Icertis, a Software-as-a-Service (SaaS) unicorn, said on Monday that Silicon Valley Bank had provided it with a revolving credit line and convertible financing totaling $150 million.
Icertis has raised $75 million in convertible notes and obtained a $75 million revolving credit line as part of the $150 million in funding. According to the corporation, this funding has no impact on the company’s worth.
The enterprise contract lifecycle management business, which had a March 2021 valuation of $2.8 billion, said in a statement that it will utilize the funds to strengthen its hold on the top spot in the contract lifecycle management (CLM) market.
“This new funding from Silicon Valley Bank is a major vote of confidence in our growth trajectory, enhancing our already strong capital position, and enabling us to lean in to capture market share and build towards the next exciting chapter in our company’s journey,” said Rajat Bahri, CFO of Icertis.
The headquarters of Icertis is in Washington, D.C. The business has a presence in India Pune, Maharashtra. Around 2700 people work for the firm, with 2,000 of them based in India.
Earlier in March of last year, the company received $80 million (around 580 crores) in a Series F investment. Before that, in July 2019, the business raised $115 million (about 791.6 crores) in Series E financing. The company has entered the unicorn club as a result of the round, which was headed by PremjiInvest and US-based Greycroft Partners.
Supported by B Capital Group In 2009, Samir Bodas and Monish Darda launched Icertis. It offers cloud-based enterprise contract management software and specializes in SaaS solutions and services for the corporate, financial, and legal sectors.
“Contracts are the foundation of commerce, sitting at the intersection of almost all business processes. Understanding and harnessing the underlying data can drive material business impact to a wide range of enterprises,” said Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank.