Icertis, the leader in enterprise contract lifecycle management software in the Microsoft Cloud, announced today the close of a USD6.0MM Series A round led by Greycroft Partners and Fidelity Growth Partners India. The new funding will enable the company to rapidly scale sales and marketing and further build out its award winning contract lifecycle management product. A born in the Microsoft cloud software startup, Icertis raised a seed round in 2012, and has seen multifold year-over-year customer and revenue growth for the last two years.
The Icertis Contract Management (ICM) product brings comprehensive capabilities to manage sell-side, buy-side, and corporate contracts on one platform. ICM is delivered on the cloud and is extraordinarily easy to use, highly configurable, quick to deploy, and can be readily integrated with other systems through open interfaces. ICM can revitalize an enterprise’s contracting operations to not only improve governance and visibility, but also significantly boost the ability to realize hidden commercial value in contracts.
“Today’s hypercompetitive global business requires the contracting process to be easy and agile on one hand, and compliant and controlled on the other” says Samir Bodas, Co-Founder and CEO of Icertis. “ICM ensures CxOs are able to manage contracting risk and have full end to end visibility of all contracts, while at the same time enable employees to contract with customers, partners and vendors in a self-service mode, within guard rails, and engage the right specialist resources, like legal and finance, only to manage exceptions and critical issues”
Icertis Contract Management can increase contracting throughput by more than 50% in both order-to-cash and procure-to-pay business processes. Its rich analytics and reporting features help managers stay on top of contractual risk, quantify contractual performance, and increase negotiation intelligence.
Kabir Narang, Managing Director at Fidelity Growth Partners India said “Icertis is one of the leading cloud enterprise software startups that effectively leverages its capabilities across the US-India corridor. The company has grown rapidly in a short span of time with an impressive list of global clients like Microsoft, Roche, Hyundai HATA, and Genpact. We were impressed by the quality of their product, modern user interface, and stellar management team. Contract lifecycle management is a multi-billion dollar opportunity globally, and Icertis is well positioned to emerge as the leader in this space.”
“With Microsoft Azure, Icertis has built a cost-effective, enterprise-class service that can be delivered from anywhere in the world,” said Takeshi Numoto, CVP for Cloud + Enterprise Marketing at Microsoft. “We’re excited to have Icertis as a Microsoft Cloud ISV partner and pleased to be using Icertis within Microsoft.”
Gartner recently named Icertis as a Cool Vendor in “Cool Vendors in Procurement and Sourcing Technology, 2015”, Deborah R Wilson, Magnus Bergfors, published 13 April 2015. According to Gartner, “Ease of use and intuitive navigation are no longer “unattainable” in more complex enterprise applications, such as contract life cycle management.”