodas, reflecting on the early days, said:

“We realized early that to win in enterprise software, we needed to win trust first—and build a product that could handle the complexity of global enterprises.”

This approach of delivering high-quality, secure, and innovative solutions while being deeply responsive to customer needs became the core of Icertis’ success. Their strategy not only helped them overcome initial skepticism but also positioned them as leaders in the emerging Contract Lifecycle Management space.

Their focus on security, trust, and customer success laid the groundwork for Icertis’ remarkable growth, even as the company competed in a challenging market that was slow to adopt cloud-based solutions for enterprise-critical functions.

Growth Strategies

Icertis’ remarkable growth can be attributed to a series of strategic decisions that positioned the company as a leader in Contract Lifecycle Management (CLM). One of the most pivotal moves was its early commitment to a cloud-native architecture, leveraging Microsoft Azure to scale globally and deliver seamless deployments.

This cloud-first approach set Icertis apart from traditional, on-premise solutions, allowing them to offer scalable, flexible, and cost-effective contract management to enterprises worldwide. Rather than adopting a one-size-fits-all model, Icertis focused on vertical specialization, tailoring their platform to meet the unique needs of industries such as pharmaceuticals, automotive, and financial services, addressing specific regulatory requirements and compliance challenges in each sector.

In addition, Icertis embraced AI-powered innovation, integrating advanced technologies like predictive analytics, obligation tracking, and risk management into their platform. This transformed contracts from simple administrative tools to strategic assets that could drive business outcomes.

 Icertis also pursued global expansion, establishing offices in North America, Europe, and India, which allowed them to stay close to key markets and clients. With strong backing from investors like SoftBank and Premji Invest, Icertis secured funding to fuel further research, development, and customer success efforts. These investments helped them achieve a $5 billion valuation by 2021, making them one of the most successful SaaS companies in the contract management space.

Marketing Strategies

Icertis’ marketing strategies have been instrumental in positioning the company as a thought leader and driving adoption of its innovative CLM platform. At the core of their marketing efforts is a focus on thought leadership. The company consistently publishes whitepapers, analyst reports, and case studies that not only highlight the value of CLM but also educate the market on how modern contract management can transform businesses. These resources have helped Icertis build credibility and authority in a relatively nascent market, attracting a wide array of potential customers.

Icertis also employs persona-driven campaigns, tailoring their messaging to key decision-makers in legal, procurement, and compliance functions, which are the primary users of contract management systems. This targeted approach ensures that the company’s solutions directly address the pain points of each department, making their offerings highly relevant to their audience.

In addition, Icertis has actively participated in leading industry events, such as CLOC, IACCM, and procurement summits, establishing themselves as a key player in the CLM space. These events provide opportunities for the company to engage directly with potential clients, showcase their platform, and solidify their leadership position in the industry.

Strategic partnerships have also played a critical role in Icertis’ marketing success. Collaborations with major companies like Microsoft, SAP, and Salesforce have allowed Icertis to integrate their platform into broader enterprise workflows, expanding their market reach and driving adoption. Finally, Icertis’ emphasis on AI-driven capabilities has been a key differentiator. Through AI storytelling, they effectively communicate the value of predictive insights, risk management, and obligation tracking, making the case that digital transformation in contract management is essential for modern businesses.

5 Lessons Every Entrepreneur Should Learn from Icertis

1. Spot the White Space Opportunity

Icertis’ success stems from its ability to identify an underserved, critical need within enterprises—contract management. At a time when this area was often neglected or mishandled, Icertis recognized the strategic importance of contracts and built a cloud-native solution to address this challenge. 

By doing so, they didn’t just enter a market—they created one, positioning themselves as a pioneer in Contract Lifecycle Management (CLM). Entrepreneurs should always look for these white space opportunities where existing solutions are insufficient, and leverage them to introduce innovation that fills the gap.

2. Bet Early on Game-Changing Technologies

Icertis demonstrated foresight by betting early on cloud technology and artificial intelligence (AI). While many of its competitors continued to rely on legacy, on-premise systems, Icertis embraced a cloud-first model and infused AI into their platform from the start. 

By doing so, they were able to scale faster, offer more flexible solutions, and stay ahead of the curve in an evolving tech landscape. Entrepreneurs should recognize the potential of emerging technologies and adopt them early to gain a competitive edge, rather than waiting for the market to catch up.

3. Customer Trust is Non-Negotiable

From the very beginning, Icertis understood that customer trust was paramount, especially when dealing with sensitive enterprise data. They built their platform to meet the highest security and compliance standards, including GDPR and HIPAA, and prioritized customer success as a core value.

 This approach not only helped them gain the trust of Fortune 500 companies but also enabled them to retain those customers over time. For entrepreneurs, building and maintaining trust is critical to long-term business success, particularly in sectors that deal with confidential information.

4. Think Global from Day One

Despite being founded in Pune, India, Icertis had a global mindset from the outset. The company strategically set up operations in key international markets, including North America, Europe, and Asia-Pacific, to ensure they were not just catering to regional demands but expanding their reach globally. 

This early international focus enabled Icertis to scale rapidly and build a global brand, helping them avoid the limitations of being perceived as a regional player. Entrepreneurs should think about how their product or service can serve global markets and build the necessary infrastructure early on to support this vision.

5. Constantly Reinvent the Product Narrative

Icertis didn’t settle for being just a contract management tool. They continuously redefined and expanded the narrative around contracts—positioning them as key strategic drivers of revenue, compliance, and risk mitigation.

This shift in perspective allowed Icertis to grow beyond its original offering and create a larger market for their platform. Entrepreneurs should never rest on their laurels or assume their product is already solving the problem. Instead, they should continuously evolve the value proposition to reflect new opportunities, customer needs, and market trends.

“We didn’t just want to automate contracts—we wanted to unlock their power across the enterprise.” — Monish Darda, Co-founder & CTO, Icertis

These five lessons from Icertis provide valuable insights for any entrepreneur looking to scale their business in a competitive landscape. By spotting emerging opportunities, embracing technological innovation, building trust, thinking globally, and continually evolving the product, entrepreneurs can build lasting, impactful companies that stand the test of time.

Conclusion: Key Takeaways from Icertis’ Journey

The story of Icertis serves as a testament to the power of visionary leadership, unyielding innovation, and a deep focus on customer needs. From their humble beginnings in Pune to becoming the global leader in Contract Lifecycle Management (CLM), Icertis has set the benchmark for what it takes to succeed in a competitive market. The company’s success is a prime example of how recognizing a gap in the market and combining technological foresight with a relentless drive can create a category-defining solution.

For entrepreneurs, Icertis’ journey offers invaluable lessons. It emphasizes the importance of thinking ahead of the curve, prioritizing customer trust, and delivering products that redefine industries. By embracing cloud technology and AI early on, Icertis transformed contract management from a tedious, manual task to a strategic, intelligent process that drives business efficiency and risk mitigation. Their success highlights the power of reinventing traditional functions to deliver a competitive edge in today’s fast-evolving market landscape.

Icertis’ story goes beyond just building software; it’s about building trust, making a meaningful impact, and leaving a lasting legacy in the enterprise world. As they continue to shape the future of contract management, their journey serves as a blueprint for entrepreneurs who aspire to create transformative, customer-centric businesses.