Icertis Revenue, Valuation, Funding & Investors
Icertis is valued at $2.8B as of March 2025, a 9.3x multiple on its last reported $300M revenue.
Last Icertis valuation
$2.8B
Undisclosed stage · Mar 2025
Last Icertis funding round
$50M
Undisclosed stage · Mar 2025
Icertis revenue
$300M
Undisclosed stage · Mar 2025
Key investors in Icertis
Greycroft
Eight Roads Ventures
B Capital
Headline
Ignition Partners
Meritech Capital Partners
About Icertis
Icertis is Bellevue-headquartered provider of Contract Lifecycle Management platform on Microsoft Azure. The SaaS solution automates contract authoring, negotiation, and compliance for enterprises like Boeing and Cognizant. Features include AI-driven clause extraction, renewal management, and obligation tracking across 90 countries. Icertis processes billions in contract value annually, integrating with Salesforce, SAP, and ServiceNow. Founded in 2009, it holds ISO 27001 certification and serves legal, sales, and procurement teams globally.
Founded
2009
HQ
Seattle, WAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$300M (Mar 2025)
Valuation
$2.8B (Mar 2025)
Icertis Valuation
Icertis is currently valued at $2.8B, based on its undisclosed-stage round in March 2025.
The $50M round was led by B Capital.
Icertis' valuation has grown 5.6x from $500M at its Series D in February 2018 to $2.8B in March 2025, across 6 priced rounds.
Icertis valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2025 | Undisclosed stage | $2.8B | 9.3x |
| Oct 2022 | Undisclosed stage | $2.8B | 14.0x |
| Oct 2021 | Secondary | $5B | - |
| Mar 2021 | Series F | $2.8B | 28.0x |
| Jul 2019 | Series E | $1B | 10.0x |
| Feb 2018 | Series D | $500M | - |
Icertis Revenue
Icertis' latest recorded revenue is $300M, as of its undisclosed-stage round in March 2025. At a $2.8B valuation, that implies a 9.3x revenue multiple.
Revenue grew from $100M in July 2019 to $300M in March 2025, while the revenue multiple moved from 10.0x to 9.3x.
Icertis revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2025 | $300M | $2.8B | 9.3x | Undisclosed stage |
| Oct 2022 | $200M | $2.8B | 14.0x | Undisclosed stage |
| Mar 2021 | $100M | $2.8B | 28.0x | Series F |
| Jul 2019 | $100M | $1B | 10.0x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Icertis Funding History
Icertis has raised a total of $417M across 9 funding rounds, plus 1 secondary share sale.
Icertis' first fundraising round was a $500K Series A in March 2013. The most recent completed round was a $50M undisclosed-stage round in March 2025.
Icertis funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Undisclosed stage | B Capital (lead) | $50M | $2.8B | Icertis, a Bellevue, Washington-based contract lifecycle management (CLM) software provider founded in 2009 by Samir Bodas and Monish Darda, raised $50 million in a Series G round on March 18-19, 2025, from investors including B Capital (an existing backer since 2017), Greycroft, Ignition Partners, Inspired Capital, and Meritech Capital Partners. The funding, confirmed via SEC filings, will primarily pay down debt, following prior debt facilities like $150 million from Silicon Valley Bank in 2022. Icertis has now raised over $570 million across 13 rounds, backed by heavyweights including SoftBank and SAP. Prior valuations include $5 billion in 2021/2022 and $2.8 billion for its March 2021 $80 million Series F led by B Capital. The AI-driven Contract Intelligence platform helps enterprises organize commercial, legal, and operational contract data, integrating with ERP, HCM, and CRM systems, serving over one-third of Fortune 100 companies across 90+ countries and managing 10+ million contracts. In 2024, Icertis reported more than $300 million in annual recurring revenue (ARR) and positive free cash flow. Its Indian subsidiary posted operating revenue of Rs 863 crore (33% YoY growth) and net profit of Rs 97 crore for FY24 ending March 31, 2024. Icertis competes with DocuSign, Ironclad, and Sirion Labs in the CLM space, emphasizing AI and blockchain innovations. Recent leadership additions include COO Anand Subbaraman and CMO Jay Lee, following finance head Rajat Bahri in 2022. The company maintains unicorn status amid reports of exploring a potential sale at up to $5 billion valuation. |
