Software-as-a-Service (SaaS) unicorn Icertis on Monday said it has bagged $150 million in funding in the form of a revolving credit facility and convertible financing from Silicon Valley Bank.
Of the $150 million in financing, Icertis has raised $75 million in convertible debt and secured a $75 million revolving credit facility. This financing does not change the company’s valuation, the company said.
The enterprise contract lifecycle management firm, last valued at $2.8 billion, plans to use the capital to extend the company’s leadership position in the contract lifecycle management (CLM) category, it said in a statement.
“This new funding from Silicon Valley Bank is a major vote of confidence in our growth trajectory, enhancing our already strong capital position, and enabling us to lean in to capture market share and build towards the next exciting chapter in our company’s journey,” said Rajat Bahri, chief financial officer of Icertis.
Icertis is headquartered in Washington, United States. In India, the company has an office in Pune, Maharashtra. Out of the company’s 2,700 employees, 2,000 are in India.
The firm had previously raised $80 million (around Rs 580 crore) in a Series F round last year in March, after which it was valued at $2.8 billion. Prior to that, the company had raised $115 million (around Rs 791.6 crore) in a Series E round in July 2019. The round, led by PremjiInvest and US-based Greycroft Partners, had propelled the firm into the unicorn club.
B Capital Group-backed Icertis was founded in 2009 by Samir Bodas and Monish Darda. It provides enterprise contract management software in the cloud, with its products and services focusing on several departments including corporate, finance, and legal.
“Contracts are the foundation of commerce, sitting at the intersection of almost all business processes. Understanding and harnessing the underlying data can drive material business impact to a wide range of enterprises,” said Bob Blee, Head of US Technology Corporate Banking at Silicon Valley Bank.
Silicon Valley Bank, a commercial bank, is the California bank subsidiary of SVB Financial Group.
