Digital contracting 'unicorn' Ironclad raises $150 mln

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  • Legal tech company raised funds at $3.2 billion valuation
  • Ironclad markets digital contracting software

(Reuters) - Ironclad Inc has secured $150 million in a Series E funding round led by investment management firm Franklin Templeton, the contract management software company said on Tuesday.

The San Francisco-based company raised the investment at a $3.2 billion valuation, according to a representative for Ironclad.

The new round, which brings Ironclad's total financing to $333 million, included existing backers such as Sequoia Capital and Accel, the company said.

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Ironclad markets to corporate legal departments, offering tools the company says on its website can help teams create contracts, collaborate and capture data. The company said it counts L'Oréal SA, Mastercard Inc and Major League Baseball's Texas Rangers as customers.

There are a variety of contract lifecycle management companies that also target legal teams and other corporate business units, including Icertis, Agiloft Inc and Evisort Inc.

Contracting software companies make up one segment of the legal technology market that has seen a stream of outside investment in the past year.

ContractPodAi Technologies raised a $115 million financing in September, and LinkSquares Inc secured a $40 million investment in July. Ironclad raised $100 million in January 2021 in its last funding round.

Ironclad was co-founded in 2014 by Jason Boehmig, previously a corporate lawyer at Fenwick & West, and former Palantir Technologies software engineer Cai GoGwilt.

The company made its first acquisition last year when it acquired clickwrap technology company PactSafe for an undisclosed amount.

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Sara Merken reports on privacy and data security, as well as the business of law, including legal innovation and key players in the legal services industry. Reach her at sara.merken@thomsonreuters.com