| Oct 2022 | Undisclosed stage | Silicon Valley Bank (lead) | $75M | $2.8B | Icertis is a contract intelligence company that provides enterprise contract lifecycle management (CLM) software delivered via cloud platform. Founded in 2009 by Samir Bodas and Monish Darda, the Bellevue, Washington-based SaaS vendor helps organizations structure and analyze critical commercial, legal, and operational data within contracts, connecting that data to surrounding procurement, ERP, HCM, and CRM systems. The platform includes AI-driven tools such as AI Studio for pattern recognition in large legal datasets and bulk editing capabilities for regulatory compliance. On October 31, 2022, Icertis secured $150 million in debt financing from Silicon Valley Bank, structured as $75 million in convertible notes and a $75 million revolving credit facility. The sources explicitly note that this financing did not change the company's valuation, which remained at $2.8 billion following the Series F round announcement in March 2022 (when the company raised $80 million). The debt financing represented an alternative capital strategy during a cooling venture market and eliminated the need to set a new valuation. At the time of the October 2022 financing announcement, Icertis had achieved significant traction with annual recurring revenue (ARR) exceeding $200 million, up from more than $100 million in the prior year. The company had doubled new customer adoption in 2021 compared to 2020 and counts Google and Microsoft among its customers. This round brought total capital raised to approximately $520 million across multiple funding rounds since inception. The capital was designated to accelerate deployment of transformational technologies including artificial intelligence, natural language processing, machine learning, and blockchain to strengthen Icertis' competitive position in the contract management software market. CEO Samir Bodas emphasized the company's strong positioning to compete against rival startups in the increasingly crowded CLM space. |
| Oct 2021 | Secondary | SoftBank Group (lead) | $75M | $5B | Icertis is an enterprise software company providing AI-powered contract lifecycle management solutions, headquartered in Bellevue, Washington, with an R&D center in Pune, India. In 2021, SoftBank Vision Fund invested in Icertis by acquiring shares from Eight Roads Ventures in a transaction that valued the company at $5 billion. This secondary transaction marked SoftBank's entry into the contract management firm. |
| Mar 2021 | Series F | B Capital (lead); Premji Invest; Greycroft; Headline; PSP Growth; Meritech Capital Partners | $80M | $2.8B | Icertis, a Bellevue, Washington-based contract lifecycle management (CLM) software provider, develops an AI-powered contract intelligence platform used by major enterprises like Apple, Google, Microsoft, Johnson & Johnson, Best Buy, and Hanes across 90 countries to digitize contracts, negotiate better terms, and generate business insights. The company solidified its market leadership with an $80 million Series F funding round announced on March 11, 2021, achieving a post-money valuation of over $2.8 billion, nearly tripling its previous $1.1 billion valuation from the July 2019 Series E round. The round was led by existing investor B Capital Group, with participation from Greycroft, Meritech Capital Partners, Premji Invest, PSP Growth, and e.ventures, bringing total funding raised to over $280 million across multiple rounds. Proceeds were earmarked for accelerating AI and blockchain development, expanding sales and marketing, growing its global partner network, and increasing headcount by up to 40% from its then-1,400 employees, including 900 in India R&D facilities and 200 in the Seattle area. At the time, Icertis reported total revenue 'far north' of $100 million amid accelerated growth in a $20 billion total addressable market expanding at 35% year-over-year, positioning it as a Forrester-recognized leader against competitors like DocuSign, SAP, Oracle, Conga, and ContractWorks. The round added prominent board members Penny Pritzker of PSP Partners and Karyn Smith of Twilio. Subsequent developments included a January 2022 valuation of $5 billion and a Series G round in 2025, with the company later exploring a potential $5 billion sale. |
