Icertis, a Bellevue, Wash.-based provider of enterprise contract management in the cloud, raised $50m in Series D funding.
The round – which brings total funding to $96m – was led by Meritech Capital Partners with participation from PSP Growth and Cross Creek Advisors and existing investors B Capital Group, Ignition Partners, Greycroft and Eight Roads Ventures.
The company intends to use the funds to accelerate investment in the Icertis Contract Management (ICM) platform’s risk management, compliance, and revenue optimization capabilities, driven by artificial intelligence and expand its geographical presence in North America, EMEA, and Asia Pacific and opportunistically acquire technologies that address emerging needs.
Led by Samir Bodas, Co-founder and CEO, Icertis provides a cloud based AI-powered enterprise contract management platform, which is used to manage 5+ million contracts by 2+ million subscribers at several companies in 40+ languages across 90+ countries. The platform allows customers to increase contract velocity and agility, proactively manage entitlements and obligations as well as surface commercial insights and intelligence.
Marquee customers include BASF, Kansas City Southern, Lufthansa AirPlus, Sanofi, Wipro, 3M, AbbVie, Airtel, Daimler and Microsoft.