Icertis, a Bellevue, WA-based contract intelligence company that pushes the boundaries of what's possible with Contract Lifecycle Management (CLM), announced that it secured $150 million in funding comprised of a revolving credit facility and convertible financing from Silicon Valley Bank.
The funds will enable Icertis to further extend the company's leadership position in the burgeoning CLM category by accelerating the application of transformational technologies like artificial intelligence, machine learning, and Blockchain to deliver material, unique, and consequential value to customers.
"Customers across all verticals are using our AI-driven contract intelligence platform to digitally memorialize the purpose of every commercial relationship and ensure the intent of those agreements is fully realized. We continue to see strong momentum with our clear value proposition as we help customers become more agile, drive efficiencies, and respond to market challenges like inflation, sanctions, economic slowdown, and supply chain disruptions," said Rajat Bahri, CFO of Icertis. "This new funding from Silicon Valley Bank is a major vote of confidence in our growth trajectory, enhancing our already strong capital position and enabling us to lean in to capture market share and build towards the next exciting chapter in our company's journey."
Icertis achieved unprecedented growth and momentum in the CLM market over the last year, exemplified by a wave of industry-first vertical solutions, robust new partnerships, trusted relationships with iconic customer brands, and analyst recognitions that continue to reinforce the company's unique ability to drive strategic outcomes.
Company: Icertis, Inc.
Raised: $150.0M
Round: Credit facility and Convertible financing
Funding Month: October 2022
Lead Investors: Silicon Valley Bank.
Additional Investors:
Company Website: https://www.icertis.com/
Software Category: Contract Intelligence (ICI) platform
About the Company: Icertis is a contract intelligence company that pushes the boundaries of what's possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantages by structuring and connecting the critical contract information that defines how an organization runs. The Icertis Contract Intelligence platform helps companies structure critical commercial, legal, and operational data within contracts and connect that data to surrounding procurement, ERP, HCM, and CRM systems, enabling many of the world's largest enterprises to accelerate revenue, reduce costs, better manage risk, and ensure compliance. Today, the world's most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their ten million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.
Source: https://www.icertis.com/company/news/icertis-secures-$150-million-to-accelerate-leadership-in-contract-lifecycle-management/