SAP and Icertis Expand Partnership to Deliver Enterprise Contract Intelligence

Rhea-AI Summary

SAP SE (NYSE: SAP) and Icertis announced an expanded partnership on January 25, 2022, focused on enhanced contract management solutions. This collaboration includes a financial investment from SAP in Icertis and aims to improve efficiency, reduce risk, and optimize contract compliance through advanced technologies. Key features include AI-powered insights, faster negotiations, and enhanced integration with SAP systems. The partnership builds on their existing relationship initiated in 2020, enhancing Icertis Contract Intelligence within SAP's applications, benefiting customers with better contract lifecycle management.

Positive

• Enhanced partnership with Icertis aims to deliver improved contract management solutions.
• Financial investment from SAP in Icertis strengthens collaboration and technological integration.
• AI-powered insights and automation expected to increase efficiency and compliance.
• New Icertis Contract Intelligence applications are now SAP Endorsed Apps, ensuring higher security and performance standards.

Negative

• None.

WALLDORF, Germany, and BELLEVUE, Wash., Jan. 25, 2022 /PRNewswire/ -- SAP SE (NYSE:SAP) and Icertis today announced an expanded partnership for enhanced contract management to help companies increase efficiency, minimize risk and realize the full intent of their agreements. The partnership, which includes a financial investment from SAP in Icertis, will lead to a joint product road map and deeper technological integration to deliver enterprise-wide value, including faster negotiations, greater compliance and AI-powered business insights and automation.

"The expanded cooperation with Icertis will help our customers take advantage of market-leading innovations for contract management from Icertis while managing core business processes with SAP solutions," said Christian Klein, CEO and member of the Executive Board, SAP SE. "This partnership is a great complement to our portfolio, with multiple touchpoints to SAP systems across ERP, finance, procurement, sales and HR."

This expanded partnership builds on the existing relationship between SAP and Icertis, which began in 2020 to transform the source-to-pay and lead-to-cash processes through the integration of Icertis Contract Intelligence (ICI) with SAP^® Ariba^® and SAP Customer Experience solutions. The enhanced partnership further leverages each company's technology to deliver even more value to a growing list of joint customers. Customers will have the opportunity to benefit from ICI capabilities for smart contract creation, online negotiation, AI-assisted risk identification, obligation management and contract-driven insights for decision support while operating their core source-to-pay and lead-to-cash processes within SAP solutions.

"With this partnership, SAP and Icertis customers will be able to derive end-to-end value across the enterprise, so the intent of every contract is correctly memorialized and fully realized," said Samir Bodas, CEO of Icertis. "Partnering with SAP to bring our AI-powered, best-of-breed contract intelligence to the market is another affirmation of Icertis' strategy to become the contract intelligence platform of the world. It is also a testament to SAP's forward-looking vision for the intelligent and networked enterprise."

As part of the expanded partnership, Icertis Contract Intelligence (ICI) for SAP Ariba solutions and ICI for SAP Customer Experience solutions are now SAP Endorsed Apps, premium certified by SAP with added security, in-depth testing and measurements against cloud operations best practices.

"SAP's focus on the intelligent enterprise has enabled many organizations to move into the digital-first world, and the contracting process in SAP Ariba solutions has done much for the buying community," said Mickey North Rizza, Program Vice President Enterprise Applications and Digital Commerce, IDC. "Icertis is named a leader in the IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021. With Icertis' flexible platform and enhanced CLM capabilities, SAP can now manage the trading partner relationship for the enterprise in a much more integrated, innovative and tailored manner."

Contracts are the foundation of commerce, governing the rights and obligations between parties. Traditional contract management is often manual and siloed, creating inefficiency and risk while leaving value unrealized. ICI helps structure and connect data within contracts across an enterprise, enabling businesses to increase efficiencies, identify and mitigate potential risk, and drive bottom-line value throughout the contract lifecycle.

Icertis solutions including ICI for SAP Ariba solutions and ICI for SAP Customer Experience solutions are available in SAP Store, the digital marketplace for solutions from SAP and its partners. SAP Store provides customers with real-time access to more than 1,800 innovative solutions from SAP as well as partner solutions that complement and extend their SAP applications.

About Icertis

With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what's possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into a strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world's most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 10 million+ contracts worth more than $1 trillion, in 40+ languages and 90+ countries.

About SAP

SAP's strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: SAP customers generate 87% of total global commerce. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers' businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want — without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people's lives. For more information, visit www.sap.com.

This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP's 2020 Annual Report on Form 20-F.

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SOURCE SAP SE

FAQ

What does the expanded partnership between SAP and Icertis involve?

The partnership focuses on enhanced contract management solutions, including AI-powered insights and better integration within SAP systems.

When was the partnership between SAP and Icertis announced?

The partnership was announced on January 25, 2022.

What are the expected benefits of the SAP and Icertis partnership?

Benefits include increased efficiency, minimized risk, improved compliance, and optimized contract lifecycle management.

What is Icertis Contract Intelligence?

Icertis Contract Intelligence is a platform that automates and enhances contract management using AI technologies.