In October 2022, Icertis, the Software-as-a-Service (SaaS) company raised $150 million in funding from Silicon Valley Bank. The fund comprised a revolving credit arrangement and convertible financing. Barely a few months later, the Company has let go many employees from its sales and marketing team.
As per the IANS India tweet, the Company has resorted to laying off its employees even though it had managed to obtain sizeable funding. At the time, the Company had planned to use the funds to improve its position in the contract lifecycle management (CLM) segment.
The CFO of the Company had at the time of receiving the funds said that the Company saw strong momentum with its clear value proposition, and that the focus would be on agility and efficiency. The Company was all set to help its clients deal effectively with inflation, economic slowdown and supply chain disruptions.
Headquartered in Bellevue, Washington State, Icertis was launched in 2009. It deals with over 10 million contracts worth over $1 trillion in more than 40 languages and in over 90 countries.
Although the exact number of impacted employees is not known, it is reported that members of the sales and marketing team are affected. Many of the laid off employees have posted about the layoff on LinkedIn.
Quite recently, the Company had announced that it had been named one of the Top 100 Companies to Work for, by Seattle Business Magazine for the sixth year consecutively.
