Today we are very excited to share that Icertis has secured $50 million in Series D funding led by Meritech Capital Partners, with additional investments by PSP Growth and Cross Creek Advisors, some of the top technology investment companies in the world. As a further validation of our strategy, all our current investors—B Capital, Ignition, Greycroft, and Eight Roads – participated in the round. This brings Icertis’ total funding to $96 million. The funding underscores the growing value that customers, analysts and investors see in enterprise contract management.
According to a recent analysis by Gartner Research, contract lifecycle management (CLM) is one of the fastest growing of all enterprise software categories.* Driving this rapid expansion is a recognition by companies that to reach their true economic potential they must transform their commercial foundation with an enterprise-wide contract management platform.
“Effective contract management is important for the commercial success of any business,” wrote analyst Desere Edwards. “CLM adoption is increasing as organizations implement their digital roadmaps to eliminate paper and to improve both their workflows and collaboration.”*
Industry analysts are not the only ones taking note of this shift. Investors are signaling that they too see great promise in enterprise contract management, where they believe a multi-billion-dollar software company will emerge as a leader.
Paul Madera, co-founder and managing director at Meritech, recognizes both the proven value of a strategic approach to contract management, and the huge growth potential in the years to come.
“At Meritech, we look for companies with strong, values-driven management teams and cutting-edge technology, that are transforming categories,” said Madera. “Icertis has achieved a massive worldwide footprint in the contract lifecycle management category with iconic brand names, while also being incredibly capital efficient. We see a huge opportunity for them to become the next great global technology company.”
Customers See Contract Management Driving Digital Transformation
This growing interest is being driven, fundamentally, by customers. They are realizing that reimagining contract management is key to unlocking the value in digital transformation projects because contracts are core to the foundation of all commerce, governing every dollar coming in and going out of the enterprise. This enables customers to further increase contract velocity and agility, proactively manage entitlements and obligations as well as surface commercial insights and intelligence.
For example, with an enterprise-wide strategic approach, contracting becomes streamlined, drastically reducing contract turnaround time and accelerating time to revenue; risk and compliance is better governed in the contracting process; and 360-degree visibility of obligations and entitlements allows business leaders to turn contracts into strategic assets by optimizing commercial relationships.
“Implementing CLM can lead to significant improvements in cost savings and efficiency,” Gartner reports. “Understanding and automating CLM can help organizations manage organizational liability and increase compliance with legal and regulatory requirements.”*
Easy, Intelligent, Enterprise-Wide
In the last year, we have solidified our leadership in enterprise contract management, signing new marquee customers like BASF, Kansas City Southern, Lufthansa AirPlus, Sanofi, and Wipro while deepening our relationship with existing customers like 3M, AbbVie, Airtel, Daimler and Microsoft. We have established this leadership position with a platform that is easy, intelligent and enterprise-wide.
We have designed the Icertis Contract Management (ICM) platform to solve the hardest contract management problems while remaining easy to use. ICM can be deployed in weeks, not months, and features an intuitive interface that ensures quick adoption by users. Customized dashboards and artificial intelligence provide critical real-time data on cycle times, potential risk, compliance challenges and other key metrics. And since it is enterprise-wide, organizations can use ICM to manage and connect any type of contract, whether buy-side, sell-side, or corporate contracts.
With the new funds, we will accelerate investment in the ICM platform’s risk management, compliance, and revenue optimization capabilities, driven by artificial intelligence. We will also expand our geographical footprint in North America, EMEA, and Asia Pacific and opportunistically acquire cutting-edge technologies that address emerging needs.
Learn More About Icertis
The digital transformation is well under way, and all eyes are on how organizations will adapt to this new reality. Analysts, investors, and forward-looking companies alike agree that enterprise contract management is key to reaching their true economic potential.
Organizations that want to keep pace need to move past traditional approaches to contract management and embrace a more comprehensive and intelligent enterprise-wide solution, leveraging the latest technologies.
To learn more about how the ICM platform can transform your organization, download this guide to enterprise contract management.
* Gartner, IT Market Clock for Procurement and Sourcing Solutions, 2018, Desere Edwards, Magnus Bergfors, Patrick M Connaughton, Kaitlynn N. Sommers, Christian Titze, December 19, 2017