Icertis who are the leading provider of enterprise contract management in the cloud, announced on Wednesday the closing of a $115m Series E round. With this funding, Icertis becomes the first Contract Lifecycle Management (CLM) company in the world to be valued more than a billion dollars.
Icertis is recognized as the CLM category leader due to its groundbreaking AI-infused Icertis Contract Management (ICM) platform and unparalleled success in winning Global 2000 customers. It counts some of the most sophisticated enterprises across all major verticals, as well as 5 of the world’s top 10 most valuable companies, as its customers. Today, the ICM platform helps customers worldwide manage over 5.7m contracts with an aggregate value of more than $1trn.
The round was co-led by Greycroft and Premji Invest with participation from existing institutional investors including B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth. With this funding over $211m has been invested in Icertis to-date.
Mark Terbeek, Partner, Greycroft said, “When Greycroft invests in a company, we commit to a long-term partnership and, since leading their Series A round in 2015, we’ve been proud to support Icertis as it transforms the foundation of commerce.
“Over that time, we’ve seen the company become the undisputed CLM leader, acquiring a huge stable of blue-chip customers and generating a return on capital that is among the best we’ve ever seen. We have no doubt they will become the next giant in the enterprise SaaS market.”
“As we run a long-term evergreen crossover fund, we look for companies with enduring growth prospects that can execute and thrive well beyond an initial public offering,” said Sandesh Patnam, Lead Partner for Premji Invest in the US. “Icertis has all the hallmarks of a company that will grow into a juggernaut – an innovative product that delivers substantial value for customers, deep cash reserves to develop the market and a track record of flawless execution.”
For the first time in history, contracts are being digitized, allowing enterprises to reimagine contract management and place it at the center of their commercial processes. The ICM platform, powered by artificial intelligence, unlocks the commercial value embedded in a company’s contracts. By transforming these static documents into strategic digital assets, enterprises can protect against risk, improve compliance, accelerate business velocity, and optimize commercial relationships over the entire life of the contract.
Samir Bodas, CEO and Co-founder of Icertis said, “Companies must re-imagine every business process to compete in today’s hyper-competitive global markets.
“Nothing is more foundational than contract management as every dollar in and every dollar out of a company is governed by a contract. As the CLM market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute on our mission to become the contract management platform of the world.”