Bellevue-based contract management company Icertis is reducing its workforce, a company spokesperson confirmed to the Business Journal on Wednesday.
Although the company didn't specify how many employees were impacted or how many remain at the company, an Icertis spokesperson said the eliminated roles were mostly in sales and marketing. Multiple employees noted the layoffs on LinkedIn.
Icertis had more than 2,400 employees as of November.
The Icertis spokesperson said the company grew revenue 40% last year and expects its growth to continue this year.
The layoffs at Icertis come despite an impressive 2022 for the company, which in January of last year received an investment for an undisclosed amount from the German software giant SAP SE. Icertis in late October raised $150 million through a revolving credit facility and convertible financing from Silicon Valley Bank. Both rounds came after an October 2021 investment from SoftBank that valued the company at $5 billion.
In August, Icertis co-founder and CEO Samir Bodas said the company ended 2021 with $150 million in annual recurring revenue. He also said at the time that Icertis wasn't rushing toward an initial public offering.
"An IPO is like hitting your 21st birthday," Bodas said. "You get to the legal age. You party. That's it. And then you have 79 years ahead of you, don't forget. Party, but remember you have 79 years to go. So I think we'll have that party one day in several years, but we are focused on the 79 years."
Icertis, founded in 2009, makes technology to help manage contracts with employees, customers and suppliers. The company counts Microsoft and Google as clients. Icertis says on its website it has managed more than 10 million contracts worth more than $1 trillion.
Other local "unicorns," or private companies with a value of at least $1 billion, have also laid off employees recently. In November, Bellevue-based digital marketplace OfferUp laid off 19% of its staff. Seattle-based freight network startup Convoy, meanwhile, conducted two rounds of layoffs last year.