| Jul 2019 | Series E | Greycroft (lead); Premji Invest (lead); Ignition Partners; Eight Roads Ventures; B Capital; Headline; PSP Growth; Cross Creek; Meritech Capital Partners | $115M | $1B | Icertis is an AI-powered contract lifecycle management (CLM) platform founded in 2009 by Darda and Samir Bodas. The company provides contract intelligence solutions that help enterprises manage, analyze, and optimize commercial agreements, with a focus on delivering transparency, risk reduction, and compliance across organizations. In July 2019, Icertis announced its Series E funding round of $115 million, led by Greycroft and PremjiInvest with participation from existing investors including B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners, and PSP Growth. The company reached unicorn status with this round, having raised $211 million cumulatively to that point. At the time of the Series E announcement, Icertis had approximately $100 million in revenue, which the company identified as a key area for scaling. The fresh capital was earmarked for expanding the technology platform to address wider use cases and developing blockchain framework integration with enterprise contract management platforms to address supply chain transparency and certification compliance challenges. The company has since achieved significant growth, surpassing $250 million in annual recurring revenue by February 2024 through the successful launch of Icertis Copilots—generative AI applications for enterprise contract management introduced in July 2023—and continued worldwide adoption of contract intelligence solutions. |
| Feb 2018 | Series D | Meritech Capital Partners (lead); PSP Capital Partners; Greycroft; Ignition Partners; Eight Roads Ventures; B Capital; Headline; Cross Creek | $50M | $500M | - |
| Mar 2017 | Series C | B Capital (lead); Greycroft; Ignition Partners; Eight Roads Ventures; Headline | $25M | - | Icertis, a leading provider of enterprise contract lifecycle management (CLM) in the cloud, secured $25 million in Series C funding on March 29, 2017, led by B Capital Group with participation from existing investors Ignition Partners, Greycroft (in partnership with e.ventures), and Eight Roads Ventures. This brought total funding to $46 million following the Series B in March 2016. The company had added major clients like 3M and Daimler, expanded its management team, and received leadership recognition from Gartner and Forrester. Investor Raj Ganguly from B Capital highlighted Icertis doubling revenues annually while maintaining positive cash flow, positioning it to disrupt the $6 billion contract management market by transforming contracts into strategic assets. Funds were allocated to accelerate R&D on the ICM platform, double staff in Seattle, San Jose, Pune, and Stuttgart, and open new offices in the U.S. and Europe. CEO Samir Bodas emphasized the need for enterprise-wide CLM platforms in competitive markets. Subsequent growth included unicorn status over $1B in 2019, $2.8B in Series F (March 2021), and $5B in 2021-2022. |
| Mar 2016 | Series B | Ignition Partners (lead); Greycroft; Eight Roads Ventures | $15M | - | - |
| Apr 2015 | Series A | Eight Roads Ventures (lead); Greycroft (lead) | $6M | - | Icertis, a cloud-based enterprise contract lifecycle management software provider headquartered in Bellevue, Washington, with offices in Pune and Mumbai, raised $6 million in a Series A funding round on April 28, 2015, led by Greycroft Partners and Fidelity Growth Partners India (later restructured as Eight Roads Ventures). The investors took undisclosed minority stakes. This followed a $500,000 seed round in 2012 from Vijay Vashee and an unnamed investor, bringing total funding to $6.5 million. The funding supported scaling sales and marketing, hiring, product development for its Icertis Contract Management (ICM) platform built in the Microsoft Cloud, and geographic expansion into India, the US, Europe, and plans for a Zurich office to target pharma, life sciences, and German manufacturing markets. ICM integrates with ERP and CRM systems to manage sell-side, buy-side, and corporate contracts, ensuring compliance with legal and financial regulations across markets, while handling risk management, order-to-cash, and procure-to-pay processes. The company reported multi-fold year-over-year customer and revenue growth in the two years prior to the round. Icertis planned a larger funding in 12-18 months toward an eventual IPO. |
| Mar 2013 | Series A | - | $500K | - | - |
Who has invested in Icertis?
12 investors have backed Icertis across its funding rounds, including Greycroft, Eight Roads Ventures, B Capital, Headline, Ignition Partners and Meritech Capital Partners.
