AI-based contract intelligence software firm Icertis has announced a leadership transition as the firm’s co-founder and long-time CEO Samir Bodas is stepping down after more than 15 years at the helm. He will assume the role of Executive Chairman, with Anand Subbaraman, the current Chief Operating Officer, succeeding him as the new Chief Executive Officer.

The shift occurs as Icertis, boasting $350 million in annual recurring revenue (ARR), embarks on its next phase of growth, leveraging strong partnerships with Microsoft, SAP, and global consulting companies.

“We're adjusting the whole organization to prioritize AI in contracting. Our distinctive data lake containing more than 15 million contracts enables us to refine LLMs in ways that no other entity can. Through agentic AI and workflows, we strive to revolutionize how businesses oversee contracts, encompassing automation, strategic insights, minimizing contract leakage, and enhancing revenue,” says Anand.

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Subbaraman has more than 25 years of international technology leadership experience, having served in senior positions at BrowserStack, Oracle, and Finastra. His experience in product management, cloud transformation, and enterprise SaaS fits well with Icertis’ ambition to dominate the AI-driven contract lifecycle management (CLM) sector.

The firm stated that the shift in leadership indicates a wider transformation in the enterprise technology sector, with product-oriented, tech-savvy CEOs increasingly stepping in to promote innovation and AI-driven expansion.

Samir states, “Icertis is experiencing a turning point. Anand’s profound product knowledge and successful track record position him as the perfect leader to steer the company into its following phase.

The change in leadership occurs alongside rumors regarding Icertis' IPO intentions. Although the company hasn't verified a schedule, it has mentioned in previous interviews that it functions with the rigor of a public firm.

"We are highly capitalized and earning profits, experiencing robust double-digit growth.Our emphasis is on creating a lasting business, and the IPO will take place when the moment is appropriate,” Anand states.

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Anand says, “Our objective is clear: to be the first billion-dollar firm in contract intelligence. Through our AI abilities, product robustness, and strategic alliances, we are confident that it’s achievable."