Icertis Strengthens CLM Market Dominance with $80 Million Investment
Icertis, a contract intelligence firm based in Bellevue, reported raising $80 million in a Series F on Thursday. With the most recent financing, the unicorn is now valued at $2.8 billion.
Since businesses all across the world have rushed to fully digitize their everyday business activities during the epidemic, Icertis has experienced remarkable growth. The value of Icertis has almost tripled since its Series E in July 2019.
The business, which has already received over $280 million, will utilize this money to invest in speeding the development of AI and blockchain, boosting its sales and marketing operations, and expanding its network of international partners.
Icertis, under the direction of Samir Bodas, offers a contract lifecycle management (CLM) platform powered by AI that transforms contracts from static documents into competitive advantages by organizing and connecting the vital contract data that determines how an organization functions.
Samir Bodas, co-founder, and CEO of Icertis said in a statement: “It is enormously fulfilling to have led the shift of contract lifecycle management (CLM) from a ‘nice-to-have’ to a ‘critical-must-have’ software business.
The Icertis Contract Intelligence (ICI) platform digitizes the contracting process, extracts the crucial data present in contracts, relates this data to operational support systems, and makes use of artificial intelligence to make sure each contract’s intent is fully realized.
Icertis also expanded its Board of Directors with two eminent business leaders. As Twilio Inc.’s business continues to grow rapidly, Penny Pritzker, a former secretary of commerce for the US, the founder of PSP Partners, and Karyn Smith, the company’s general counsel, will contribute critical viewpoints and knowledge.
Bodas claims that the former quarter was the best in the history of the business, and the recent quarter is anticipated to be even superior. This follows a temporary pause in the Covid-19 outbreak’s early phases.
Customers include Google, Apple, Microsoft, Hanes, Johnson & Johnson, and BestBuy. “The mix of new and existing clients is what is driving the rise. The total addressable market, according to Icertis, is worth $20 billion. Demand is rising across most industries, and we are expanding at a rate of over 50% annually, he claimed.
“As a lawyer and corporate executive, I’ve had the chance to assist in guiding numerous businesses through periods of rapid development and international expansion while balancing risk and compliance. I have personal experience with the advantages that come from contracts being digitally transformed, Smith said in a speech.
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Bellevue, Washington, US.