Lead investors include B Capital, Silicon Valley Bank, SoftBank Group, Greycroft, Premji Invest and 3 other investors.
Icertis Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 6 | Lead | Apr 2015 | |
 London | 5 | Lead | Apr 2015 | |
| Los Angeles, CA | 5 | Lead | Mar 2017 | |
| San Francisco, CA | 4 | Lead | Mar 2016 | |
| San Francisco, CA | 4 | Participant | Mar 2017 | |
| San Francisco, CA | 3 | Lead | Feb 2018 | |
 Bangalore | 2 | Lead | Jul 2019 | |
| Chicago, IL | 2 | Participant | Jul 2019 | |
| Salt Lake City, UT | 2 | Participant | Feb 2018 | |
 Tokyo | 1 | Lead | Oct 2021 | |
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Start Free TrialAcquisitions by Icertis
Icertis has acquired 1 company to date.
Last acquisition by Icertis was on November 19th 2025. Icertis acquired Dioptra.ai for undisclosed valuation.
Latest Acquisitions by Icertis
| Description | Dioptra.ai is a legal automation platform powered by artificial intelligence. The service handles routine tasks such as document review, contract drafting, and legal research, freeing lawyers for complex work. Dioptra integrates with case management systems and processes natural language queries for precise outputs. Targeted at law firms in the US, it reduces billable hours on administrative duties by analyzing vast legal databases. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 19 Nov 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Icertis acquisitions and their M&A valuation multiples. Start Free Trial | |
Icertis Competitors
Icertis competitors include listed companies like Intapp and CS Disco, and private ones like Filevine, Ironclad, Clio and Enter.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $578M | ($16M) | $2.8B | 4.5x | |
| Salt Lake City, UT | Private | $200M | - | $3B | 15.0x | |
| San Francisco, CA | Private | $200M | - | $3.2B | 16.0x | |
 Vancouver | Private | $400M | - | $5B | 12.5x | |
 São Paulo | Private | $10M | - | $1.2B | 120.0x | |
| United States | Publicly listed | $157M | ($44M) | $273M | 1.0x |
Icertis Public Comps
Icertis is still privately-owned, but its public comps include Intapp, RWS Holdings, CS Disco, Topicus, Hibino, Xp Industrial FII, GetBusy, Valtes Holdings, Dye & Durham and Intellinetics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $1.8B | $393M | 3.4x | 3.0x | 15.3x | 10.6x | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
| $9M | - | 10.0x | - | - | - | |||
| $30M | $2M | 2.1x | 2.0x | 35.2x | 32.5x | |||
| $77M | $6M | 0.6x | 0.6x | 7.4x | - | |||
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Common questions about Icertis
| When was Icertis founded? | Icertis was founded in 2009. |
| Where is Icertis headquartered? | Icertis is headquartered in Seattle, WA, United States. |
| Is Icertis publicly listed? | No, Icertis is a private, VC-backed company. |
| What is Icertis' valuation? | Icertis was last valued at $2.8B in its undisclosed-stage round in March 2025. |
| How much funding has Icertis raised? | Icertis has raised $417M across 9 funding rounds. |
| What was Icertis' last funding round? | Icertis' last funding round was a $50M undisclosed-stage round in March 2025, led by B Capital. |
| Who are Icertis' investors? | Icertis' investors include Greycroft, Eight Roads Ventures, B Capital, Ignition Partners, Headline, Meritech Capital Partners, Premji Invest, PSP Growth, Cross Creek, SoftBank Group and 2 others. |
| What is Icertis' revenue? | Icertis' latest recorded revenue is $300M (March 2025). |
| What is Icertis' revenue multiple? | Icertis' latest valuation implies a 9.3x revenue multiple ($2.8B valuation on $300M of revenue). |
| Which companies are comparable to Icertis? | Companies comparable to Icertis include Intapp, Filevine, Ironclad, Clio, Enter and CS Disco. |
| How many companies has Icertis acquired? | Icertis has acquired 1 company, including Dioptra.ai. |
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