Icertis, a SAP-Backed SaaS Unicorn, recures $75 million in funding
- ByStartupStory | October 27, 2022
Icertis, a pioneer in contract management Software-as-a-Service (SaaS), has raised $75 million in debt financing, according to documents filed with the US Securities and Exchange Commission. After Icertis obtained an unknown amount of capital from German software giant SAP SE in January, the company now owes the money. The digital unicorn with offices in Seattle and Pune raised $80 million in its Series F round, which was led by current investor B Capital Group and included investments from other investors. The startup was valued at $2.8 billion.
At a $5 billion value in September 2022, Japan’s SoftBank Vision Fund acquired shares from Eight Roads, an existing investor in Icertis. Icertis did not provide an official response to the news. Icertisis is a cloud-based enterprise contract management software created in 2009 by Samir Bodas and Monish Darda that provides simple solutions to complex contract administration issues. B Capital Group, Greycroft, and Premji Invest are a few of Icertis’ additional investors.
For companies including AbbVie, Airbus, Apple, BASF, Google, Johnson & Johnson, Merck & Co, Microsoft, and Wipro, its AI-powered Icertis Contract Intelligence (ICI) technology administers international contracts. Alternative finance models like venture debt have increased amid a severe financial shortage in India and around the world. One of the first unicorn startups to raise debt is Icertis.
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