Icertis, a contract management software company based in Bellevue, Wash., has raised $50 million in a new investment from existing backer B Capital. The company confirmed the funding on Wednesday and stated that the fresh cash will be used to pay down outstanding debt. Founded in 2009, Icertis has now raised more than $500 million to date, according to PitchBook.
The company is backed by industry heavyweights such as SoftBank and SAP and was valued at $5 billion in 2021. B Capital, a venture capital firm based in Southern California, first invested in the company in 2017. Icertis reported more than $300 million in annual recurring revenue in 2024 and generated positive free cash flow.
The company has been rolling out various updates and features in recent years. It competes with a number of other contract management software providers, including DocuSign, Ironclad, and Sirion Labs. Icertis is led by co-founder and longtime CEO Samir Bodas.
The company in 2022 hired finance veteran Rajesh Ramachandran, who helped take Wish public in 2020. More recently, Icertis added Rohit Ghai as chief operating officer and Isabelle Dumont as chief marketing officer. US-based contract management SaaS firm Icertis is set to raise $50 million in a new funding round, according to a Form D filed with the US Securities and Exchange Commission (SEC).
The filing did not disclose the names of the investors. Last year, reports indicated that SoftBank was likely to invest in Icertis’ new funding round, which might conclude at $150 million.
Icertis’ latest funding details
This round follows Icertis’ previous $150 million funding in October 2022, consisting of a revolving credit facility and convertible financing from Silicon Valley Bank. Icertis is an enterprise contract management software provider offering AI-powered solutions to enhance risk management, compliance, and efficiency across departments like finance, legal, procurement, and sales. According to startup data intelligence platform TheKredible, Icertis has raised $522 million prior to this round, including both debt and equity, from investors such as Silicon Valley Bank, B Capital, and Premji Invest.
Icertis achieved unicorn status in July 2019 after raising $119 million in its Series E round led by Premji Invest. It was last valued at around $5 billion. In India, the company is headquartered in Pune.
Icertis’ Indian entity reported a 33% growth in its operating revenue to Rs 863 crore in FY24 from Rs 649 crore in FY23. The company registered a profit of Rs 97 crore in FY24 compared to Rs 71 crore in the previous fiscal year. Icertis is enhancing its AI capabilities by further developing its agentic AI platform and integrating artificial intelligence into enterprise workflows.
As the company eyes an IPO, it maintains its focus on execution, partnerships, and acquisitions amidst rising competition in the contract management sector. Monish Darda, CTO and co-founder of Icertis, emphasized the company’s commitment to innovation in AI as a critical component of their strategy to stay competitive and deliver enhanced value to clients. The advancements in Icertis’s AI capabilities reflect a broader industry trend where AI is becoming integral in optimizing business processes, minimizing risks, and improving compliance in contract management.
As the market for contract management solutions becomes increasingly crowded, Icertis’s focus on leveraging AI positions it strongly to capture a significant share of the market. With these developments, Icertis aims to strengthen its market position and drive future growth, ensuring it remains a forerunner in AI-driven contract management solutions.
Photo by; Jonathan Borba on Pexels
