
Revenue
$240.00M
2023
Valuation
$5.00B
2025
Growth Rate (y/y)
41%
2022
Funding
$520.00M
2025
Revenue
Sacra estimates that Icertis hit $225M in annual recurring revenue (ARR) at the end of 2022, up 41% from $160M at the end of 2021.
Valuation
Icertis was valued at approximately $5 billion in early 2022 following strategic investments from SAP and SoftBank's Vision Fund II—valuing them at about 22x forward revenue on $225M ARR.
This valuation represented a significant increase from its $2.8 billion valuation from its $80 million Series F round in March 2021, led by B Capital Group. The company has raised over $520 million in total funding, including a $150 million financing round in October 2022 structured as convertible debt from Silicon Valley Bank.
Product

Icertis provides an enterprise-grade contract management platform that handles the entire lifecycle of corporate agreements, from creation to renewal or termination. When a company needs to create a new contract – whether it's a sales agreement, supplier agreement, NDA, or employee contract – users start in the Icertis Contract Intelligence (ICI) platform by selecting from pre-approved templates tailored to their business units and contract types.
Legal teams can build these templates with standardized clauses that ensure compliance, while providing flexibility where needed.
The system routes new contracts through configured approval workflows based on contract value, risk level, or other parameters. For example, a $1M supplier agreement might need VP-level approval, while a routine NDA might only need manager sign-off.
During the negotiation phase, counterparties can share and redline documents directly in the platform, with all changes tracked and version history maintained. The platform integrates with e-signature tools like DocuSign to finalize agreements.
Post-signature, Icertis doesn't just store contracts as static PDFs – it transforms them into structured data assets. The system automatically extracts key information like deadlines, renewal dates, price tiers, and obligations, then sends alerts to relevant stakeholders.
For instance, procurement teams get notifications 90 days before supplier contracts auto-renew, allowing time to renegotiate or terminate if needed. Sales teams receive alerts when customers approach volume thresholds that trigger pricing discounts.
Icertis's differentiator is its AI-powered intelligence layer. The platform can analyze thousands of contracts to identify risky clauses, flag compliance issues, or spot opportunities for cost savings. During the 2022 inflation spike, companies used Icertis to quickly find which supplier contracts had inflation-indexed pricing versus fixed rates.
When regulations change (like GDPR or new sanctions), the system can scan all agreements to find which ones need updating. In 2023, Icertis added "Copilots" – generative AI assistants that can draft contracts, answer questions about obligations, summarize complex agreements, and spot deviations from standard language.
The platform integrates with surrounding enterprise systems like SAP, Salesforce, Microsoft Dynamics, and Oracle – allowing contract data to flow seamlessly into procurement, CRM, and ERP systems. Sales teams can initiate contracts directly from Salesforce opportunities, while purchase orders in procurement systems automatically reference the correct supplier agreements. This connected approach gives executives real-time visibility into their contractual relationships, turning what was once a legal filing cabinet into a strategic business asset.
Business Model
Icertis operates a premium-tier enterprise SaaS business, selling multi-year subscription licenses to its contract management platform. The company targets Global 2000 enterprises with complex contracting needs across multiple departments and geographies, deliberately positioning itself as the sophisticated, enterprise-grade solution rather than a more affordable mid-market option.
This strategy reflects in its pricing, which analysts note runs approximately 34% higher than industry averages for contract lifecycle management software.
The company's pricing structure combines seat-based and volume-based models: customers pay for user access (legal teams, procurement officers, sales operations) plus factors like the number of contracts managed and premium modules activated.
While exact figures aren't public, enterprise contracts likely range from several hundred thousand to millions of dollars annually for large global deployments. This pricing approach allows Icertis to maintain gross margins typical of enterprise software platforms (approximately 70-80%), supporting its heavy investments in AI development and customer success.
Icertis delivers value through a direct enterprise sales motion, employing experienced B2B software sales teams targeting specific verticals like financial services, healthcare, and manufacturing. The sales cycle is typically lengthy (6-12 months) given the mission-critical nature of contracts and the multiple stakeholders involved. Once implemented, however, Icertis becomes deeply embedded in customer workflows, creating strong retention and expansion opportunities – over half of Icertis customers expanded their contracts in 2021 alone.
Icertis has developed a robust partner ecosystem as a go-to-market multiplier. Its strategic relationship with SAP – formalized when SAP took a minority stake in 2022 – created a powerful channel into SAP's massive enterprise install base.
Under this arrangement, SAP's sales team actively co-sells Icertis as the preferred CLM solution alongside SAP's ERP and procurement software, rather than pushing SAP's own more basic contract modules. Similar partnerships exist with Microsoft (where Icertis is built on Azure and integrates deeply with Microsoft's business applications) and global consulting firms that implement Icertis as part of digital transformation initiatives.