Icertis is at the forefront of innovation when it comes to the management of contract intelligence and the lifespan of contracts (CLM).
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The announcement was made that the company Icertis has successfully raised $80 million in Series F funding, bringing its total funding to date to nearly $2.8 billion.
Icertis’s valuation is expected to increase by a factor of three for its next Series E transaction, which is slated to take place in July 2019, following the successful completion of a capital round that raised more than $280 million.
The most recent fundraising round, which also included Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures, was spearheaded by B Capital Group, which also had a role as the primary mover.
These funds will be used to expand the company’s marketing operations and to support the establishment of foreign alliances. Additionally, these monies will be utilized to speed up research in areas such as artificial intelligence and blockchain technology.
After soliciting the participation of two highly regarded business leaders, Icertis was able to more than double the size of its Board of Directors.
As the company continues its rapid expansion, Penny Pritzker, founder, and chairman of PSP Partners and a former U.S. secretary of commerce in the Obama administration, as well as Karyn Smith, general counsel of Twilio Inc., will bring significant ideas and knowledge to the table.
Karyn Smith and Penny Pritzker have been appointed to their respective positions as the two newest independent Directors.
Access To The Clm Is Critical For Upper-level Management
Contracts are crucial to a company’s financial, operational, and legal rights and duties, as seen by Icertis’s strong growth despite the COVID-19 virus. Furthermore, it emphasizes how contract lifecycle management (or CLM) has evolved into a necessity for chief executive officers.
Software such as Icertis Contract Intelligence (ICI) can be used to automate the contracting process by gathering both structured and unstructured data from contracts, integrating this data with operational systems, and employing artificial intelligence to ensure that all terms of the contract are met.
The team at Icertis developed an AI-powered platform for managing contracts.
Icertis has developed a contract intelligence solution that is powered by artificial intelligence to aid organizations in digitizing their contracts and generating actionable business insights from the data that is produced as a result of this process.
Icertis, according to Kabir Narang, founding general partner of B Capital Group and one of the company’s founders, helps the world’s most profitable firms boost their contractual profits. Icertis provides these organizations with the tools and resources they require to be successful.
B Capital is a venture capital firm that invests in “top enterprise software startups,” which are companies that develop software to improve the efficiency of business processes and increase employee output.
We are excited to expand our collaboration with Icertis and to become a member of their team as we usher in a new era of global contract intelligence.
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CLM is becoming increasingly popular among businesses of all sizes and operating in a diverse range of industries, making it a subset of enterprise software that is seeing significant expansion. This market is expected to continue expanding at a rate of 35% per year and is now valued at $20 billion based on sopergeekwire.
Icertis has established itself as the undisputed market leader in the fast-growing commercial SaaS sector as a consequence of its forward-thinking strategy and consistent performance over the past several years.
The inclusion of Icertis in The Forrester WaveTM: Contract Lifecycle Management for All Contracts, Q1 2021 helped to increase not just the company’s revenue but also its brand awareness.
Samir Bodas, co-founder, and CEO of Icertis finds it astonishing that CLM software has evolved from a “nice-to-have” to a “critical-must-have” status in such a short amount of time.
In recent years, a function that was formerly considered a nice addition to CLM software has become an imperative must. The decision to bring Penny and Karyn on board with Team Icertis represents a sea change not only for our company but also for the industry as a whole.
During our conversation, I informed Monish about it. Our status as industry leaders will not change very soon. The work that Icertis has put in to modernize various commercial agreements is beginning to bear fruit. Despite this, we are still making significant progress.
