Icertis Revenue, Valuation, Funding & Investors
Icertis is valued at $5B as of October 2021, a 50.0x revenue multiple. Icertis revenue was $300M, as disclosed with its March 2025 round.
Last Icertis valuation
$5B
Secondary · Oct 2021
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 an American software company, headquartered in Bellevue, Washington, that sells contract lifecycle management software to large enterprises under a subscription model. It was founded in 2009 by Samir Bodas and Monish Darda and has a development centre in Pune, India. Its Icertis Contract Intelligence platform lets customers structure commercial, legal and operational data held in contracts and connect it to procurement, ERP and CRM systems. The company raised USD 80 million in a Series F round in March 2021 at a valuation of over USD 2.8 billion, and SoftBank Vision Fund bought shares from an existing investor in 2022 at a reported valuation of about USD 5 billion. The company has said it is profitable and cash flow positive, with revenue of about USD 300 million in 2025. In November 2025 it acquired the contract artificial intelligence start-up Dioptra.
Founded
2009
HQ
Seattle, WAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$300M (Mar 2025)
Valuation
$5B (Oct 2021)
Icertis Valuation
Icertis is currently valued at $5B, based on its secondary sale in October 2021. Read the announcement ↗
The round was led by SoftBank Group.
Icertis' valuation has grown 10x from $500M at its Series D in February 2018 to $5B in October 2021, across 4 priced rounds.
Icertis valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2021 | Secondary | $5B | 50.0x |
| 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.
Revenue grew from $100M in July 2019 to $300M in March 2025.
Icertis revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2025 | $300M | - | - | Undisclosed stage |
| Oct 2021 | $100M | $5B | 50.0x | Secondary |
| 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 $342M across 8 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 | - | 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 2021 | Secondary | SoftBank Group (lead) | - | $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 September 2022 SoftBank Vision Fund reportedly purchased shares of Icertis held by its investor Eight Roads, in a secondary transaction after which the company's valuation was estimated at USD 5 billion. The deal marked SoftBank's entry into the contract management firm, which had last been valued at USD 2.8 billion in a USD 80 million Series F round in March 2021. The share purchase was a transfer between investors rather than new capital for the company. |
| 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 | Icertis, a cloud-based enterprise contract management software provider, announced USD 50 million in Series D funding in February 2018, bringing its total funding to USD 96 million. Meritech Capital Partners led the round, with existing investors taking part. Paul Madera of Meritech joined the company's efforts to expand. The company said the new funds would accelerate investment in the platform's risk management, compliance and revenue optimisation capabilities, driven by artificial intelligence. In 2017 the company doubled its revenue year over year, opened five new offices worldwide and was recognised as a contract management category leader by Forrester. Icertis is based in Bellevue, Washington. |
| 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 | - | Icertis, a cloud-based enterprise contract lifecycle management software provider based in Bellevue, Washington, closed a USD 15 million Series B round on 10 March 2016. The round was led by Ignition Partners, with super pro-rata participation from all existing investors, including Greycroft Partners and Fidelity Growth Partners India, later Eight Roads Ventures. Ignition's managing partner John Connors joined the board. The new capital brought total funding to USD 21 million and was meant to expand sales, marketing and product development. The company sells a platform that lets enterprises create, manage and analyse contracts, and has a development centre in Pune, India. |
| 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?
11 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, SoftBank Group, Greycroft, Premji Invest, Meritech Capital Partners and 2 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 | |
| Palo Alto, CA | 3 | Lead | Feb 2018 | |
 Bangalore | 2 | Lead | Jul 2019 | |
| Chicago, IL | 2 | Participant | Jul 2019 | |
| Salt Lake City, UT | 2 | Participant | Feb 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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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 Clio, Ironclad, Filevine and Enter.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Vancouver | Private | $400M | - | $5B | 12.5x | |
| United States | Publicly listed | $578M | ($16M) | $3.2B | 5.1x | |
| San Francisco, CA | Private | $200M | - | $3.2B | 16.0x | |
| Salt Lake City, UT | Private | $200M | - | $3B | 15.0x | |
 São Paulo | Private | $10M | - | $1.2B | - | |
| United States | Publicly listed | $157M | ($44M) | $340M | 1.4x |
Icertis Public Comps
Icertis is still privately-owned, but its public comps include Topicus, Intapp, RWS Holdings, CS Disco, Hibino, Xp Industrial FII, Dye & Durham, Valtes Holdings, GetBusy and SS&C Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $381M | 3.8x | 3.3x | 17.1x | 11.6x | |||
| $578M | ($16M) | 5.4x | 5.1x | (192.1x) | 23.6x | |||
| $923M | ($25M) | 0.8x | 0.8x | (30.5x) | 5.2x | |||
| $157M | ($44M) | 1.6x | 1.4x | (5.5x) | (32.0x) | |||
| $429M | $59M | 0.6x | 0.6x | 4.4x | - | |||
| ($11M) | - | (7.7x) | - | - | - | |||
| $294M | $144M | 3.3x | 3.4x | 6.7x | 6.8x | |||
| $76M | $6M | 0.7x | 0.6x | 8.5x | - | |||
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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 $5B in its secondary sale in October 2021. |
| How much funding has Icertis raised? | Icertis has raised $342M across 8 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 1 other. |
| What is Icertis' revenue? | Icertis' latest recorded revenue is $300M (March 2025). |
| Which companies are comparable to Icertis? | Companies comparable to Icertis include Clio, Intapp, Ironclad, Filevine, Enter and CS Disco. |
| How many companies has Icertis acquired? | Icertis has acquired 1 company, including Dioptra.ai. |
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