Icertis, a contract management company offering management software services to enterprise platforms, has secured $50 million in its series D funding. The finance is done by Meritech Capital Partners along with supplementary investments by two of the known tech-Investment companies in the world, PSP Growth and Cross Creek Advisers. Apart from these, the current investors which included B Capital, Ignition, Greycroft, and Eight Roads engaged in the round totalling the funding to $96 million.
This funding was followed by Series C funding in last year march, where the total funding was estimated to be $46 million led by B Capital Group and previous investors namely Ignition Partners, Greycroft in partnership with e.ventures and Eight Roads Ventures.
Following such capitalisation, it stresses on the growing trust of customers, analysts and investors. It embarks that the investors as well as customers see great potential in the service provider company and is certain that it will emerge as the leader in the technology management provider sector.
The recent funding is done to expand its presence across the globe and explore deep into artificial intelligence.The Seattle and Pune-based contract management software provider is boosted with such enormous response from the customers, investors and analysts. Analyst Desere Edwards wrote:
“Effective contract management is important for the commercial success of any business. CLM adoption is increasing as organisations implement their digital road maps to eliminate paper and to improve both their workflows and collaboration.”
Paul Madera, co-founder and managing director at Meritech talking about its easy, intelligent technology said- “At Meritech, we look for companies with strong, values-driven management teams and cutting-edge technology, that are transforming categories, Icertis has achieved a massive worldwide footprint in the contract life cycle management category with iconic brand names, while also being incredibly capital efficient. We see a huge opportunity for them to become the next great global technology company.”
In an interview with economic times, its chief executive , Samir Bodas further explained the use of the funds in detail- “We will continue our investments to apply AI to contracts, where we can now not only tell customers what the contract says, but also marry that up with what actually happens in the ERP, sourcing or delivery systems. We already have offices in New Jersey, San Jose and Seattle and will be opening two new offices in Minneapolis and Dallas. In Europe, we will be opening offices in Stockholm and London. We are already there in Paris, Stuttgart and Paris. In Asia Pacific, we will be expanding to Singapore, Australia and New Zealand.”