Bellevue contract management software company Icertis is searching for its third CEO in under a year after Anand Subbaraman's departure was announced last week.

Subbaraman led the company for roughly 11 months. He took over in August 2025 when co-founder Samir Bodas stepped down for health reasons. Bodas, who had been Icertis's only CEO since founding the company in 2009, died at 61 years old this January after a battle with cancer.

CFO Rajat Bahri and board member Jim Moffatt will serve as interim co-CEOs while the board conducts a permanent search, according to GeekWire, which first reported the change. Moffatt was also appointed board chair.

No reason was given for Subbaraman's exit. He will remain as an advisor during the transition.

The leadership upheaval comes as Icertis, headquartered at 14711 NE 29th Place in Bellevue, explores a potential sale.

Bloomberg reported in February 2026 that the company was working with Goldman Sachs on a deal that could value it at as much as $5 billion. Buyout firms had shown preliminary interest, and no final decision had been reached at the time of that report.

Icertis has raised more than $500 million from investors including SoftBank's Vision Fund, SAP, and PSP Partners, the firm chaired by lead independent director Penny Pritzker. The company was last formally valued at $5 billion in a 2022 funding round.

Who's running the company

Bahri will hold dual roles as interim co-CEO and CFO. He joined Icertis in 2022 and previously served as CFO at ID.me and at Wish, where he helped lead the company's IPO.

Moffatt has served on the Icertis board since 2022 and spent more than 35 years at Deloitte, leaving as vice chairman and global CEO of Deloitte Consulting. In a statement Friday, he said the company would continue operating without disruption and called it "an important time for our company."

Icertis said monthly active users on its contract intelligence platform rose more than 60% year-over-year in 2025, according to a March 10, 2026 press release. Nine Fortune-ranked companies, including BMW and McDonald's, became new customers that year.

Third-party workforce data from Revelio Labs estimated Icertis had approximately 2,864 employees worldwide as of December 2025, with about 15% based in the United States.

The board has not disclosed a timeline for naming a permanent CEO.