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Contract intelligence company Icertis Secures $150 Million from Silicon Valley Bank

The funds will enable it to extend its position in the contract lifecycle management category by accelerating the application of transformational technologies like artificial intelligence, machine learning and blockchain

Contract intelligence company Icertis Secures $150 Million from Silicon Valley Bank
Icertis

Vinita Bhatia

POSTED ON November 01, 2022 10:26 AM

Icertis, a contract intelligence company that offers Contract Lifecycle Management (CLM) has secured $150 million in funding. This comprises a revolving credit facility and convertible financing from Silicon Valley Bank.

The funds will enable Icertis to further extend its position in the burgeoning CLM category by accelerating transformational technologies like artificial intelligence, machine learning and blockchain to deliver material and substantial value to customers. 

Icertis has bagged over 10 million contracts worth more than $1 trillion in 90 countries with clients like Cognizant, Servicenow, Daimler, Johnson & Johnson. It has strategic alliances with Accenture, Adobe, Carahsoft, Microsoft, SAP and Salesforce. 

Its platform helps companies structure critical commercial, legal, and operational data within contracts and connect that data to surrounding procurement, enterprise resource planning (ERP), human capital management (HCM) and customer relationship management (CRM) systems. This can enable enterprises to accelerate revenue, reduce costs, better manage risk, and ensure compliance.

"Customers across all verticals are using our AI-driven contract intelligence platform to digitally memorialise the purpose of every commercial relationship and ensure the intent of those agreements is fully realised. 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, chief financial officer 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."

According to MGI Research, CLM's category total addressable market will increase to $30 billion in the next five years. 

Bob Blee, head of US 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 many enterprises. We're proud to support the Icertis team as they build an enduring and industry-leading enterprise software company."

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