Icertis’ Big Contract Hits

Contract-management company Icertis has grown into a global software-as-a-service behemoth since its launch in 2009 — with some 2,400 employees globally, including about 400 in the U.S. and 140 in Washington state.

The privately held company, headed by Chairman and CEO Samir Bodas, has raised more than $400 million in financing, including securing a $150 million deal in October through Silicon Valley Bank that involves a revolving credit facility and convertible debt financing.

Bellevue-based Icertis makes use of artificial intelligence, blockchain technology, natural-language processing and data digitization to help clients worldwide automate contract management and ensure compliance. The company, which ranks as one of Seattle Business magazine’s 100 Best Companies to Work For in 2022, now manages more than 10 million contracts worldwide that are valued in excess of $1 trillion.

“Some companies aspire to go fast — and we do as well — but we are also building to go far,” Bodas says, stressing that Icertis puts company values at the core of its effort to foster “a successful and sustaining organization.

“That’s why our culture is one of our biggest differentiators and at the forefront of every decision we make,” he says. “When we founded Icertis, my co-founder Monish Darda and I focused on creating and embodying a people-first, values-centric approach that extends to all aspects of our business — including employees, customers and partners.”

In concert with Icertis’ FORTE values (fairness, openness, respect, teamwork and execution) are the company’s “Four Rings of Responsibility” — “to take care of self, family, community and business.”

“We embraced the Four Rings framework in the early days of the pandemic to help Icertians decide what to prioritize and ensure a healthy and productive work culture,” he adds. “Now it has become a mainstay in how we think about building a healthy culture.”

Among the employee-centric programs adopted by the company in the wake of the pandemic is an option to work remotely, in the office or both. Other employee perks include a 100% match on the first 4% of contributions to 401k and Roth IRA retirement-savings plans; recognition programs, wellness seminars as well as exercise and yoga classes; a $70 a month phone allowance and a remote-work allowance to cover essential technologies; job-shadowing and leadership-training programs; a $5,000 allowance to travel to the nearest location to receive reproductive care; diversity, equity and inclusion efforts; paid time off for volunteering and a charity donation match up to $1,000.

“As a team, we’re only as strong as our individual members, and we encourage every Icertian to first and foremost look after their well-being and focus on taking care of their family,” Bodas says. “We encourage Icertians to invest their time and resources through organized community engagements, events and individual causes they feel passionate about.”

The company recently completed Giving October, its month-long giving celebration. More than 220 employees volunteered more than 1,300 hours at 20 nonprofit organization distributing food, cleaning up park and improving access to education.

The company is also expanding its focus on employee satisfaction and engagement, and is adopting goals around retention and DEI.

“We are serious about speed, execution and delivering the best technology for our customers, but we also try to have fun in the process,” Bodas says. “We have a once-in-a-lifetime chance to build an enduring and consequential company rooted in a strong purpose and grounded on strong values.”