Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), today announced the closing of an $80 million Series F round at a valuation of over $2.8B. Icertis has now raised over $280 million, and the current financing nearly triples the valuation of its Series E round in July 2019. The latest round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. The company will use this funding to invest in accelerating AI and Blockchain development, expanding its sales and marketing footprint, and building out its global partner network.
In addition, Icertis added two distinguished business executives to its Board of Directors. The new independent Directors, Penny Pritzker, founder and Chairman of PSP Partners, and former U.S. Secretary of Commerce in the Obama Administration; and Karyn Smith, general counsel at Twilio Inc., will bring integral perspectives and expertise as the company’s business continues to grow rapidly.
CLM Emerges as the C-Suite’s Go-To Intelligence Platform
Icertis is experiencing accelerated growth, despite headwinds from COVID-19, highlighting the critical importance of contracts – the single source of truth for ALL the commercial, operational, and legal entitlements and obligations of a company – and CLM’s emergence as a “must have” system of intelligence for CxOs. Icertis leads the category because the Icertis Contract Intelligence (ICI) platform digitizes the contracting process, uniquely extracts the critical structured and unstructured data found in contracts, connects this data to operational surround systems, and leverages the power of AI to ensure the intent of every contract is fully realized.
“Icertis has built a mission critical contract intelligence platform which allows organizations to digitize contracts and generate business insights from contracts using AI. The world’s largest corporations, across industries trust Icertis to generate value from their contracts,” said Kabir Narang, Founding General Partner at B Capital Group. “At B Capital, we look to back leading enterprise software companies which are digitizing traditional analog workflows enabling collaboration and generating value for businesses. We are excited to deepen our relationship with Icertis and look forward to continue working with their incredible team as they build the contract intelligence platform for the world.”
CLM is one of the fastest growing enterprise software categories increasingly recognized as a universal, critical asset for businesses of all sizes, across all industries, in every geography. The category has ballooned to an addressable market of over $20B*, growing at a rate of over 35% year-over-year. Due to its bold vision and track record of execution, Icertis is the undisputed leader of this vast, emerging enterprise SaaS category. And, in addition to its commercial momentum, Icertis was named a leader in the recent report, The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021.
“It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have’ to a ‘critical-to-have’ software category,” said Samir Bodas, CEO and Co-founder, Icertis. “As our company and category enter an exciting new phase with the closing of this new round, Monish and I are also thrilled to welcome Penny and Karyn aboard Team Icertis. We’re eminently well-positioned to continue our undisputed leadership. Icertis is clearly out in front and executing on our vision to transform contracting – the foundation of commerce – and this is just the beginning!”
Strengthening the Board
Penny Pritzker is an accomplished entrepreneur and civic leader, founder and Chairman of PSP Partners and its affiliates, Pritzker Realty Group, PSP Capital, and PSP Growth. From 2013 through 2017, she served as U.S. Secretary of Commerce in the Obama Administration. Penny is also a philanthropist, co-founding the Pritzker Traubert Foundation, a private philanthropic foundation that works to foster increased economic opportunity for Chicago families. She brings a passion for diversity and drive to build a more inclusive economy to every project and business she supports. In addition, she has served as an advisor to Icertis’ board since 2018.
“From my experience in business, as well as in government as Secretary of Commerce, I have a deep appreciation for how Icertis is addressing a critical business priority – contract intelligence,” said Penny Pritzker. “My exposure to the Icertis Advisory Board for the past several years has reinforced to me Icertis’ market leadership in a massive and growing global market, as well as its stellar team of smart, dedicated leaders who possess an enduring commitment to strong values and building a great culture. Needless to say, I believe that Icertis has a very bright future.”
Karyn Smith serves as general counsel, chief compliance officer, and corporate secretary for Twilio Inc., the leading cloud communications platform. Karyn has more than 25 years of experience working with high growth, innovative technology companies, including leading Zynga, Inc. and Twilio through initial public offerings in 2011 and 2016, respectively. During her tenure at Twilio, Karyn has helped to lead the company through exponential growth, joining as the first lawyer at the company to leading a global team of more than 90 today. She has been a facilitator and participant in the boardroom for more than 25 years, and will bring her skills in leading IPOs, corporate governance, mergers and acquisitions, and risk management to Icertis’ Board.
“As a lawyer and corporate leader, I’ve had the opportunity to help guide many companies through rapid growth and global expansion, while managing risk and compliance. I know first-hand how digitally transforming contracting can benefit companies,” said Karyn Smith. “General counsels and C-suite leaders in every industry will increasingly look to their CLM system to strengthen key relationships, respond to new opportunities, and have the visibility into suppliers and agreements today’s marketplace demands. I’m excited to work with Samir and the rest of the Board, and I look forward to leveraging my experience to help the Icertis team continue their mission to be the contract intelligence platform of the world.”
