Latest Round Caps Year of Hyper-Growth Solidifying Leadership Position in Enterprise Contract Management; Funds to Accelerate R&D, Global Expansion
BELLEVUE, Washington, March 29, 2017 /PRNewswire/ -- Icertis, the leading provider of enterprise contract management in the cloud, today announced $25 million in Series C funding, led by B Capital Group with super pro-rata participation from existing investors Ignition Partners, Greycroft in partnership with e.ventures and Eight Roads Ventures. This round brings Icertis' total funding to $46 million and follows a landmark year for the company.
Since its Series B funding in March 2016, Icertis has continued to add marquee clients like 3M and Daimler, expanded its management team with experienced cloud software executives, been recognized as a leader in its category by both Gartner and Forrester, and named by Glassdoor as one of the Top 50 places to work among private cloud companies.
"When a market leading company doubles revenues every year and maintains positive cash flow, it's an extremely compelling investment. Icertis is disrupting the $6 billion contract management market by turning contracts into strategic assets and enabling companies to find new sources of value while reducing risk," said Raj Ganguly, Co-founder and Partner at B Capital Group. "At B Capital, we think there is a big opportunity to connect differentiated technology companies like Icertis to global market leaders."
"The customer successes we have achieved with Icertis, including Daimler's recent decision to deploy the Icertis Contract Management (ICM) platform on Microsoft Azure, are a testament to the Icertis solution and its strategic fit with our cloud platform," said Steven Guggenheimer, Corporate Vice President of Microsoft's Developer eXperience & Evangelism (DX) group. "Together, we are helping customers keep up with the accelerated pace of business."
With this most recent round of funding, Icertis will accelerate its R&D investment in the ICM platform to continue to solve the hardest contract management challenges on the easiest to use platform. The company will also double its staff in Seattle, San Jose, Pune and Stuttgart and expand its physical footprint with new offices in the U.S. and Europe.
"In today's hyper-competitive world, forward-thinking enterprises are rapidly recognizing the need to transform their commercial foundation with a true enterprise-wide contract management platform," said Samir Bodas, co-founder and CEO of Icertis. "We are delighted to partner with B Capital as we execute on our mission to become the contract management platform of the world."
According to industry research, enterprises can increase revenue up to 9% and decrease procurement costs by 13% with more effective contract management. The Icertis Contract Management (ICM) platform optimizes the full lifecycle for all types of contracts – buy-side, sell-side and corporate – while providing greater insight to manage risk and find new value.
For more information about the Icertis Contract Management platform, visit www.icertis.com.
Icertis is the leading provider of enterprise contract management in the cloud. The Icertis Contract Management (ICM) platform is an innovative, easy-to-use solution that is highly configurable and continually adapts to complex business needs. Today, ICM is used by customers like 3M, ABB, AbbVie, Becton Dickinson, Cognizant, Daimler, Microsoft and Roche to manage 2.5+ million contracts, by 750,000+ users, in 90+ countries and 40+ languages. With its intelligent workflow and built-in analytics, ICM provides ongoing contractual insights and best-of-breed contract management. ICM enables customers to increase compliance, improve governance, mitigate risk and enhance user productivity, thereby maximizing ROI and accelerating time to value across the global enterprise. For more information, visit www.icertis.com.
Icertis Media Contact:
Barokas Public Relations for Icertis