Latest Round Caps Fourth Year of Hyper-Growth, Solidifying the Company'sDe Facto Leadership in Enterprise Contract Management
BELLEVUE, Washington, Feb. 8, 2018 /PRNewswire/ -- Icertis, the leading provider of enterprise contract management in the cloud, today announced $50 million in Series D funding, led by Meritech Capital Partners with participation from PSP Growth and Cross Creek Advisors. All existing investors – B Capital Group, Ignition Partners, Greycroft and Eight Roads Ventures – invested in the round. This round brings Icertis' total funding to $96 million and follows another landmark year for the company.
Since its Series C funding in March last year, Icertis has solidified the company's de facto leadership in enterprise contract management, signing new marquee customers like BASF, Kansas City Southern, Lufthansa AirPlus, Sanofi, and Wipro while deepening its relationship with existing customers like 3M, AbbVie, Airtel, Daimler and Microsoft. In 2017, the company also doubled its revenues year-over-year, opened five new offices worldwide, was recognized as a contract management category leader by Forrester and named a top employer in Washington State by Seattle Business Magazine.
"At Meritech, we look for companies with strong, values-driven management teams and cutting-edge technology, that are transforming categories," said Paul Madera, Co-founder and Managing Director, Meritech Capital Partners. "Icertis has achieved a massive worldwide footprint in the contract lifecycle management category with iconic brand names, while also being incredibly capital efficient. We see a huge opportunity for them to become the next great global technology company."
"Enterprises have now realized that to reach their true economic potential they must transform their commercial foundation with an enterprise-wide contract management platform," said Samir Bodas, Co-founder and CEO of Icertis. "At this exciting point in our journey, we are thrilled to have Meritech Capital Partners, PSP Growth and Cross Creek Advisors join the Icertis family as we execute on our mission to become the contract management platform of the world."
"The velocity of business has rapidly increased in recent years, while the need to effectively manage risk and compliance has become a strategic priority for successful businesses," said Penny Pritzker, Founder and Chairman of PSP Partners and former U.S. Secretary of Commerce. "Contracts are at the foundation of these commercial activities, and Icertis offers a platform that is transforming the way that global enterprises are managing these critical assets. We are excited to partner with Icertis as the company continues to grow and thrive."
With the new funds, Icertis will accelerate investment in the Icertis Contract Management (ICM) platform's risk management, compliance, and revenue optimization capabilities, driven by artificial intelligence. This will allow customers to further increase contract velocity and agility, proactively manage entitlements and obligations as well as surface commercial insights and intelligence. Icertis will also expand the company's geographical footprint in North America, EMEA, and Asia Pacific and opportunistically acquire cutting-edge technologies that address emerging needs.
According to industry analysts, contract lifecycle management (CLM) is among the fastest growing of all enterprise software categories.
"Effective contract management is important for the commercial success of any business," wrote Desere Edwards, Gartner. "CLM adoption is increasing as organizations implement their digital roadmaps to eliminate paper and to improve both their workflows and collaboration." * Gartner recognized Icertis as a Vendor to Watch in their "Market Opportunity Map: Enterprise Resource Planning, Worldwide."
"The success customers are having with Icertis demonstrates the power of deploying business applications on our cloud platform," said Gavriella Schuster, Corporate Vice President for Commercial Partner Channels and Programs at Microsoft. "The ICM platform combined with Microsoft Azure allows companies to accelerate, protect and optimize their businesses by streamlining contracting processes and increasing organizational visibility. It's one of the reasons Icertis is core to our ecosystem of ISVs."
For more information about the Icertis Contract Management platform, visit www.icertis.com.
* Gartner, "IT Market Clock for Procurement and Sourcing Solutions, 2018," Desere Edwards, Magnus Bergfors, Patrick M Connaughton, Kaitlynn N. Sommers, Christian Titze, December 19, 2017
About Icertis Icertis, the leading provider of enterprise contract management in the cloud, solves the hardest contract management problems on the easiest to use platform. Icertis helps companies transform their commercial foundation ensuring compliance, improving governance, mitigating risk and enhancing user productivity, thereby improving the bottom line. The Icertis Contract Management (ICM) platform is used to manage 5+ million contracts by 2+ million subscribers at companies like 3M, Daimler, Microsoft, Roche and Wipro in 40+ languages across 90+ countries. The AI-powered platform allows customers to increase contract velocity and agility, proactively manage entitlements and obligations as well as surface commercial insights and intelligence. For more information, visit www.icertis.com.