It’s Halloween. And, if you’re contract management software company Icertis, it’s payday. After raising $115 million in 2019, Icertis today secured $150 million — $75 million in convertible debt and a $75 million revolving credit facility — in a combined tranche from Silicon Valley Bank that brings the company’s total capital raised to $520 million.
By going the debt route, Icertis avoids having to answer the tricky question of valuation in an especially challenging economic environment. (Icertis was valued at $2.8 billion as of March 2021 and reportedly as high as $5 billion earlier this year, but valuations in tech are on a steep downswing.) Convertible debt allows Icertis to pay its loan obligation with equity or stocks, while the credit facility lets it borrow and repay on an ongoing basis.
CEO Samir Bodas was rather vague about the plans for the new cash, but told TechCrunch in an interview that it wou …
