Cloud enterprise software startup Icertis Inc, which is led by IT industry veteran Samir Bodas, has secured $50 million (Rs 321.34 crore) in a Series D round led by US-based investor Meritech Capital Partners.
PSP Growth and Cross Creek Advisors, along with existing investors B Capital Group, Ignition Partners, Greycroft and Eight Roads Ventures, have also participated in the round, the company said in a press note.
The Seattle-based contract management software maker, which also has a large base in Mumbai and Pune, will primarily use the capital for product development and fine tuning its contract management platform’s risk management, compliance and revenue optimisation capabilities. Besides, the money will also be used to fund the company’s expansion across North America, Europe, West Asia, Africa and the Asia Pacific.
The latest funding takes the total amount raised by Icertis to $96 million. Last March, the startup had raised $25 million in a Series C round led by B Capital Group, the venture capital fund founded by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly.
In March 2016, it had raised a $15-million Series B round from early-stage investment firm Ignition Partners.
Founded in 2009 by Bodas and Monish Darda, Icertis provides enterprise contract management software in the cloud. Its flagship product, Icertis Contract Management (ICM), manages sell-side, buy-side and corporate enterprise contracts across the globe through cloud. ICM integrates with most enterprise resource platforms and customer relationship management solutions in the market.
“Enterprises have now realised that to reach their true economic potential they must transform their commercial foundation with an enterprise-wide contract management platform,” Bodas said.
The company claims to have more than two million users and counts Microsoft, Wipro, 3M, Cognizant, Daimler, BASF, Lufthansa AirPlus, Sanofi and Abbvie, among its customers. According to the press note, solutions provided by Icertis have helped manage more than five million contracts in over 40 languages across more than 90 countries.