Icertis, a Seattle, Washington-based provider of contract lifecycle management (CLM), secured a $80 million Series F fundraising round at a valuation of more than $2.8 billion.
Icertis has increased its valuation from $1.1 billion in 2019 to $2.8 billion as a result of a new $80 million financing round. The Seattle-area business offers software for contract administration in 90 different nations.
By emphasizing opportunities to save money or move more quickly, the goal is to assist businesses in keeping track of contracts with customers and suppliers and negotiating better ones.
Customers include Google, Microsoft, Hanes, Johnson & Johnson, Apple, BestBuy, and Best. The total addressable market, according to Icertis, is expected to reach $20 billion, with a 35% annual growth rate as per 280msopergeekwire.
Icertis Experiences Accelerated Growth.
Icertis reported that it makes “well north” $100 million in total revenue. Despite competition from a wide range of organizations including DocuSign, SAP, and Oracle as well as smaller businesses that focus more closely on contracts like Conga and ContractWorks, it is experiencing accelerated growth.
In recent research by Forrester on the Contract Management Lifecycle category, Icertis was named as a market leader. CEO Samir Bodas stated in a statement, “We’re supremely well-positioned to sustain our unquestioned leadership.”
Funding And Working Related To Icertis
Currently, $280 million has been raised in total. The most recent cash raise for Icertis was a $115 million round in July 2019. After raising its $50 million Series D round, it received “Deal of the Year” recognition at the 2018 GeekWire Awards.
Penny Pritzker, the founder and chairman of PSP Partners and a former U.S. secretary of commerce, and Karyn Smith, the general counsel at Twilio, joined the board of Icertis as a result of the new funding.
Icertis is one of the 10 unicorns, or businesses, in the Seattle area with a valuation of $1 billion or more. Highspot, Rad Power Bikes, Tanium, Zenoti, and more businesses have lately raised significant amounts of money.
The amount of venture funding going to tech firms in the Pacific Northwest broke records last year, and the rate doesn’t seem to be slowing down anytime soon.The vibrant business-to-business technology ecosystem in Seattle and the surrounding area is receiving more attention as the COVID-19 epidemic speeds up the adoption of digital technologies.
Bodas, a Microsoft alumnus who worked there for seven years in the 1990s, made presentations to Bill Gates and Steve Ballmer. With former BladeLogic executive Monish Darda, he co-founded Icertis in 2009.
About The Company
Samir Bodas, the company’s Chief executive officer and co-founder, leads Icertis, which delivers a CLM platform driven by AI. This platform turns contracts from static documents into product differentiation by gathering and connecting the crucial contract data that affects how a company manages.
Icertis has 1,400 employees worldwide, with around 200 of them based in the Seattle region.
Conclusion
More than half of the GeekWire 200 list, 70% of the top 20 technology companies in the Pacific Northwest, and Icertis’ assessment of the top secretive startups are startups that sell to other companies like this.
Bodas, a Microsoft alumnus who worked there for seven years in the 1990s, made presentations to Bill Gates and Steve Ballmer. With former BladeLogic executive Monish Darda, he co-founded Icertis in 2009.
