The funds will be used to further bolster industry leadership.
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.