Icertis announced today that it has raised $15 million Series B round of funding. The round of funding was lead by Bellevue-based Ignition Partners, with participation by existing investors Greycroft Partners and Fidelity Growth Partners India.
Icertis has created a cloud-based contract management platform to manage enterprise contracts, standardize processes, and automate workflows in one place. This approach differs from competitors by offering contracts for legal, sales, finance, and procurement on one platform, ensuring consistency and and reduced risk across the board.
John Connors, managing partner at Ignition Partners, will join the startup’s board of directors.
“In today’s uncertain economic climate, investors are tightening their purse strings and focusing solely on startups with stellar customers, strong revenue, and predictable long-term growth,”Connors said in a statement. “In Icertis’ case, the market opportunity is indisputable. Its customer list speaks for itself, and the company’s business metrics stand way above those of any other enterprise SaaS startups we have evaluated in a long time. That, combined with the company’s seasoned management team, made our decision to invest a no-brainer.”
The company has received $21 million in funding since it was founded in 2009. The company will use this round of funding to expand global operations, invest in marketing, and improve its existing products.
As of press time, Icertis is used by more than 500,000 professionals in the legal, procurement, sales, and finance to manage more than 2 million contracts. Among those customers are Microsoft, Skullcandy, and HBO.
“Business leaders are rapidly recognizing that contract management is a company-wide strategic business process more so than a transactional departmental activity, and they are looking for a holistic platform like ICM to address their needs,”Samir Bodas, cofounder and CEO of Icertis, said in a statement.