Icertis Raises $150 Million at a $5 Billion Valuation

Icertis is a cloud-based enterprise contract management software platform that provides solutions on hard contract management platforms. Founded as a company to help businesses manage their contracts, further started assisting companies in ensuring the visibility of contracts, at the same time helping them to maintain compliance with local rules.

The new funding came from Silicon Valley Bank. “We are thrilled to work with Icertis and support its continued growth as a market-leading contract intelligence platform…Contracts are the foundation of commerce, sitting at the intersection of almost all business processes,” Bob Blee, head of US Technology Corporate Banking at Silicon Valley Bank.

Icertis, Washington, USA, was founded by Samir Bodas and Monish Darda in 2009. The company provides tools for managing procurement, sales, and corporate contracts. The Icertis platform can systemize contracts and the associated documentation, as well as can read and analyze them to make risk management reports. With the usage of AI, the service can process more than 7000 types of contracts across 11 verticals. “We are forging and leading a new category of technology — contract intelligence — which uses AI to automate processes and deliver insights with structured, connected contract data to digitally memorialize the purpose of every commercial relationship and ensure the intent of those agreements is fully realized,” Samir Bodas, CEO, said.

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