Funds to be used to extend the company’s position in technologies such as artificial intelligence, machine learning, and blockchain.
Icertis, a contract lifecycle management (CLM) platform, has secured $150 million in funding, comprised of a revolving credit facility and convertible financing from Silicon Valley Bank.
The funds will enable Icertis to further extend the company’s position in the CLM category by accelerating the application of transformational technologies such as artificial intelligence, machine learning, and blockchain, to deliver material, unique, and consequential value to customers the company said.
Rajat Bahri, CFO of Icertis, said, “this new funding from Silicon Valley Bank is a major vote of confidence in our growth trajectory, enhancing our already strong capital position, and enabling us to capture market share.”
Icertis continues to see strong momentum with a clear value proposition to help customers become more agile, drive efficiencies, and respond to market challenges such as inflation, sanctions, economic slowdown, and supply chain disruptions, he added.
The Icertis Contract Intelligence platform helps companies structure critical commercial, legal, and operational data within contracts and connect that data to surrounding procurement, ERP, HCM, and CRM systems, enabling enterprises to accelerate revenue, reduce costs, manage risk, and ensure compliance.
Understanding and harnessing the underlying data can drive material business impact to a wide range of enterprises. We’re proud to support the Icertis team as they build an enduring and industry-leading enterprise software company.”