Icertis, the contract intelligence company, has announced the closing of an $80 million Series F round at a valuation of over $2.8B. Icertis has now raised over $280 million, and the current financing nearly triples the valuation of its Series E round in July 2019.
The latest round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. The company will use this funding to invest in accelerating its AI and Blockchain development, expanding its sales and marketing footprint, and building out its global partner network.
In addition, Icertis added two business executives to its Board of Directors. The new independent Directors, Penny Pritzker, founder and Chairman of PSP Partners, and former U.S. Secretary of Commerce in the Obama Administration; and Karyn Smith, general counsel at Twilio Inc., will bring integral perspectives and expertise as the company’s business continues to grow rapidly.
“Icertis has built a mission critical contract intelligence platform which allows organizations to digitize contracts and generate business insights from contracts using AI. The world’s largest corporations, across industries trust Icertis to generate value from their contracts,” said Kabir Narang, Founding General Partner at B Capital Group. “At B Capital, we look to back leading enterprise software companies which are digitizing traditional analog workflows enabling collaboration and generating value for businesses. We are excited to deepen our relationship with Icertis and look forward to continue working with their incredible team as they build the contract intelligence platform for the world.”
“It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have’ to a ‘critical-to-have’ software category,” said Samir Bodas, CEO and Co-founder, Icertis. “As our company and category enter an exciting new phase with the closing of this new round, Monish and I are also thrilled to welcome Penny and Karyn aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our vision to transform contracting – the foundation of commerce – and this is just the beginning!”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.