Icertis Raises Finance: Software-as-a-Service (SaaS) startup Icertis said on Monday that Silicon Valley Bank has provided the company with a revolving credit line and convertible financing worth $150 million.
Icertis has raised $75 million in convertible notes and obtained a $75 million revolving credit facility out of the total $150 million in the deal. According to the company, this financing has no impact on the company’s valuation.
The enterprise contract lifecycle management company, 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 market (CLM).
“This new funding from Silicon Valley Bank is a major vote of trust in our growth path, boosting our exist strong capital position, and allowing us to lean in to gain market share and construct towards the next exciting chapter in the history of our company,” said Rajat Bahri, CFO of Icertis.
Washington, D.C., is home to Icertis’s corporate headquarters. The business has offices in Pune and Maharashtra in India. Two thousand of the company’s 2700 workers work in India.
The company had earlier raised $80 million (about 580 crores) in a Series F round in March of the previous year. The business has previously received $115 million (about 791.6 crores) in Series E financing in July 2019. PremjiInvest and US-based Greycroft Partners had led the deal, which had moved the company into the unicorn club.
Samir Bodas and Monish Darda created Icertis in 2009 with funding from B Capital Group. 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 cornerstone of business, forming the junction of practically all business activities. According to Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank, “understanding and utilizing the underlying data can bring meaningful commercial effect to a wide spectrum of organizations.”
The California-based bank subsidiary of SVB Financial Group is Silicon Valley Bank, a commercial bank.