Icertis elevates COO Subbaraman as CEO

Icertis cofounder Samir Bodas is stepping down as CEO as the company has elevated chief operating officer Anand Subbaraman as the chief executive, at a time when AI is upending the software-as-a-services sector.

Bodas, who headed the company for more than 15 years, will take on the role of the executive chairman and be actively engaged in shaping the company's strategy and governance. Icertis, a contract management platform, was founded in 2009 by Bodas, Monish Darda and Unmesh Bhathija. According to Tracxn, the company had raised $497 million in total and was valued at $5 billion as of 2022. As per the company, it is making $350 million in annual recurring revenue.

Subbaraman told ET that the thinking behind his elevation is to sharpen the company's product DNA in the time of AI and be a dominant AI platform in contracting.