Contract intelligence company, Icertis which pushes the boundaries of what’s possible with contract lifecycle management (CLM), today announced the closing of an $80 million Series F round at a valuation of over $2.8 Billion.
Icertis has now raised over $280 million, and the current financing nearly triples the valuation of its Series E round in July 2019. The latest round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. The company will use this funding to invest in accelerating AI and Blockchain development, expanding its sales and marketing footprint, and building out its global partner network.
In addition, Icertis added two distinguished business executives to its Board of Directors. The new independent Directors, Penny Pritzker, Founder and Chairman of PSP Partners, and former U.S. Secretary of Commerce in the Obama Administration; and Karyn Smith, general counsel at Twilio, Inc., will bring integral perspectives and expertise as the company’s business continues to grow rapidly.
Icertis' accelerated growth, despite headwinds from COVID-19, highlights the critical importance of contracts – the system of record of ALL the commercial, operational, and legal entitlements and obligations of a company – and CLM has emerged a “must have” system of intelligence for CxOs.
The Icertis Contract Intelligence (ICI) platform digitizes the contracting process, extracts the critical structured and unstructured data found in contracts, connects this data to operational surround systems, and leverages the power of AI to ensure the intent of every contract is fully realized.
“Icertis has built a mission-critical Contract Intelligence platform which allows organizations to digitize contracts and generate business insights from contracts using AI. World’s largest corporations, across industries, trust Icertis to generate value from their contracts,” said Kabir Narang, Founding General Partner at B Capital. “At B Capital, we look to back leading enterprise software companies which are digitizing traditional analog workflows enabling collaboration and generating value for businesses. We are excited to deepen our relationship with Icertis and look forward to continuing working with the incredible team at Icertis as they build the contract management platform for the world.”
CLM has become one of the fastest-growing enterprise software categories increasingly recognized as a universal, critical asset for businesses of all sizes, across all industries, in every geography. The category has ballooned to an addressable market of over $20 Billion, growing at a rate of over 35% year-over-year.
“It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have to a ‘critical-to-have’ software category,” said Samir Bodas, CEO and Co-founder, Icertis. “As our company and category enter an exciting new phase with the closing of this new round, Monish and I are also thrilled to welcome Penny and Karyn aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our mission to transform contracting – the foundation of commerce – and this is just the beginning!”
Icertis was named the clear CLM category leader in a recent report, The Forrester Wave Contract Lifecycle Management For All Contracts, Q1 2021. 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 plus languages and 90 plus countries.