BELLEVUE, Wash. and PUNE, India, Nov. 1, 2022 /PRNewswire/ — Icertis, the contract intelligence company that pushes the boundaries of what's possible with Contract Lifecycle Management (CLM), announced it has secured $150 million in funding comprised of a revolving credit facility and convertible financing from Silicon Valley Bank.
The funds will enable Icertis to further extend the company's leadership position in the burgeoning CLM category by accelerating the application of transformational technologies like artificial intelligence, machine learning, and Blockchain to deliver material, unique, and consequential 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, enabling many of the world's largest 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 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,” said Rajat Bahri, CFO 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, the category total addressable market for CLM will increase to $30 billion[1] in the next five years. Icertis is at the forefront of contract management, transforming the CLM category and pioneering contract intelligence. With robust AI and deep, wide-ranging technology partnerships, Icertis structures and integrates contract data to deliver end-to-end value across the enterprise by automating processes, maximizing contract value, and reducing risk.
Icertis achieved unprecedented growth and momentum in the CLM market over the last year, exemplified by a wave of industry-first vertical solutions, robust new partnerships, trusted relationships with iconic customer brands, and analyst recognitions that continue to reinforce the company's unique ability to drive strategic outcomes.
“We are thrilled to work with Icertis and support its continued growth as a market leading contract intelligence platform,” said Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank. “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.”