Icertis, a firm that is known for pushing the limits of contract lifecycle management (CLM) and providing contract analytics, has announced the closure of an eighty-million-dollar Series-F round that reached an estimation of over $2.8 billion. The latest funding roughly tripled the Series E round’s valuation in 2019 July. B Capital Group, an existing investor, served as the round’s lead investor. Greycroft, Premji Invest, Meritech Capital Partners, e.ventures, and PSP Growth, also participated. The firm will put this money to use by advancing the development of Blockchain and AI, growing its marketing and sales reach, and developing its worldwide partner network.
Icertis also added two prominent businessmen to its Board of Directors. As the company’s business continues to grow quickly, the chairman and founder of the PSP Partners, the new independent Directors Penny Pritzker, and a former secretary of commerce for the United States under the Obama Administration, and also Karyn Smith, Twilio Inc.’s general counsel, will bring critical expertise and perspectives.
Despite challenges from the pandemic, Icertis is overgrowing, demonstrating the significance of contracts as the only truth source for ALL of a company’s operational, commercial, and legal entitlements and obligations and the emergence of CLM as an essential intelligence system for the CxOs. Icertis is the market leader in this sector because of its Icertis Contract Intelligence (ICI) platform, which digitalizes the contract process, extracts crucial unstructured and structured data from contracts in a unique way, links this data to an operational support system, and uses artificial intelligence to make sure each contract’s intent is fully understood.
“Icertis has developed a robust contract intelligence platform that enables businesses to transform contracts and extract business insights using artificial intelligence digitally. The most prominent companies in the world rely on Icertis to get the most out of their contracts, according to Kabir Narang, the founding general partner at B Capital Group. We, at B Capital, seek to support top enterprise software firms digitizing conventional analog operations to foster collaboration and add value to enterprises. We are thrilled to strengthen our partnership with the Icertis and anticipate working with the outstanding team since they developed the global contract intelligence platform.
Among the fastest-growing areas of corporate software, CLM is becoming more widely acknowledged as a crucial tool for companies regardless of their size operating in all sectors and regions. The category seems to have grown dramatically, with a market of about $20B* and a growth rate of more than 35% annually. Icertis is the unchallenged leader of the enormous, developing corporate SaaS industry due to its audacious vision and track record of success. Icertis was also recognized as a leader in the most recent research, The Forrester WaveTM: Contract Lifecycle Management for All Contracts, Q1 2021, in addition to its commercial momentum.