Icertis Shuffles Top Deck, Elevates COO Anand Subbaraman to Chief Executive Officer

SUMMARY

The company has elevated its COO Anand Subbaraman to the position of CEO while founder Samir Bodas will serve the position of executive chairman

Prior to joining Icertis in 2024, Subbaraman was working with BrowserStake as the president

The elevation comes on the back of Icertis mulling to raise $50 Mn in an equity round

SaaS unicorn Icertis has elevated its chief operating officer Anand Subbaraman to the position of chief executive officer.

Meanwhile, the company’s founder and former CEO Samir Bodas will move into the role of an executive chairman.

“Over the last 15 years, we have built category-defining products to help our customers derive exceptional value by transforming their end-to-end contracting – the foundation of all commerce. As I focus on my health, the time is right for Subbaraman to step into the CEO role and take Icertis to the next level,” said Bodas.

Prior to joining Icertis in 2024, Subbaraman was working with BrowserStake as the president. He has also worked at leadership positions with companies, including fintech company Finastra and IT giant Oracle.

As per Icertis, Subbaraman played a vital role in pivoting AI innovation at the company and elevating strategic partnerships.

As the new CEO of the company, he will be responsible for ensuring the delivery of AI service and expanding global strategic partnerships.

Founded by Bodas and Monish Darda, Icertis provides contract management services to enterprises. Its flagship product, Icertis Contract Management (ICM), can manage sell-side, buy-side, and corporate enterprise contracts across the globe.

It claims to be serving in more than 90 countries across the world.

Icertis Deepening The SaaS Play

The elevation comes on the back of Icertis mulling to raise $50 Mn in an equity round, which is likely to see participation from a host of five undisclosed investors.

It entered the unicorn club in 2019 after raising $115 Mn in a funding round led by Greycroft and Premji Invest.

The company last raised $150 Mn from the US-based Silicon Valley Bank (SVB) in 2022.

Till date, it has raised a total of $516 Mn in funding from the likes of SoftBank, Premji Invest, B Capital, Greycroft, Meritech Capital Partners, Silicon Valley Bank, among others.

On the financial front, the company recorded a sales of INR 863.5 Cr in the financial year ended in March 2024, from INR 650 Cr in the previous fiscal year. Meanwhile, its net profit grew by 36.7% to INR 97.1 Cr in the fiscal under review.