Trailblazer Becomes First Billion Dollar Contract Lifecycle Management Company
Icertis, the leading provider of enterprise contract management in the cloud, announced the closing of a $115 million Series E round. With this funding, Icertis becomes the first Contract Lifecycle Management (CLM) company in the world to be valued at more than a billion dollars.
Icertis is recognized as the CLM category leader due to its groundbreaking AI-infused Icertis Contract Management (ICM) platform and unparalleled success in winning Global 2000 customers. It counts some of the most sophisticated enterprises across all major verticals, as well as 5 of the world’s top 10 most valuable companies, as its customers. Today, the ICM platform helps customers worldwide manage over 5.7 million contracts with an aggregate value of more than $1 trillion.
The round was co-led by Greycroft and Premji Invest with participation from existing institutional investors including B Capital Group, Cross Creek, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth.
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“When Greycroft invests in a company, we commit to a long-term partnership and, since leading their Series A round in 2015, we’ve been proud to support Icertis as it transforms the foundation of commerce,” said Mark Terbeek, Partner, Greycroft. “Over that time, we’ve seen the company become the undisputed CLM leader, acquiring a huge stable of blue-chip customers and generating a return on capital that is among the best we’ve ever seen. We have no doubt they will become the next giant in the enterprise SaaS market.”
“As we run a long-term evergreen crossover fund, we look for companies with enduring growth prospects that can execute and thrive well beyond an initial public offering,” said Sandesh Patnam, Lead Partner for Premji Invest in the US. “Icertis has all the hallmarks of a company that will grow into a juggernaut – an innovative product that delivers substantial value for customers, deep cash reserves to develop the market and a track record of flawless execution.”
For the first time in history, contracts are being digitized, allowing enterprises to reimagine contract management and place it at the center of their commercial processes. The ICM platform, powered by artificial intelligence, unlocks the commercial value embedded in a company’s contracts. By transforming these static documents into strategic digital assets, enterprises can protect against risk, improve compliance, accelerate business velocity, and optimize commercial relationships over the entire life of the contract.
“Companies must re-imagine every business process to compete in today’s hyper-competitive global markets,” said Samir Bodas, CEO and Co-founder of Icertis. “Nothing is more foundational than contract management as every dollar in and every dollar out of a company is governed by a contract. As the CLM market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute on our mission to become the contract management platform of the world.”
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The CLM market is massive and growing rapidly – MGI Research estimates the total addressable market (TAM) over $20 billion, with SaaS CLM growing at a 31% compound annual growth rate. “The growth in CLM adoption is fueled by digital transformation,” said Igor Stenmark, MGI Research Managing Director. “Companies are re-focusing technology investments away from traditional ERP/Financial suites towards automating and digitally instrumenting key processes like contract management. Enterprise contract management providers like Icertis are well-positioned to ride this wave.”
Icertis consistently garners high scores and strong reviews in analyst- and customer-driven assessments. The company “has continued to improve its CLM product and has acquired a series of Fortune 100 clients as a result,” writes Andrew Bartels, author of The Forrester Wave™: Contract Lifecycle Management for All Contracts, Q1 2019. In this comprehensive evaluation by Forrester, Icertis received the top score out of all vendors in the Current Offering category and the highest score possible in the Customer References category.
The new funds will be used to:
- Increase investment in the industry-leading ICM platform and growing stable of verticalized business applications built on the platform to help customers increase revenue, reduce costs, improve cash flow, manage risk and ensure compliance.
- Extend the Icertis Blockchain Framework, the world’s first blockchain framework integrated with an enterprise contract management platform, to create practical and transformative solutions to solve real-world business challenges including supply chain transparency, certification compliance, outcome-based pricing and more.
- Accelerate the infusion of artificial intelligence and advanced cognitive services into the ICM platform to solve previously intractable enterprise contract management challenges that can be uniquely addressed only by these new technologies.
- Scale sales and marketing efforts globally to reach every leading company in the world, and expand business development initiatives to grow the partner ecosystem.
- Finance opportunistic acquisitions tied to commercial value generation in contracting.
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