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Icertis raises $150 million to drive contract lifecycle management business

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Software-as-a-Service (SaaS) company Icertis on Monday it said it has secured $150 million in funding, consisting of a revolving credit facility and convertible financing from Silicon Valley Bank.



Icertis said the funds will enable the company to further expand the company’s leadership position in the Contract Lifecycle Management (CLM) category through the application of transformational technologies such as artificial intelligence, machine learning and Blockchain to deliver material, unique and consistent value to customers.

“We continue to see strong momentum with our clear value proposition as we help clients become more agile, drive efficiencies and respond to market challenges such as inflation, sanctions, economic slowdown and supply chain disruptions,” said Rajat Bahric, financial director from Icertis.

“This new funding from Silicon Valley Bank is a great vote of confidence in our growth trajectory, strengthening our already strong capital position and allowing us to lean to capture and build market share into the next exciting chapter in our company’s journey” , he says. said in a statement.

The Icertis Contract Intelligence platform helps companies to structure critical commercial, legal and operational data within contracts and to link that data to surrounding procurement, ERP, HCM and CRM systems.

According to MGI Research, the total addressable market category for CLM will grow to $30 billion over the next five years.

“Understanding and leveraging the underlying data can have a significant business impact across a wide range of enterprises. We are proud to support the Icertis team in building a sustainable and leading business software company,” said Bob Blee, head of US Technology Corporate Banking at Silicon Valley Bank.

Icertis handles more than 10 million contracts worth more than $1 trillion in more than 40 languages ​​and more than 90 countries.

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