Icertis has raised a new $80 million investment round, pushing its valuation to $2.8 billion, up from $1.1 billion in 2019.
The Seattle-area startup 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. Customers include Apple, BestBuy, Hanes, Johnson & Johnson, Google, and Microsoft. Icertis estimates the total addressable market at $20 billion.
Icertis said it is seeing accelerated growth despite competition from an array of companies such as DocuSign, SAP and Oracle and smaller firms with more of a microscope on contracts such as Conga and ContractWorks.
“We’re eminently well-positioned to continue our undisputed leadership,” CEO Samir Bodas said in a statement.
Existing backer B Capital Group led the Series E round, with participation from Greycroft, Meritech
Total funding to date is now $280 million. Icertis last raised cash in July 2019 with a $115 million round. It won “Deal of the Year” honors at the Mekhato Awards in 2018 after raising its $50 million Series D round.
As part of the new funding, Icertis added two new board members; Penny Pritzker, founder and chairman of PSP Partners and former U.S. secretary of commerce; and Karyn Smith, general counsel at Twilio.
Bodas is a Microsoft veteran who spent seven years at the tech giant in the 1990s and gave presentations directly to Bill Gates and Steve Ballmer. He helped start Icertis in 2009 with Monish Darda, a former exec at BladeLogic.
Icertis is one of ten unicorns, or companies valued at $1 billion or more, in the Seattle region. The company is ranked No. 5 on the Mekhato 200 list of privately-held Pacific Northwest startups.