New Delhi, Oct 31 (IANS): Software-as-a-Service (SaaS) company Icertis on Monday said it has secured $150 million in funding comprised of a revolving credit facility and convertible financing from Silicon Valley Bank.

Icertis said that the funds will enable it to further extend the company's leadership position in the Contract Lifecycle Management (CLM) category by accelerating the application of transformational technologies like artificial intelligence, machine learning, and Blockchain to deliver material, unique, and consequential value to customers.

"We continue to see strong momentum with our clear value proposition as we help customers become more agile, drive efficiencies, and respond to market challenges like inflation, sanctions, economic slowdown, and supply chain disruptions," said Rajat Bahri, CFO of Icertis.

"This new funding from Silicon Valley Bank is a major vote of confidence in our growth trajectory, enhancing our already strong capital position, and enabling us to lean in to capture market share and build towards the next exciting chapter in our company's journey," he said in a statement.

The Icertis Contract Intelligence platform helps companies structure critical commercial, legal, and operational data within contracts and connect that data to surrounding procurement, ERP, HCM, and CRM systems.

According to MGI Research, the category total addressable market for CLM will increase to $30 billion in the next five years.

"Understanding and harnessing the underlying data can drive material business impact to a wide range of enterprises. We're proud to support the Icertis team as they build an enduring and industry leading enterprise software company," said Bob Blee, Head of US Technology Corporate Banking at Silicon Valley Bank.

Icertis handles more than 10 million contracts worth more than $1 trillion in over 40 languages and more than 90 countries.