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<ul><li><keyword id="1836134" type="COMPANY" weightage="20" keywordseo="Icertis">Icertis</keyword>, the <keyword id="6086799" type="UNKNOWN" weightage="20" keywordseo="Contract-Management">contract management</keyword> <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword>, became a unicorn in 2019.</li><li>In an interview with Business Insider, <keyword id="2822281" type="PERSON" weightage="20" keywordseo="Samir-Bodas">Samir Bodas</keyword>, co-founder and CEO, shares how Icertis really came about and he has ‘serendipity’ to thank. </li><li>The startup has over 160 odd customers from around the world. </li></ul>Cloud technology is booming today, but years ago, it was almost unheard of. Yet, Samir Bodas and Monish Darda took a risky ride on the barely-there cloud technology wave. Today, their unicorn startup generates over $100 million in revenue. Icertis was founded in 2009, and got unicorn status in September last year after Azim Premji’s Premji Invest and US-based VC firm Greycroft invested in it. The startup offers contract management services on cloud, and has over 160 odd customers from around the world. The Serendipity of a startup But Bodas believes there has been a lot of ‘serendipity’ involved in the making of Icertis. Bodas, a former <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> employee, was mulling over building his fifth startup having sold two of them for millions of dollars. “You see, once you have been an entrepreneur, you become unemployable. Bigger companies don’t want to hire you because you are too much of a renegade. They want the entrepreneur within you but on a leash. So, the only thing to do next is to start another startup,” Bodas told Business Insider. With no product in mind, he and Darda got together with just one hypothesis – to be a large successful software company, you have to create a technology wave or ride one. “Creating a technology wave is hard, that’s what people like Bill Gates, Steve Jobs, Elon Musk have done. So, we decided to find the right technology wave to ride,” he said. The first customer- Microsoft Bodas is based out of Seattle which is also home to two of the four biggest cloud companies – Microsoft and Amazon. In the early 2000s, it was still in its nascent stage. It was at a party with a former Microsoft colleague, Bodas happened to mention their interest in cloud. “He said ‘why don’t you do something on contract management, you build it on the Microsoft platform and we will be the first customer’... That’s how we started Icertis,” said Bodas, By 2014, they had closed in on a bunch of customers – Johnson and Johnson, Genpact etc. One thing led to another, and in 2015 they raised their first round of funding. By 2019, they were a unicorn with over a billion dollars in value. Doubling revenues in 2019 Back home in India, Bodas sees a massive opportunity in cloud. They already have customers like Infosys, Wipro, Cognizant, Airtel and Genpact to name a few. “Cloud adoption for the leading companies in India is substantial because really there’s no option left. There’s a massive opportunity here. In 2019, our revenue in the Asia Pacific region grew by 230%,” said Bodas. Icertis now plans to invest in building new technologies like blockchain, artificial intelligence and machine learning. “The idea of implementing AI and ML into reading contract data has massive potential,” he said. It also plans to expand to Japan and China. Its R&amp;D centre in Pune itself is looking to hire over 400 people. “We are very focused on growth, but more so on having fun. We doubled our revenue in 2019 over 2018. We are confident of keeping up with the pace of growth,” he said. See Also: <a href="https://www.businessinsider.in/tech/news/ibm-says-data-and-security-solutions-drove-double-digit-growth-of-its-cloud-business-in-india/articleshow/72216700.cms">IBM says data and security solutions drove double digit growth of its cloud business in India</a>

This former Microsoft employee made an early bet on cloud and today runs a unicorn startup with Fortune 500 companies as its clients

