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.
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.”
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.