Icertis, a contract intelligence company, which is known for pushing its boundaries beyond and doing the impossible things possible in the field of contract lifecycle management, announced that it raised $80 million in series F funding. This Icertis $80m series ended with a valuation of $2.8B. Till now, Icertis has raised over $280m.
The latest funding round of Icertis was led by the famous and existing investor, B Capital Group. The round was a great one because it included a number of interesting and well-established participants, such as Greyctoft, Meritech Capital Partner, Premji Invest, PSP Growth, and E Ventures.
The company states that it will use this funding for the development, growth, and acceleration of its AI and Blockchain services. Furthermore, it will target more sales as compared to the previous ones. The company also states that it will expand its market in new economies and strengthen its connection with the existing market.
In addition to funding, one more thing has been added to the company. Icertis welcomed two new reputed and well-known personalities as independent directors to its board. These two directors are very famous for their work, expertise, knowledge, and experience in their respective fields. The two newly recruited directors are: Penny Pritzker and Karyn Smith. The main functions of these directors are to bring integral perspective and expertise to the business and to help the business grow at a fast pace.
Kabir Narang, Founding General Partner at B Capital Group, says that “Icertis always comes up with innovations in the field of technology and intelligence, and it has built such an incredible platform that allows organizations to digitize contracts.” The platform is not limited to this; it also allows users to generate great and required business insights from contracts using AI. All over the world, from the largest to the smallest organizations, trust Icertis for its contracts that provide value to the customer.
He added a few more words by saying, “At our company, B Capital, we look for those enterprises or those software-based companies that are good at digitalizing transactions and know how to use AI and technology in the best possible way to deliver value to customers.” We are glad that we have a business relationship with Icertis, and we are excited to continue working with the company and learning a lot from them. Moreover, we are looking forward to working as a team with them on the development of a contract intelligence platform.
Icertis is one of the leading companies that face a huge acceleration in its sales despite the COVID-19 crisis. The company continues its work in the pandemic and works hard to fulfill the requirements of its customers. Icertis has developed an Icertis Contract Intelligence (ICI), which is the source of all commercial, operational, and legal entitlements and obligations that lead the company’s intelligence system to work continuously and in the most effective manner.
The ICI’s work starts when it automatically transacts and digitalizes the contracting process, followed by extraction of the critical structured and unstructured data found in contracts. Once the extraction is done, it automatically connects this data to the operational support system. Icertis is one of the fastest growing software-based companies that covers a market of over $20 billion across various parts of the globe. Its growth rate was measured at a speed of 35% year over year.
On the growth and success of Icertis, its CEO and co-founder, Samir Bodas, always says that “I have seen Icertis’s success from a “nice to have” to a “critical to have” company, and there is a long distance we have traveled between these two sentences.” We are glad that we are a part of this company, and we will try our best to make Icertis one of the world’s best SaaS companies.