The <keyword id="6380521" type="General" weightage="100" keywordseo="gmr" source="Orion">GMR</keyword> Group (co-owners of Delhi Capitals) and Microsoft chairman &amp; CEO <keyword id="276564" type="General" weightage="80" keywordseo="satya-nadella" source="Orion">Satya Nadella</keyword> and GMR Group-led consortium have bagged the rights to own and operate a team in Major League Cricket (<keyword id="6382182" type="General" weightage="80" keywordseo="mlc" source="Orion">MLC</keyword>), a new T20 franchise league in the USA, which is scheduled to be launched this July. In a media release issued on Thursday night, the MLC confirmed that the franchise would be called <keyword id="64863" type="General" weightage="80" keywordseo="seattle" source="Orion">Seattle</keyword> Orcas. Notably, Orcas, killer whale native to the ocean waters around Seattle, is considered a symbol of power and strength. Other than <keyword id="2045946" type="General" weightage="80" keywordseo="nadella" source="Orion">Nadella</keyword> and GMR, the other investors in the Orcas franchise comprise Soma Somasegar (managing director of Madrona Ventures), Samir Bodas (co-founder and CEO, Icertis), Ashok Krishnamurthi (managing partner, GreatPoint Ventures) and Sanjay Parthasarathy (a former senior executive at Microsoft and Avalara). "We see America as the new frontier for cricket's growth globally, and the Pacific Northwest provides an incredible opportunity for us to bring the resources of GMR Sports to the region and help the Seattle Orcas build a team competing for championships," said Kiran Kumar Grandhi, Managing Director, and CEO of GMR Group, a Co-Owner of Delhi Capitals. The Pacific Northwest is a hotbed for American cricket, with a vibrant youth scene and the current reigning Minor League Cricket champions, the Seattle Thunderbolts, hailing from the area. It's going to be exciting to see the Seattle Orcas build on that platform and compete in the inaugural Major League Cricket championship this summer," said Justin Geale, MLC Tournament Director. Meanwhile, other IPL franchises Mumbai Indians and Chennai Super Kings have also bought stakes in MLC. MI, who also have teams in the SA20 and the ILT20 apart from the IPL, will run the New York franchise while Super Kings, who also owns a team in the SA20 will run the Dallas franchise in Texas along with local investors Anurag Jain and Ross Petrot Jr. Notably, Kolkata Knight Riders were the first IPL franchise to enter the MLC circuit, associating themselves with Los Angeles. The arrival of three others means four out of the six teams in MLC overall will be helmed by IPL franchises, The two other franchises in the league are based out of Washington DC and San Francisco. The Washington DC franchise -- to be called Washington Freedom -- is owned by local American investor Sanjay Govil, who has tied up with New South Wales Cricket, to provide the operational expertise including helping set up the squad and putting a cricketing structure in place. A similar strategic tie-up has been struck between the San Francisco franchise, owned by Anand Rajaraman and Venky Harinarayan, and Cricket Victoria. The inaugural season of MLC will be played between July 13 and 30 at the newly renovated facility in the Dallas suburb of Grand Prairie, Texas, with the player draft for local US players scheduled to be on March 19 at the NASA Johnson Space Center in Houston. The squad size will comprise a minimum of 15 and a maximum of 18 players, of which nine can be overseas players. At least six players in the playing XI will need to be from the USA. The overseas players will be direct signings by the franchises, not part of the draft. It is understood that teams will have a purse of USD 800,000 for overseas signings and USD 300,000 for the US-based players. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/idbi-bank-privatisation-on-track-says-dipam-secretary/articleshow/98726442.cms">IDBI Bank privatisation on track says DIPAM secretary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsoft-introduces-ai-powered-copilot-for-word-outlook-and-more-heres-what-it-means/articleshow/98727634.cms">Microsoft introduces AI-powered 'Copilot' for Word, Outlook and more — here’s what it means</a>

Satya Nadella, GMR group bag rights for a team in US' T20 franchise Major League Cricket

<ul><li>The Pune-based company said that it was valued at over $2.8 billion dollars.</li><li><keyword id="1836134" type="COMPANY" weightage="20" keywordseo="Icertis">Icertis</keyword> said it will be using this money to invest in <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> and blockchain development.</li><li>The startup, which was founded in 2009 by Samir Bodas and Monish Darda, has raised over $280 million in private market funding till date.</li></ul>The Indian startup that helps bigwigs like <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword>, <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> and <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword> manage their contracts just bagged $80 million (around ₹580 crore) in its series F round of funding. Pune and Seattle-based Icertis is a startup that uses artificial intelligence (AI) and machine learning (ML) to manage contracts on the cloud. Rather than keep track of compliance or payments on paper, everything is managed automatically by the company’s contract intelligence software-as-a-service (SaaS). The company said that it was valued at over $2.8 billion dollars (around ₹20,000 crore at current rates) in a press statement. The tech unicorn claims that its valuation tripled compared to July 2019, when it raised the series E round. <div type="Article" hostid="261" msid="79640659" title="EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales" mstype="2" mssubtype="0"></div> The company, which was founded in 2009 by Samir Bodas and Monish Darda, has raised over $280 million in private equity funding till date. The latest funding round was led by existing investor B Capital Group, along with investors Premji Invest, PSP Growth, Greycroft, Meritech Capital Partners, and e.ventures. The firm said it will be using this money to invest in “accelerating AI (artificial intelligence) and blockchain development.” It also added that it will also utilise the funds to expand its sales and marketing efforts. In an exclusive<a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms"> interview</a> with Business Insider last year, Darda, co-founder and chief technology officer (CTO) of Icertis had said that they will continue to hire aggressively to support their growth and expect the firm to increase its headcount 30% to 40% in 2021. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/icertis-helps-google-microsoft-and-apple-manage-their-contracts-is-hiring-for-techies-and-people-in-sales/articleshow/79640659.cms">EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales</a> <a href="https://www.businessinsider.in/tech/news/indias-new-cybersecurity-framework-needs-to-be-more-robust-in-order-to-be-effective-according-to-experts/articleshow/81448577.cms">It has taken over 7 years for India to revamp its cybersecurity policy — experts say there's room for carrots and sticks but not surveillance</a> <a href="https://www.businessinsider.in/tech/enterprise/news/gartner-forecasts-ai-will-replace-investor-gut-feel-in-stock-market/articleshow/81442285.cms">Gartner predicts 75% of VCs will be using AI instead of their ‘gut feel’ to make decisions by 2025 — a path that companies are already discovering</a>

