March 10 turned out to be quite valuable for Icertis ; a software as a service (SaaS) startup as it managed to increase its monetary portfolio valuation to $ 2.8 billion. It was possible due to latest round of funding which added $ 80 million to the total figure.
The round was pioneered by existing investor B Capital Group in sync with Premji Invest, PSP Growth, Meritech Capital Partners and e.ventures. This has been the recent addition to the buzz as the funds have a major goal to be achieved through this set up.
BACKGROUND
Icertis is famous for providing contract management software to businesses. The company has established partnership with major market leaders like Adobe, Microsoft, salesforce, SAP Ariba and Workday. The major solutions & applications offered include:
- AI applications
- Business applications
- CLM solutions for both department & industry
It was incepted in 2009 and is headquartered at Bellevue, Washington, United States. It has its one engineering office located in Pune. The company has a clear cut goal to transform the foundation of commerce through its contract intelligence in the most suitable manner.
It is associated with more than 90 countries having more than 75 Lakh contracts under management covering 40 plus languages. The client base is spread over 240 clients in different sectors like big tech, retail, travel, transportation and life sciences.
It has collaborated with major Indian companies like Wipro Ltd. And Infosys. It has tried to provide different services to cater to different sectors of requirements with effectiveness. The company has gained quite a great reputation in the market space as it bagged up different recognitions like Gartner Magic quadrant 2020 leader, Forrester wave Report Leader 2021, 200 Deloitte Technology Fast 500, 200 Microsoft Partner Of The year, Financial Times Intelligent and the much desired Forbes 2020 Cloud 100.
WHY FUNDING?
The company conducted Five rounds up to July 2019. The Series F round generated close to $ 80 million. The company has planned to invest the new generated amount in its artificial intelligence and block chain mechanism. This would as per the plans improve the sales and marketing space of the company leading to a expanded effort to enter the untapped markets across Japan, South East Asia and northern Europe.
The study conducted by Forrester Wave claimed a bright future in the second wave for the respective year.
VALUATION
After the recent round; the company became the second most valuable SaaS startup venture in the list after the Fresh works that currently has a total funding of $ 3.5 billion.
The recent addition to the board of directors have been Penny Pritzker and Karyn Smith. The former is the founder& chairman of PSP Partners while the latter had been the US secretary of commerce in Obama government. Both will bring lucrative add on to the company’s strategic strength to gain a sustainable advantage.
Icertis aimed at transforming the foundation of commerce and this is the first step in making that vision more achievable and transparent. The motto is to find the most intelligent way to connect and establish every kind of contract. More diversified portfolio is sure to bring a range of possibilities & opportunities in the market space.
