Software Company Icertis Raises $50 Mn Funding From Meritech, Others

The software company Icertis has today announced its $50 Mn Series D funding round from Meritech Capital Partners with additional investments by PSP Growth and Cross Creek Advisors.
 
Existing investors—B Capital, Ignition, Greycroft, and Eight Roads – also participated in the round.
 
Founded in 2009 by Monish Darda and Samir, the Bellevue-headquartered cloud enterprise software startup has offices in Pune and Mumbai in India.
 
The company’s flagship product, Icertis Contract Management (ICM), can manage, sell-side, buy-side, and corporate enterprise contracts across the globe by leveraging the power of the cloud.
 
With the raised funding the software provider will accelerate investment in the ICM platform’s risk management, compliance, and revenue optimisation capabilities, driven by artificial intelligence.
 
The company will also expand its geographical footprint in North America, EMEA, and Asia Pacific and opportunistically acquire cutting-edge technologies that address emerging needs.
As mentioned by founder Samir Bodas in a blog post, “This brings Icertis’ total funding to $96 Mn. The funding underscores the growing value that customers, analysts, and investors see in enterprise contract management.”
 
Last year in March 2017, Icertis raised $25 Mn in Series C funding round and prior to that in March 2016, it raised about $15 Mn in a Series-B round of funding led by Ignition Partners.
 
Icertis claims to have a customer base with brands like BASF, Kansas City Southern, Lufthansa AirPlus, Sanofi, Wipro, 3M, AbbVie, Airtel, Daimler and Microsoft amongst others.
 
“We have established this leadership position with a software platform that is easy, intelligent and enterprise-wide. And since it is enterprise-wide, organisations can use ICM to manage and connect any type of contract, whether buy-side, sell-side, or corporate contracts,” added Samir.
 
According to a recent analysis by Gartner Research, contract lifecycle management (CLM) is one of the fastest growing of all enterprise software categories.
 
As the blog post highlights, driving this rapid expansion is a recognition by companies that to reach their true economic potential they must transform their commercial foundation with an enterprise-wide contract management platform.
 
Paul Madera, co-founder and managing director at Meritech further added, “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.”
 
Other software companies in the contract-management space include names such as Exari, APTTUS, TCS among others. With the Series D funding round, Icertis will definitely get the required impetus to boost its presence amidst the global competition.
Shoot

Trending News

Facebook face big challenge to prevent future US election meddling

Intel hit with 32 lawsuits over security flaws

Apple promises fix for serious Telugu character bug

GrabOnRent launches operations in Mumbai and Gurgaon

Crypto fall fails to drown initial coin offerings

Kalpnik uses AR & VR to help people 'go' to any place of worship

SpaceX is launching its broadband satellites into orbit this weekend

Unilever threatens to cut back online ads over 'toxic' content

Google hires former Samsung Mobile CTO to coordinate Internet of Things projects

Go-Jek plans India foray in second half of 2018

Pivoting away from Cube brought us to the right route: PayU's Jitendra Gupta

Ola parent to invest Rs 400 crore to boost Foodpanda India logistics & tech

Alibaba plans tighter integration of Paytm Mall with BigBasket & XpressBees

MakeMyTrip posts wider loss in Q3, may revisit OYO strategy

Google fined Rs 135.86 crore by CCI for 'search bias'

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Toyota, Suzuki to produce electric vehicles for India market by 2020

Qualcomm rejects Broadcom's $103 billion offer

Fashion e-tailer Voonik asks staff to forgo 3 months' salary

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities