SaaS company Icertis lays off employees despite raising impressive funds

Software-as-a-Service (SaaS) company Icertis has laid off employees, mostly from its sales and marketing vertical, despite raising impressive funds last year.

Seattle-based Puget Sound Business Journal reported that the the company didn’t specify how many workers have been asked to go,

A company spokesperson was quoted as saying in the report that “the eliminated roles were mostly in sales and marketing”.

Multiple Icertis employees wrote about being sacked on professional networking platform LinkedIn.

As last reported, Icertis had more than 2,400 employees globally.

In October last year, Icertis secured $150 million in funding consisting 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.

“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,” Rajat Bahri, CFO of Icertis, had said in a statement.

Founded in 2009 and headquartered in Bellevue, Washington State, Icertis handles more than 10 million contracts worth more than $1 trillion in over 40 languages and more than 90 countries.

SaaS companies were poised to reach between $18 to $20 billion in revenue last year, according to a Bain & Company report.