Icertis raises USD 80 mn in funding from investors

Tech solutions provider Icertis on Thursday said it has raised USD 80 million in funding (over Rs 581 crore), led by existing investor B Capital Group. The series F round, which valued the company had over USD 2.8 billion, also saw participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures. Icertis has now raised over USD 280 million, and the current financing nearly triples the valuation of its series E round in July 2019, a statement said. 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, it added.

In addition, Icertis has added members to its Board of Directors as independent directors – Penny Pritzker (founder and Chairman of PSP Partners) and Karyn Smith (general counsel at Twilio Inc). Icertis’ solution in the contract lifecycle management (CLM) space that allows customers to manage sell-side, buy-side and corporate contracts on one platform. “It is immensely satisfying to have led the transformation of CLM from a ‘nice-to-have’ to a ‘critical-to-have’ software category. 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,” Samir Bodas, CEO and co-founder of Icertis, said.

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Icertis has a massive presence in India and some of its biggest customers include Infosys, Lupin, Airtel, Genpact. Out of its 1,500 employees globally, about 900 employees are India-based. The funds raised by the company will be largely used to strengthen and build the product. This involves adding to the existing Indian workforce to keep improving the AI-ML and Natural Language Processing capabilities of the Icertis Contract Intelligence (ICI) platform. Icertis intends to expand the headcount in R&D by 30-40 per cent during the upcoming fiscals and will also expand the India sales team, it said.