Icertis, the provider of enterprise contract management in the cloud, has today announced that it has secured $25 million in Series C funding, led by B Capital Group. The round also saw participation from existing investors Ignition Partners, Greycroft in partnership with e.ventures and Eight Roads Ventures.
With this new investment round, the company’s total funding now stands at $46 million. Since its Series B funding in March 2016, Icertis has continued to add marquee clients like 3M and Daimler, and expanded its management team with experienced cloud software executives.
Commenting on this funding, Raj Ganguly, Co-founder and Partner at B Capital Group, said,
When a market leading company doubles revenues every year and maintains positive cash flow, it’s an extremely compelling investment. Icertis is disrupting the $6 billion contract management market by turning contracts into strategic assets and enabling companies to find new sources of value while reducing risk. At B Capital, we think there is a big opportunity to connect differentiated technology companies like Icertis to global market leaders.
With this most recent round of funding, Icertis will accelerate its Research and Development investment in the ICM platform to continue to solve the hardest contract management challenges on the easiest to use platform. The company will also double its staff in Seattle, San Jose, Pune and Stuttgart. It plans to expand its physical footprint with new offices in the U.S. and Europe as well.
Samir Bodas, co-founder and CEO of Icertis, said,
In today’s hyper-competitive world, forward-thinking enterprises are rapidly recognizing the need to transform their commercial foundation with a true enterprise-wide contract management platform. We are delighted to partner with B Capital as we execute on our mission to become the contract management platform of the world.
According to industry research, enterprises can increase revenue up to 9% and decrease procurement costs by 13% with more effective contract management. The Icertis Contract Management (ICM) platform optimizes the full lifecycle for all types of contracts – buy-side, sell-side and corporate – while providing greater insight to manage risk and find new value.