Icertis, a Bellevue, Wash. and Pune, India-based provider of enterprise contract management in the cloud, closed a $115m Series E funding round.
The round, which brought total funding to over $211m and the valuation to more than a billion dollars, was co-led by Greycroft and Premji Invest with participation from existing institutional investors B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth.
The company intends to use the new funds to:
– Increase investment in its ICM platform, and grow verticalized business applications built on the platform to address specific business challenges, to increase revenue, reduce costs, improve cash flow, manage risk and ensure compliance,
– extend the Icertis Blockchain Framework, a blockchain framework integrated with an enterprise contract management platform, to create solutions to solve real-world business challenges including supply chain transparency, certification compliance, outcome-based pricing and more,
– bring artificial intelligence and advanced cognitive services to the ICM platform to solve enterprise contract management challenges that can be addressed only by these new technologies,
– scale sales and marketing efforts globally, and
– finance opportunistic acquisitions tied to commercial value generation in contracting.
Led by Samir Bodas, CEO and Co-founder, Icertis provides a cloud-based, AI-driven Contract Lifecycle Management (CLM) platform to Global 2000 customers to accelerate their business by increasing contract velocity, protect against risk by ensuring regulatory and policy compliance, and optimize their commercial relationships. The platform is used by companies like ABB, Airbus, 3M, BASF, Bertelsmann, Cognizant, Daimler, Humana, Johnson & Johnson, Sanofi, Microsoft, Qantas to manage 5.7 million contracts in 40+ languages across 90+ countries.
The company has 12 offices globally including in cities like London, Paris, Singapore, Sydney and Sofia, Bulgaria, among others.