Software-as-a-service start-up Icertis, which provides contract management software to customers like Airbus and pharmaceutical giant Merck, has closed an $80-million Series F round at a valuation of over $2.8 billion.
The Bellevue-based firm has now raised over $280 million, and the current financing nearly trebles the valuation of its Series E round in July 2019. Its valuation had reached $1 billion in July 2019, after closing a $115-million Series E round. The latest round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, PremjiInvest, PSP Growth, and e.ventures. The company will use this funding to invest in accelerating artificial intelligence (AI) and blockchain development, expanding its sales and marketing footprint, and building its global partner network.
The US-based company was founded by technology industry veterans Samir Bodas and Monish Darda in 2009. It has a major presence in Pune. In addition to the new funding, 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 US 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.
“It is immensely satisfying to have led the transformation of contract lifecycle management (CLM) from a ‘nice-to-have’ to a ‘critical-to-have’ software category,” said Samir Bodas, chief executive officer and co-founder, Icertis.
“As our company and category enter an exciting new phase with the closing of this new round, Monish (Darda) and I are also thrilled to welcome Penny (Pritzker) and Karyn (Smith) aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our vision to transform contracting — the foundation of commerce — and this is just the beginning.”
Icertis is experiencing accelerated growth, despite headwinds from Covid-19, highlighting the critical importance of contracts, and CLM’s emergence as a ‘must-have’ system of intelligence for chief experience officers. It leads the category because the Icertis contract intelligence platform digitises the contracting process, uniquely extracting the critical structured and unstructured data found in contracts. It connects this data to operational surround systems, and leverages the power of AI to ensure the intent of every contract is fully realised.
“Icertis has built a mission-critical contract intelligence platform that allows organisations to digitise contracts and generate business insights from contracts using AI. The world’s largest corporations across industries trust Icertis to generate value from their contracts,” said Kabir Narang, founding general partner at B Capital Group.
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