Icertis, the contract intelligence company pushing the boundaries of what's possible with Contract Lifecycle Management (CLM), today announced its inclusion in the Financial Times (FT) list of 2023 Americas' Fastest Growing Companies. Based on its revenue growth rate, Icertis ranks 239th on the prestigious list of 500 companies in 20 countries across the Americas. "Icertis surpassed $200 million in annual recurring revenue in 2022 and grew over 40% year-on-year, and we are uniquely positioned to transform the foundation of commerce through contracts while maintaining a consistent and lasting." Building companies," said Samir Bodas, Chairman and CEO of Icertis. "By applying artificial intelligence to contract data, Icertis established Contracts as the fifth system of record, capturing a company's entitlements and obligations for all of its customers, partners, suppliers, and employees.

Evisort, the no-code contract intelligence platform beloved by legal, procurement and sales operation teams worldwide, is entering a new era with the launch of the industry's first generative artificial intelligence (AI) capabilities. Evisort's reimagined AI technology provides transparent, understandable contract recommendations to drive decision-making and contract execution. Evisort's generative AI builds upon its existing AI capabilities by creating entirely new content. The Evisort AI Labs' innovation empowers legal and contracting professionals to use Large Language Models to draft, redline and negotiate contracts automatically -- freeing up time for strategic counseling. Evisort AI Labs' technology can also suggest edits that speed re-negotiations on existing complicated contracts.

Join us on November 9 to learn how to successfully innovate and achieve efficiency by upskilling and scaling citizen developers at the Low-Code/No-Code Summit. Traditional contract lifecycle management (CLM) tools focus on improving document workflows. However, Icertis seeks to take the field to the next level with contract intelligence that uses artificial intelligence (AI) and machine learning (ML) to automatically extract contract data at scale. These tools are designed to structure contracts' commercial, legal and operational data and connect that data to procurement, ERP and human capital management apps to help companies accelerate revenue, reduce costs, improve risk management and ensure compliance. When VentureBeat previously covered Icertis in 2019, the CLM market was expected to be worth $3.16 billion by 2023.

"Contracts are the foundation of commerce." Does this sound like an overstatement? When you think about almost any ongoing business transaction (be it with a supplier, a customer, a partner or an employee), there is most likely a contract that defines the terms of the relationship--the obligations, the entitlements, the dollars in and dollars out. Amazingly, the written word itself seems to have been invented to record contracts. According to a recent exhibit at the British Library, cuneiform script has been traced back to traders in Mesopotamia whose commercial agreements became too complex to commit to memory. However, in today's fast, digital-first business environment, the critical data found in contracts is left out of the operational systems of record that companies run on.

Contract intelligence is becoming the foundation of effective contract analysis and contract management. The Natural Language Understanding approach to contract intelligence based on semantics provides deeper language understanding which enables new levels of review, abstraction and analysis, while freeing legal staff to provide more timely and strategic legal advice.

All the sessions from Transform 2021 are available on-demand now. In the past, reviewing large stacks of documents was a mind-numbing chore for junior attorneys -- a process that could literally consume months of multiple employees' lives. But innovations in artificial intelligence have enabled Cortical.io Using large quantities of documents as inputs and a semantic folding theory-based natural language understanding system to parse content, Contract Intelligence can transform structured agreements and unstructured documents into comprehensible data. The software is able to search, extract, classify, and compare data from contracts, policies, financial reports, and other documents, including the ability to understand the meanings of concepts and whole sentences -- more than just keywords, which might previously have been extracted and searchable using basic optical character recognition.

When it comes to contracts, every business learns to deal with several important contractual facts of life. One is that contracts need to accurately protect the company's business interests while adhering to acceptable legal practices and regulatory requirements in relevant jurisdictions. Another is that contracts must be faithfully administered in order to serve their basic business functions. Finally, contract management costs a lot. It is the cost of creating and administering contracts inefficiently.

When it comes to contracts, every business learns to deal with several important contractual facts of life. One is that contracts need to accurately protect the company's business interests while adhering to acceptable legal practices and regulatory requirements in relevant jurisdictions. Another is that contracts must be faithfully administered in order to serve their basic business functions. Finally, contract management costs a lot. It is the cost of creating and administering contracts inefficiently.

Early in his career, Andrew Hall, an old-school Miami attorney whose Coconut Grove firm has sued governments from Cuba to Sudan, worked on a lawsuit that lasted three full years. The case was cartoonishly complex. The Vietnam War was sputtering to an end and McDonnell Douglas Aircraft, then America's largest manufacturer of jet airplanes, had defaulted on a contract involving the delivery of 99 jets to Eastern Airlines. There were over a million documents put into evidence and almost 300 witnesses. The massive operation employed so many lawyers, clerks and paralegals, they resembled a legal militia more than a legal team.