Icertis, a leading contract management Software-as-a-Service (SaaS), has secured $150 million in funding from a Silicon Valley bank through a revolving credit line and convertible financing.
To provide clients with tangible, distinctive, and significant value, the firm intends to use the money to expedite the implementation of revolutionary technologies like Artificial Intelligence, Machine Learning, and Blockchain.
With the aid of the Icertis Contract Intelligence platform, businesses may organise crucial commercial, legal, and operational data in contracts and link that data to nearby ERP, HCM, and CRM systems for procurement.
Icertis avoided dealing with the difficult valuation dilemma in a challenging economic situation by choosing the debt route. (Icertis' valuation was $2.8 billion as of March 2021, but earlier this year, it had been estimated to have reached $5 billion.) With convertible debt, Icertis can settle its debt obligation with equity or stock, whereas the credit facility enables continued borrowing and repayment.
The Leader in CLM(Contract Lifecycle Management)
Icertis provides cloud-hosted tools for managing procurement, sales, and corporate contracts. These tools include reading and analysing contracts to deliver risk management reports and automatic obligation tracking. CEO Samir Bodas (a Microsoft and Aztecsoft alum) and Monish Darda (a former executive at BladeLogic) founded the company in 2009. The programme systematises contracts, and related paperwork, extracting information such as contact details and terms to identify contractual obligations. This also requires to keep track of them to ensure necessary compliance.
To become the CLM solution of choice for SAP clients, Icertis and SAP established cooperation this year. (Along with SoftBank, SAP owns a small portion of Icertis.) Through connections with SAP products like Ariba, Fieldglass, S/4HANA, and SuccessFactors, according to Bodas, it will build a contract management "environment" for SAP clients.
Investors are encouraged by the potential of Icertis' contract management system, presumably due to the vast addressable market. According to Markets & Markets, the contract management lifecycle market is anticipated to increase from $1.5 billion in 2019 to $2.9 billion by 2024.
Competitors
Competitors of Icertis include ContractPodAI and SirionLabs, who received funding for their automation-driven contract management software in the amounts of $55 million in July and $85 million in May, respectively. LinkSquares, another tough competitor, received $100 million in April to expand its platform that integrates legal research with contract lifecycle capabilities.
About Icertis
Icertis is a cloud-based enterprise contract management platform that offers simple solutions to complex contract administration issues. With its corporate headquarters in Bellevue, Washington, Icertis was established in 2009. Companies may speed up operations by enhancing contract velocity, reduce risk by assuring regulatory and policy compliance, and optimise business relationships by growing revenue and lowering expenses using Icertis. Companies like 3M, Airbus, Cognizant, Daimler, Microsoft, and Roche use the AI-infused Icertis Contract Management (ICM) platform to handle 5.7 million contracts in 40+ languages across 90+ countries.
About Silicon Valley Bank
Silicon Valley BankSilicon Valley Bank works with cleantech, technology, life science, venture capital, private equity, and premium wine firms. Through 27 U.S. locations and seven international operations, SVB offers its clients worldwide industry knowledge and contacts, finance, treasury management, corporate investment, and international banking services.
The likelihood of success for Silicon Valley Bank's clients is increased by the bank's wide range of financial services, expertise, worldwide network, and first-rate service. Silicon Valley Bank banks prestigious businesses and wineries. SVB is one of the Best Banks in America according to Forbes Magazine, and Fortune Magazine named SVB one of the Best Companies to Work For in 2012.
