Icertis, a contract management software company, secured $150 million in funding from Silicon Valley Bank. The funding consists of a revolving credit facility and convertible financing.
The funds will enable Icertis to further expand in the contract lifecycle management (CLM) category by accelerating the application of technologies like artificial intelligence, machine learning and blockchain to deliver value to customers. 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.
“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,” Rajat Bahri, CFO of Icertis, said. “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.”
According to MGI Research, the total addressable market for CLM will increase to $30 billion in the next five years. Icertis has achieved growth and momentum in the CLM market over the last year, exemplified by a wave of vertical solutions, new partnerships, trusted relationships with customer brands and analyst recognitions.
“We are thrilled to work with Icertis and support its continued growth as a market leading contract intelligence platform,” Bob Blee, head of U.S. technology corporate banking at Silicon Valley Bank, said. “Contracts are the foundation of commerce, sitting at the intersection of almost all business processes. Understanding and harnessing the underlying data can drive material business impact to a wide range of enterprises. We’re proud to support the Icertis team as they build an enduring and industry leading enterprise software company.”