This Pune-based startup has tripled its valuation in less than two years

<ul><li><keyword id="1836134" type="General" weightage="20" keywordseo="icertis" source="Orion">Icertis</keyword> is exploring options for Nasdaq listing in the US for sometime next year.</li><li>The company aims to double its valuation to $6 billion, as per sources aware of the development.</li><li>The company counts Google, Microsoft, Johnson &amp; Johnson, Infosys, Wipro and Cognizant as its customers. </li></ul>Software-as-a-service (SaaS) firm Icertis is holding serious discussions to hit the public markets by the end of 2022. Pune and Seattle-headquartered company — valued at $2.8 billion — is considering to go for an initial public offering (IPO) in the United States sometime next year, Icertis’ cofounder and chief technology officer (CTO) Monish Darda told Business Insider. The company counts Google, Microsoft, Daimler, Airbus, Johnson &amp; Johnson, Lupin, Infosys, Wipro and Cognizant as its customers. A Nasdaq listing is the top priority of the company, which offers contract management solutions to businesses, at the moment. Though Darda did not share details like the amount the company plans to raise or the valuation it is looking to list at, people aware of the development told Business Insider that Icertis plans to double its valuation to $6 billion by next year with this public issue. Darda clarified that Icertis is ready to hit the public market in terms of its business growth, however the plan still hinges on two major developments. First, the growth of the business by next year. Second, the economic situation globally. Regardless, the company is open to raising capital through both private as well as public markets depending on the economy and the COVID-19 situation. <div type="ExtQuote" text="“If we need a round, with our valuation and our revenue, we always have an option of going public, so we'll evaluate that as well. So there are a couple of things we could do next year in terms of, you know, how we move, we can raise another round and you know, defer going public. Or we could choose the path of going public as well.”" auname="— Monish Darda, co-founder and CTO of Icertis, told Business Insider."></div> Last week, another Indian <keyword id="9231180" type="General" weightage="20" keywordseo="saas-company" source="Orion">SaaS company</keyword> Freshworks<a href="https://www.businessinsider.in/enterprise/enterprise-software/news/freshworks-files-for-an-ipo-in-the-us-looks-to-raise-100-million/articleshow/85707900.cms"> filed </a>for an IPO in the USA, seeking permission to list on Nasdaq. It is looking to raise $100 million. Founded in 2009 by Darda and Samir Bodas, Icertis’ flagship product ‘Icertis Contract Intelligence (ICI)’ manages over 10 million contracts with an aggregate value of more than $1 trillion. Icertis added 70-100 customers in 2020 and 100 customers in the first half of 2021. It plans to add over 100 customers by the end of 2021. “I think what is interesting is that the last four quarters have been successively the best quarters we've ever seen in Icertis. We have beaten every quarter, every year. So the last two quarters, January-February-March and April-May-June. April-May-June has been the best quarter in the history of Icertis,” Darda added. Icertis claims to have a revenue between $100 million to $200 million, growing at 60-70% rate annually. The 12-year-old company raised<a href="https://www.businessinsider.in/tech/enterprise/news/icertis-raises-80-million-in-series-f-funding-and-triples-valuation-in-less-than-two-years/articleshow/81450882.cms"> $80 million</a> in March this year to add more customers as well as develop more products for its existing customers. Overall, the company has raised $291 million to date from marquee investors like B Capital, PremjiInvest, Greycroft, Meritech Capital Partners, and PSP Growth. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-power-bharat-forge-bharti-airtel-and-other-top-stocks-to-watch-out-for-on-august-31/slidelist/85786005.cms">Tata Power, Bharat Forge, Bharti Airtel and other top stocks to watch out for on August 31 </a> <a href="https://www.businessinsider.in/stock-market/news/ami-organics-wants-to-become-debt-free-post-the-ipo/articleshow/85781458.cms">Ami Organics wants to become debt-free post the IPO, to cut dependence on China in the coming years</a> <a href="https://www.businessinsider.in/defense/news/a-us-f-22-raptor-pilot-describes-the-challenge-of-going-up-against-f-35-red-air-aggressors/articleshow/85784261.cms">A US F-22 Raptor pilot describes the challenge of going up against F-35 red air aggressors</a>

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This former Microsoft employee made an early bet on cloud and today runs a unicorn startup with Fortune 500 companies as its clients

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Satya Nadella, GMR group bag rights for a team in US' T20 franchise Major League Cricket

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This Pune-based startup has tripled its valuation in less than two years

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After Freshworks, Icertis is looking for an IPO for next year in the US

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