Founded in 2009 by Samir Bodas and Monish Darda and based in Bellevue, Washington, Icertis offers cloud-hosted contract lifecycle management tools for procurement, sales and corporate contracts. The platform uses AI, natural language processing, machine learning and blockchain to extract structured contract data, deliver risk and compliance reports, track obligations and automate processes. Management says it will accelerate application of those transformational technologies to deliver material value to customers and to fend off rivals in the contract management space. Icertis reports handling more than 10 million contracts worth over $1 trillion across more than 90 countries and the platform can process over 7,000 contract types across 11 verticals. The company exited 2021 with annual recurring revenue north of $100 million and recently surpassed $200 million in recurring revenue. Icertis has partnerships with SAP (including integrations with Ariba, Fieldglass, S/4HANA and SuccessFactors), minority stakes held by SAP and SoftBank, and customers including Microsoft, Boeing, Google, Johnson & Johnson, Sanofi, Mercedes‑Benz and Qantas. Icertis sells contract management software that helps companies keep track of deals with suppliers and customers. The company was founded in 2009 and is based in Bellevue, Wash. Icertis has an expanded partnership with SAP — the two first partnered in 2020 — and the latest SAP backing is part of that broader go-to-market collaboration to offer joint solutions to customers. In October SoftBank made an investment that the company says valued Icertis at $5 billion; Bloomberg reported SoftBank paid around $80 million for a stake owned by prior backer Eight Roads, a detail the company declined to confirm. Earlier, Icertis raised $80 million in March that valued it at $2.8 billion and brought total funding to $280 million at the time; the company did not provide an updated funding total. Icertis offers the Icertis Contract Intelligence (ICI) platform, an AI-driven CLM solution that digitizes contracts, extracts structured and unstructured data, and connects that data to operational systems. The platform leverages AI to ensure contract intent is realized and to turn contracts from static documents into strategic assets. The company plans to use new funding to accelerate its AI and blockchain development, expand sales and marketing presence, and build out a global partner network. Icertis is led by CEO and co-founder Samir Bodas and is headquartered in Seattle, WA. Financially, the company closed an $80M Series F at a valuation above $2.8 billion and has raised over $280M to date. Icertis develops cloud-based software to help large companies create, manage and track contracts across procurement, sales and corporate functions, including non-disclosure agreements. Its software ensures regulatory compliance, monitors when contract terms are met, and automates administrative tasks such as renewal reminders. The company manages more than 5.7 million contracts with an aggregate value exceeding $1 trillion and currently generates about $100 million in revenue. Icertis plans to use new capital to expand its technology platform to address wider use cases and to broaden a blockchain framework that integrates with enterprise contract management platforms for supply chain transparency and certification compliance. It also intends to scale sales and marketing, expand its partner ecosystem and pursue acquisitions that fit its contracting business. Icertis is headquartered in Washington, was founded originally in India, and has offices in Seattle, Pune, Singapore, London, Paris and Sydney. Icertis offers a cloud-based, AI-powered enterprise contract management platform (ICM) used to manage contracts and surface commercial insights. The platform is used to manage over 5 million contracts by more than 2 million subscribers across 90+ countries and in 40+ languages. Icertis positions its product to increase contract velocity and agility, proactively manage entitlements and obligations, and provide risk and compliance intelligence. The company plans to use new funding to accelerate investment in ICM’s risk management, compliance, and revenue-optimization capabilities driven by artificial intelligence. Management also intends to expand Icertis’s geographic presence across North America, EMEA, and Asia Pacific and opportunistically acquire technologies that address emerging needs. Marquee customers include BASF, Kansas City Southern, Lufthansa AirPlus, Sanofi, Wipro, 3M, AbbVie, Airtel, Daimler and Microsoft.

Total raised

$441M

Funding rounds

9

Latest round

Convertible Note

Latest activity

Oct 2022