Update, Oct. 31: Icertis issued a press release noting $150 million in new capital, including a revolving credit facility and convertible financing that was revealed in the SEC filing noted below.
Original story: Bellevue, Wash.-based contract management software provider Icertis raised $75 million, according to a new SEC filing.
We’ve reached out to the company for more details and will update this story when we hear back. Update: Icertis confirmed the funding amount listed in the filing, which describes the fresh cash as debt. “We have a strong capital position and view this financing as an opportunity to ensure maximum flexibility for our business as we continue to drive the category forward in the future,” Icertis CFO Rajat Bahri said in an emailed statement.
Founded in 2009, Icertis is one of a handful of Seattle-area unicorns. The company was valued $2.8 billion after raising a $80 million Series F round in March 2021, and was reportedly valued at $5 billion late last year. It has raised more than $300 million to date. Investors include heavyweights such as SAP and SoftBank.
The company ranks No. 2 on the GeekWire 200, our list of top privately held Pacific Northwest tech startups.
Icertis sells contract management software across 90 countries. The idea is to help companies keep track of deals with suppliers and customers, and negotiate better contracts by highlighting ways to save money or move faster. Its customers include Accenture, Microsoft, SAP, Mercedes-Benz, and Johnson & Johnson.
Icertis competes with DocuSign, SirionLabs, Conga, and many others that also focus on contract management.
The company’s annual recurring revenue grew more than 50% in the first half of 2022.
Earlier this month Icertis hired Deanna Lanier, a former exec at Infor, as chief strategy officer. The company is led by CEO and co-founder Samir Bodas, a veteran of Microsoft and Aztecsoft.
Editor’s note: This story was updated with comments from Icertis and valuation information.
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