Anand Subbaraman is departing as CEO of Icertis, the Bellevue, Wash.-based contract management software company said Friday. Chief Financial Officer Rajat Bahri and longtime executive and Icertis board member Jim Moffatt will serve as interim co-CEOs as Icertis searches for its next CEO.

Subbaraman took the helm in August 2025 when Icertis co-founder Samir Bodas stepped down. Bodas had been the company’s only CEO since launching the business in 2009. Bodas shared at the time that he was resigning due to a health concern, and passed away in January after a battle with cancer. 

Subbaraman, who joined Icertis in 2024 as chief operating officer, will serve as an advisor during the leadership transition. No reason was provided for his exit. We’ve asked the company for further details.

“We are grateful for Anand’s service and his work to expand the company’s AI capabilities and scale operations,” Moffatt said in a statement. “As our Board conducts its search for the next CEO, Rajat and I will ensure we do not miss a beat during this important time for our company.”

Founded in 2009, Icertis has raised more than $500 million and was valued at $5 billion four years ago. Its investors include SoftBank’s Vision Fund, SAP and PSP Partners, the firm chaired by lead independent director Penny Pritzker.

Bloomberg reported in February that Icertis was working with Goldman Sachs to explore a potential sale that could value the company at as much as $5 billion, citing people familiar with the matter. Buyout firms had shown preliminary interest, and no final decision had been reached, according to the report.

The company said Friday that Bahri will hold dual roles as interim co-CEO and CFO. He joined Icertis in 2022 and previously served as CFO at several companies, including ID.me; Wish, where he helped lead the company’s IPO; and Jasper Technologies.

Moffatt has served on the Icertis board since 2022, after previously serving on its advisory board, and is a member of the board’s audit and compensation committees. He has also been appointed chair of the board, in addition to his interim leadership role. Moffatt spent more than 35 years at Deloitte, leaving the company as vice chairman and global CEO of Deloitte Consulting. He is now president of JSM Advisors.

As the head of NIST, Raman will be charged with overseeing high-profile work in areas like artificial intelligence, quantum science and biotechnology.

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When light reflects off a surface, not all of it reflects off at the same wavelength; some photons impart a portion of their energy to raising the vibrational energy of the surface’s molecules, and are thus scattered away at a lower energy and longer wavelength. This is called Raman scattering, and the precise wavelength shifts are characteristic of the particular molecule being illuminated. It can therefore be used in Raman spectroscopy to identify molecules; these spectrometers are normally elaborate, expensive instruments, but [Allegedly Science] was able to build a simple system with surprising sensitivity.

The system is named the CubeRaman, after the cube-shaped body containing the main optical path. It uses a cheap 532-nm laser module as a monochromatic light source, with a bandpass filter to eliminate stray infrared light. The beam then reflects off a 45-degree dichroic mirror and passes through a microscope objective onto the sample. Raman-shifted light then scatters back through the objective, passes through the dichroic mirror and a long-pass optical filter, and is focused by an achromatic lens onto the slit of a spectrometer. The entire housing is 3D-printed, as are most parts of the kinematic mounts; the kinematic mounts use adjustment screws running through inserts in the mount, with the tips of the screws held in place by magnets.

[Allegedly Science]’s first test was with a raw diamond, which clearly showed the expected Raman shift. When trying to test a chemical inside a glass bottle, it mainly returned the signature of silica, making thin-walled cuvettes essential. Ethanol inside a plastic bottle was similarly interesting; varying the focal distance changed whether it detected the characteristic shift of ethanol or polypropylene. Nevertheless, [Allegedly Science] thinks there’s still room for improvement, particularly by eliminating stray light and using a narrower slit in the spectrometer.

Although we’ve seen an open-source Raman spectrometer before, this design is significantly more accessible. It does still require a separate spectrometer, though, so it might be worth considering some other spectrometer options.