SoftBank to acquire stake in Icertis., valuing tech company at $5 bn
Summary
Corp. is nearing a deal to buy a stake in technology unicorn Icertis Inc., valuing the enterprise software maker at about $5 billion, according to people familiar with the matter. The Japanese investor will pay about $80 million for the stake owned by Fidelity-backed Eight Roads Ventures, the people said, asking not to be identified as the information isn’t public. Icertis, which is based in Bellevue, Washington and has operations in India, is planning a potential initial public offering in the U.S. as early as next year, the people said. It was valued at about $2.8 billion in March when it secured $80 million in a series F funding round led by B Capital Group, according to a statement at the time. Icertis is seeking to compete with giants such as SAP SE and Oracle Corp. to help businesses manage contracts in the cloud.
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