Operating a growing business alone is an impossible venture. Somewhere along the way, executives will need more hands on deck to build and distribute their solutions, including help from other businesses. However, managing these contracted relationships often becomes complicated due to factors like fluctuating market conditions and supply chain interruptions.
By using information from a business’ contracts, Icertis wants to help organizations gain a strategic advantage over their competitors. Icertis announced Monday a $150 million capital injection to further its solution. Its latest round includes a credit facility and convertible financing from Silicon Valley Bank.
The capital will go toward enhancing Icertis’ automated contract lifecycle management, or CLM, solution. Its artificial intelligence-powered platform lets companies digitally record their contracts’ purposes and helps ensure those agreements are fully realized. Icertis offers solutions for professionals in corporate, legal, procurement and other areas within industries like healthcare, financial services, retail and the public sector.
“Icertis continues to lead the contract management category by applying emerging technologies, like AI, to transform contracts from static documents into strategic advantage [and] structuring and connecting the critical data within contracts to automate processes, maximize contract value and drive efficiencies,” Rajat Bahri, CFO of Icertis, told Built In via email.
Icertis added nearly twice as many customers as it did in 2020, bringing names like EMAG Group, PacSun and Red Bull GmbH onto its roster. It also brought on more than a dozen new business partners such as Carahsoft and Consilio.
The company’s recent growth consists of several facets. It launched CLM tools for several verticals, grew its enterprise customer base and increased its partnership network over the course of 2021.
Following these events, Icertis was named a leader in the 2022 Gartner Magic Quadrant within the CLM category for its completeness of vision. This marks the third year in a row Icertis has received this recognition.
“The most recent Gartner Magic Quadrant [achievement] and our [more than] 50 percent annual growth rate demonstrate our product superiority and ability to deliver unprecedented capabilities and value to the market,” Bahri said.
Icertis wants to prove its capability with the money from its latest investment. The company aims to further its business’ flexibility and add more value to customers by accelerating the application of AI, machine learning and blockchain technology in its solution.
