The Bellevue, Washington-based cloud management solutions provider Icertis raised $115 million (around Rs 791.67 crore at the current exchange rate) in its Series E round.
Icertis thus becomes the first contract lifecycle management (CLM) company to cross the valuation mark of $1 billion.
New York-based private equity firm Greycroft and Azim Premji-led PremjiInvest led the Series E round. Existing investors like B Capital Group, Cross Creek Advisors, Eight Roads Ventures, Ignition Partners, Meritech Capital Partners, and PSP Growth also participated in the round, an official statement said.
The new funds will be channelled to increasing investment in the Icertis Contract Management (ICM) platform and the business application verticals built on it, extending the Icertis Blockchain Framework and accelerate the adoption of artificial intelligence and advanced cognitive services into the ICM ecosystem, the statement added.
“As the CLM market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute our mission to become the contract management platform of the world,” Samir Bodas, CEO and co-founder of Icertis, said,
Founded in 2009 by Bodas and Monish Darda, Icertis started off as a Microsoft cloud software startup. The company has been expanding operations and opened offices in London, Paris, Singapore and Sydney in the last 18 months.
In February 2018, Icertis raised $50 million in its Series D round led by Meritech Capital Partners.
In 2016, Icertis raised $15 million in a round led by Ignition Partners.
The CLM solutions provider raised $6 million in its Series A round, led by Greycroft and Fidelity Growth Partners India, four years after it raised seed funding in 2012.