BELLEVUE, Wash., October 31, 2022 /PRNewswire/ — Icertis, the contract intelligence company pushing the boundaries of what is possible with contract lifecycle management (CLM), announced that it has been awarded $150 million in a financing consisting of a revolving credit facility and a convertible financing from Silicon Valley Bank.
The funds will enable Icertis to further expand the company’s leadership position in the growing CLM category by accelerating the application of transformational technologies such as artificial intelligence, machine learning and blockchain to deliver a material, unique and consequential value to customers. The Icertis Contract Intelligence platform helps companies structure critical business, legal and operational data into contracts and connect that data to surrounding procurement, ERP, HCM and CRM systems, enabling many of the largest companies in the world world to accelerate revenue, reduce costs, better manage risk and ensure compliance.
“Clients across all verticals use our AI-powered contract intelligence platform to digitally remember the purpose of each business relationship and ensure the intent of those agreements is fully realized. We continue to see a strong momentum with our clear value proposition as we help customers become more agile, increase efficiency and respond to market challenges such as inflation, sanctions, economic downturn and supply chain disruptions “, said Rajat Bahri, Chief Financial Officer of Icertis. “This new financing from Silicon Valley Bank is a major vote of confidence in our growth trajectory, strengthening our already strong capital position and allowing us to lean in to capture market share and move forward into the next exciting chapter of the company’s journey. our enterprise.”
According to MGI Research, the category’s total addressable market for CLM will grow to $30 billion1 in the next five years. Icertis is at the forefront of contract management, transforming the CLM category and pioneering contract intelligence. Through robust AI and deep and broad technology partnerships, Icertis structures and integrates contract data to deliver end-to-end value across the enterprise by automating processes, maximizing contract value and reducing risk. .
Icertis has achieved unprecedented growth and momentum in the CLM market over the past year, exemplified by a wave of industry-first vertical solutions, strong new partnerships, trusted relationships with iconic client brands and analyst recognitions that continue to strengthen the company’s unique ability to drive strategic results.
“We are excited to work with Icertis and support its continued growth as a market-leading contract intelligence platform,” said Bob Blee, head of US technology business banking at Silicon Valley Bank. “Contracts are the foundation of commerce, lying at the intersection of nearly every business process. Understanding and leveraging the underlying data can have a significant business impact on a wide range of businesses. We are proud to support the Icertis team as they build a sustainable business and industry-leading enterprise software company.”
With unparalleled technology and category-defining innovation, Icertis pushes the boundaries of what is possible with Contract Lifecycle Management (CLM). The AI-powered, analyst-validated Contract Intelligence (ICI) platform turns static document contracts into a strategic advantage by structuring and connecting the critical contract information that defines how an organization operates. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and liabilities in their more than 10 million contracts worth more than $1 trillion in more than 40 languages and more than 90 countries.
About Silicon Valley Bank
Silicon Valley Bank, the bank for the world’s most innovative companies and investors, provides commercial banking services, expertise and information to industries in technology, life sciences and healthcare, private equity, venture capital and premium wine. Silicon Valley Bank operates in innovation hubs around the world and is one of SVB’s core businesses along with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps meet the unique needs of its dynamic, innovative, and rapidly growing customers. Learn more at svb.com.
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Senior Manager, Corporate Communications
1 MGI Research 2022: https://mgiresearch.com/research/mgi-forecasts-contract-lifecycle-management-software-global-tam-forecast-2022-2026/