Icertis raises $150 Mn from Silicon Valley Bank
By MYBRANDBOOK
SaaS startup Icertis has secured $150 million in funding consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. After the latest funding round, the company’s total capital has reached $520 million.
This funding will enable Icertis to further extend the company’s leadership position in the burgeoning Contract Lifecycle Management (CLM) category by accelerating the application of transformational technologies like AI, ML, 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 contract risk, and ensure contract compliance.
Rajat Bahri, CFO of Icertis, said, “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. 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.”
Bob Blee, Head of U.S. 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 a wide range of enterprises. We are thrilled to work with Icertis and support its continued growth as a market leading contract intelligence platform. We’re proud to support the Icertis team as they build an enduring and industry leading enterprise software company.”
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