SaaS startup Icertis, which develops cloud-based software to help large companies manage contracts, has raised $150 million through a revolving credit facility and convertible financing from US-based Silicon Valley Bank, it announced on Monday.
In a statement, Icertis said the funds will enable it to accelerate the application of transformational technologies like artificial intelligence, machine learning, and blockchain.
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 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, CFO of Icertis.
The latest fundraise for Icertis comes after it raised an undisclosed sum from German enterprise software maker SAP in exchange for a minority stake in January this year. Last September, Japan’s SoftBank Vision Fund bought secondary shares from Icertis’s existing investor Eight Roads at a valuation of around $5 billion, making it one of the country’s most valued SaaS startups.
Icertis turned unicorn in July 2019 after it raised $115 million in a financing round led by US-based venture capital firm Greycroft and PremjiInvest, the family office of Wipro executive chairman Azim Premji.
According to MGI Research, the category total addressable market for contract lifecycle management (CLM) will increase to $30 billion in the next five years. Icertis claims to have achieved unprecedented growth and momentum in the CLM market over the last year, exemplified by a wave of industry-first vertical solutions and new partnerships with customer brands.