Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Icertis Cements Undisputed CLM Market Leadership with $115 Million Round

This image opens in the lightbox

News provided by

Icertis

17 Jul, 2019, 11:30 GMT

Share this article

Share toX

Share this article

Share toX

Trailblazer Becomes First Billion Dollar Contract Lifecycle Management Company

BELLEVUE, Washington, July 17, 2019 /PRNewswire/ -- Icertis, the leading provider of enterprise contract management in the cloud, today 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.

"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."

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.

Icertis has achieved a 125% compound annual growth rate (CAGR) over the past four years. To address this rapid expansion, Icertis opened offices in London, Paris, Singapore, Sydney and Sofia, Bulgaria in the last 18 months, bringing the company's worldwide office count to 12. The company is experiencing more growth than ever and today has customers across all major industry verticals including ABB, Airbus, 3M, BASF, Bertelsmann, Cognizant, Daimler, Humana, Johnson & Johnson, Microsoft, Qantas and more.

Icertis received the following industry, partner, customer, and employee recognition recently:

  • Leader in the Forrester Wave™: Contract Lifecycle Management for All Contracts, Q1 2019
  • AI Brave award for AI capabilities
  • Top Innovative Supplier for Daimler globally
  • IACCM EMEA Award for Excellence and Innovation 
  • Top Company to Work For in Washington State
  • Microsoft US Manufacturing Partner of the Year Award 

For more information about Icertis, visit our Series E press kit. 

About Icertis
Icertis, the leading enterprise contract management platform in the cloud, solves the hardest contract management problems on the easiest to use platform. With Icertis, companies accelerate their business by increasing contract velocity, protect against risk by ensuring regulatory and policy compliance, and optimize their commercial relationships by maximizing revenue and reducing costs. The AI-infused Icertis Contract Management (ICM) platform is used by companies like 3M, Airbus, Cognizant, Daimler, Microsoft and Sanofi to manage 5.7 million contracts in 40+ languages across 90+ countries.

Icertis Media Contact:
Haley Flanagan
Corporate Communications Manager
CorpComm@icertis.com 
+1 425-869-7649

Logo - https://mma.prnewswire.com/media/371539/picture1_Logo.jpg

Related Links

http://www.icertis.com

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.