Icertis has announced it has closed $15 million in Series B funding led by Ignition Partners, with super pro-rata participation from all existing investors, Greycroft Partners and Fidelity Growth Partners India. John Connors, managing partner at Ignition Partners and former CIO and CFO at Microsoft, will also join its board of directors. This new round brings the company's total funding to $21 million. Icertis will use the funds to expand its global operations, invest in marketing, and further enhance the Icertis Contract Management (ICM) platform to widen its leadership position.
Up to this point, enterprise contract management has been fragmented across legal, finance, procurement and sales departments. This "siloed" approach not only impacts productivity, but it also creates inconsistencies in contract documents, which further exposes a company to increased risk and commercial compliance vulnerabilities. The latest market research forecasts the CLM market will reach a revenue size of $2 billion by 2019 in the U.S. alone, as contract stakeholders increasingly recognize the business benefits of a centralized, coordinated approach across an enterprise. Platforms like ICM, which provide a 360-degree approach to contracting, are positioned to gain substantial market share.
"In today's uncertain economic climate, investors are tightening their purse strings and focusing solely on startups with stellar customers, strong revenue, and predictable long-term growth," said John Connors, managing partner at Ignition Partners. "In Icertis' case, the market opportunity is indisputable. Its customer list speaks for itself, and the company's business metrics stand way above those of any other enterprise SaaS startups we have evaluated in a long time. That, combined with the company's seasoned management team, made our decision to invest a no-brainer."
Different from competitive offerings, the ICM platform takes the complexity out of contract management and turns an organization's contracts into powerful business assets. ICM's sophistication has earned Icertis an elite roster of customers including Becton Dickinson, Cognizant, HBO, Microsoft, and Skullcandy; all of which use ICM to enhance productivity, increase commercial compliance, improve governance and mitigate risk. Today, the ICM platform is used by more than 500,000 professionals across legal, procurement, finance and sales departments to manage over 2 million contracts in 40+ languages in enterprises across the globe.
"Business leaders are rapidly recognizing that contract management is a company-wide strategic business process more so than a transactional departmental activity, and they are looking for a holistic platform like ICM to address their needs," said Samir Bodas, cofounder and CEO of Icertis. "I am delighted to have John Connors join our board of directors, and looking forward to his guidance and insights as we strive to become the de facto leader in the contract lifecycle management space."
This article was originally posted “Icertis Secures $15 Million in Series B Funding” from Cloud Strategy Magazine.