Bellevue-based contract software company Icertis has secured an investment from the German software giant SAP SE (NYSE: SAP).
The company didn't disclose the size of the investment. A Bloomberg report from November said SoftBank was looking to buy out Eight Roads Ventures' stake in Icertis for about $80 million, and the deal would value Icertis at about $5 billion. An Icertis spokesperson confirmed SoftBank invested in the company in early October at a $5 billion value but didn't provide details on the SAP investment.
"The expanded cooperation with Icertis will help our customers take advantage of market-leading innovations for contract management from Icertis while managing core business processes with SAP solutions," CEO Christian Klein said in a news release.
Along with the investment news on Tuesday, Icertis and SAP also announced an expanded partnership to create a joint product roadmap and tech integration. The two companies said in a release that they first began partnering in 2020.
Icertis, founded in 2009, offers technology to help clients manage contracts with employees, suppliers and customers. Its clients include Microsoft and Best Buy. Icertis raised an $80 million Series F round in March, led by B Capital Group, that pushed its value to more than $2.8 billion.
The Bloomberg report also noted that Icertis was possibly looking to go public as early as this year. Icertis co-founder and CEO Samir Bodas in May told the Business Journal the company was talking frequently about its future plans.
"There’s like three ways to go IPO now," Bodas said at the time. "There’s the standard way, SPACs, there’s direct listings. We’re researching all of them. We could get acquired. We could just keep going. Lots of capital is available for private companies. So the way we think about it is: Build a great product. Build a great team. Grow the company. Make sure you stay grounded in your values and culture. And no doubt, good things will happen to you."
