Icertis 80M Series 280M
Icertis, a provider of contract intelligence that pushes the limits of contract lifecycle management (CLM), has closed an $80 million Series F investment at a valuation of over $2.8 billion. The fresh funding more than tripled the Series E round valuation of Icertis from July 2019. Icertis has now raised over $280 million. B Capital Group, an existing investor, served as the round’s lead investor. Aside from Greycroft, other participants included Meritech Capital Partners, Premji Invest, PSP Growth, and eventers.
The company will put this money to use by advancing the development of AI and Blockchain, growing its sales and marketing reach, and developing its global partner network.
Icertis also expanded its Board of Directors with two eminent business leaders. Penny Pritzker, the founder and chairman of PSP Partners and a former secretary of commerce for the United States under the Obama Administration, and Karyn Smith, the general counsel of Twilio Inc., are the company’s new independent directors, and they will bring important perspectives and expertise as the business of the company continues to grow quickly.
CLM Becomes the C-Go-To Suite’s Intelligence Platform For Icertis Series 280M
Despite the obstacles posed by COVID-19, the Icertis 80M series is rapidly growing, highlighting the crucial significance of contracts as the only source of truth for ALL of a company’s commercial, operational, and legal entitlements and obligations as well as the emergence of CLM as a “must have” system of intelligence for CxOs.
Icertis 280M dominates the market because of its Icertis Contract Intelligence (ICI) platform, which digitizes the contracting process, extracts the crucial structured and unstructured data from contracts in a distinctive way, links this data to operational support systems, and uses artificial intelligence to make sure every contract’s intent is fully realized.
“Icertis has created a mission-critical contract intelligence platform that enables businesses to digitize contracts and derives business insights from them using AI. The biggest businesses worldwide, in all industries, rely on Icertis to create value from their contracts, according to Kabir Narang, founder and general partner of B Capital Group.
At B Capital, they seek to support top enterprise software companies that are digitizing conventional analog workflows in order to foster collaboration and add value for enterprises. As Icertis develops the global contract intelligence platform, they are thrilled to strengthen their partnership with them and look forward to continuing to collaborate with their amazing team.
One of the corporate software categories with the quickest growth is CLM, which is increasingly acknowledged as a crucial asset that can be used by companies of all sizes, in all sectors, and everywhere. With a growth rate of more than 35% annually, the category has exploded to an addressable market of over $20B. Icertis is the unchallenged leader of this enormous, developing corporate SaaS industry as a result of its audacious vision and track record of success.
“Penny and Karyn are a wonderful addition to Team Icertis, and Monish and he is happy to have them join as their company and category approach an exciting new chapter with the conclusion of this new round. They have a fantastic opportunity to keep challenging their undisputed dominance. This is only the beginning as Icertis is already out in front and carrying out its ambition to alter contracting, the cornerstone of trade.
Through unmatched technology and category-defining innovation, Icertis enhances contract lifecycle management (CLM). The Icertis Contract Intelligence (ICI) platform, powered by AI and vetted by analysts, transforms contracts from static paperwork into a competitive advantage by organizing and integrating the crucial contract information that regulates how a firm runs.
The most recognizable brands and disruptive entrepreneurs in the world today rely on Icertis to oversee the rights and obligations in their 10 million+ contracts totaling more than $1 trillion, in more than 40 languages, and in more than 90 countries.
The CEO of Icertis is Samir Bodas.