Icertis, a provider of enterprise contract management in the cloud, has announced $25 million in Series C funding, bringing Icertis’ total funding to $46 million.
Taking a holistic approach, Icertis helps global Fortune 500 enterprises mitigate compliance risks due to improper contract management – an issue that, the company contends, will only grow for global enterprises as scrutiny of contractual relationships with international customers, employees, suppliers, and partners increases.
The latest funding round was led by B Capital Group with super pro rata participation from existing investors Ignition Partners and Greycroft in partnership with e.ventures and Eight Roads Ventures.
Since its Series B funding in March 2016, Icertis says it has continued to add major clients such as 3M and Daimler, and expanded its management team with experienced cloud software executives.
With this most recent round of funding, Icertis says it will accelerate its R&D investment in the ICM platform to continue to solve contract management challenges. The company will also double its staff in Seattle, San Jose, Pune, and Stuttgart and expand its physical footprint with new offices in the U.S. and Europe.
According to Icertis, industry research shows that enterprises can increase revenue up to 9% and decrease procurement costs by 13% with more effective contract management. The Icertis Contract Management (ICM) platform aims to optimize the full lifecycle for all types of contracts – buy-side, sell-side and corporate – while providing insight to companies to help them manage risk and find new value.
For more information about the Icertis Contract Management platform, visit www.icertis.com.