Icertis Strengthens Its Contract Management with Dioptra Acquisition

Contract management platform Icertis has successfully acquired the contract AI startup Dioptra for an undisclosed sum. This move is aimed at bolstering Icertis’ product roadmap and enhancing its AI-driven contract lifecycle management (CLM) functionalities. The acquisition also aligns with Icertis’ long-term objective of constructing AI-first workflows throughout the contracting process.

Icertis’ Advanced AI Stack

Icertis has been enhancing its AI capabilities through its Vera platform. With the integration of Dioptra, the company intends to implement features for automated legal playbook generation, AI-powered contract assessments, and redlining workflows. Icertis stated that these advancements would enable legal and procurement teams to expedite negotiation and pre-signature activities.

What Dioptra Brings to the Table

Dioptra specializes in contract review tools that produce automated redlines, pinpoint compliance deficiencies, and optimise review workflows. The company, which participated in Y Combinator, has previously collaborated with enterprise clients on negotiation processes. Founders of Dioptra will be joining Icertis in various product and engineering positions.

Icertis’ Investment Journey

As reported by a startup data intelligence platform, Icertis has accumulated $522 million in funding to this point and is currently in the process of securing an additional $50 million. The company achieved unicorn status in July 2019 after securing $119 million during its Series E funding round, which was led by Premji Invest. Its latest valuation stands at approximately $5 billion. In India, Icertis operates from its headquarters in Pune.

Integration of Dioptra’s Tools

The tools developed by Dioptra will be incorporated into the Icertis platform, facilitating automated risk assessment, redlining, and contract creation via Microsoft Word and internal enterprise systems.