Icertis, the contract intelligence company pushing the boundaries with Contract Lifecycle Management (CLM), announced that it has secured $150 million in financing composed of a revolving credit facility and convertible financing by the Silicon Valley Bank.
The funds will allow Icertis to further extend the company’s leadership position in the emerging CLM category by accelerating the application of transformative technologies such as artificial intelligence, machine learning and blockchain to deliver significant, unique and consistent value to customers. The Icertis Contract Intelligence Platform helps companies structure critical commercial, legal and operational data into contracts and connect that data to surrounding procurement, ERP, HCM and CRM systems, powering many of the world’s largest companies to increase revenue, Reduce costs and better manage risk and ensure compliance.
“Customers across all industries use our AI-driven contract intelligence platform to digitally capture the purpose of each business 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 clients become more agile, increase efficiencies and respond to market challenges such as inflation, sanctions, economic slowdown and supply chain disruptions,” said Rajat Bahri, CFO of Icertis, “This new financing from Silicon Valley Bank is a huge vote of confidence in our growth trajectory, which bolsters our already strong capital position and allows us to lean forward to gain market share and build for the next exciting chapter in our company’s journey .”
According to MGI Research, the total addressable market category for CLM will grow to $30 billion1 over the next five years. Icertis is the leader in contract management, transforming the CLM category and pioneering contract intelligence. With robust AI and deep, far-reaching 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 has delivered unprecedented growth and momentum in the CLM market over the past year, reflected in a wave of industry-first vertical solutions, robust new partnerships, trusted relationships with well-known client brands, and analyst recognition that demonstrates the unique driving force of the Company further strengthen strategic results.
“We are excited to partner with Icertis and support its continued growth as the market-leading contract intelligence platform,” said Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank. “Contracts are the basis of trade and form the intersection of almost all business processes. Understanding and utilizing the underlying data can have significant business implications for a wide variety of organizations. We’re proud to help the Icertis team build a lasting solution and industry-leading enterprise software company.”