Icertis, a Bellevue, Wash.-based startup that sells contract management software, landed an undisclosed investment from SAP as part of an expanded partnership with the German multinational. The companies first partnered in 2020 to offer joint solutions to customers.
The latest backing from SAP follows a separate investment from SoftBank in October that valued Icertis at $5 billion, a company spokesperson confirmed for the first time Tuesday.
Bloomberg previously reported that SoftBank paid around $80 million for a stake owned by previous Icertis backer Eight Roads Ventures. The spokesperson declined to confirm that SoftBank bought out an existing stake.
Founded in 2009, Icertis was valued at $2.8 billion after raising $80 million in March, which propelled total funding to $280 million at the time. The company did not provide an updated funding total on Tuesday.
Icertis, which helps companies keep track of deals with suppliers and customers, is one of a handful of billion-dollar startups in the Seattle region.
SAP has ties to another Bellevue tech company, travel expense software maker Concur, which it acquired for $8.3 billion in 2014.
Editor’s note: Story updated with details about the SoftBank investment.