ERP solutions startup, Icertis has raised $25 Mn in Series C funding, led by B Capital Group. This round also saw participation from existing investors Ignition Partners and Greycroft in partnership with e.ventures and Eight Roads Ventures.
Icertis provides cloud-based SaaS solutions for managing enterprise-wide contracts, be it buy-side, sell-side or employee contracts as well as ESOPs.
Founded in 2009 by Monish Darda and Samir Bodas, the Bellevue-headquartered cloud enterprise software startup has offices in Pune and Mumbai in India.
“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 Bn 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 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. According to a company statement, ICM is used by customers like 3M, ABB, AbbVie, Becton Dickinson, Cognizant, Daimler, Microsoft and Roche to manage 2.5+ Mn contracts, by 750,000+ users, in 90+ countries and 40+ languages.
The company will use the recent round of funding, to accelerate R&D investment in the ICM platform. They also plan to double their staff in Seattle, San Jose, Pune and Stuttgart and expand geographical footprint with new offices in the US and Europe.
“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 at Microsoft.
Last year in March, Icertis raised about $15 Mn in a Series-B round of funding led by Ignition Partners. This round brings Icertis’ total funding to $46 Mn. Other players in the contract-management space include Exari, APTTUS, TCS among others.
