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    Icertis may expand operations in Europe, Asia-Pacific

    Synopsis

    The company picked Germany over the UK to be the hub of its Europe operations in part because of Brexit, and also because it is home to Daimler, one of its biggest customers.

    ET Bureau
    PUNE: Cloud-based contract management firm Icertis plans to strengthen its presence in Europe this year, followed by the Asia-Pacific region in 2018.

    The Seattle-headquartered firm, which recently raised Series C funding of $25 million led by Capital B Group, has set up an office in Stuttgart and will add offices in Frankfurt, Paris, Stockholm and London over the course of the year.

    The company has hired IBM’s Martin Mohr as vice president for the Europe, the Middle East and Africa region. Icertis CEO Samir Bodas said Europe was a focus area for the firm, currently contributing about 20 per cent to overall revenues.

    “By 2018, we expect the Europe business to grow to 33 per cent while India and APAC, which is currently at 10 per cent, would double to 20 per cent. The US is currently the biggest market comprising 70 per cent of our revenues, and while this would drop to 50 per cent, it would be on the back of doubling our overall revenue,” said Bodas.
    The company picked Germany over the UK to be the hub of its Europe operations in part because of Brexit, and also because it is home to Daimler, one of its biggest customers.

    Bodas, however, said Brexit and the impending changes it would bring were good for business.

    “There are a lot of geopolitical and regulatory changes underway in the region, and this is a time when companies tend to look at their contracts and how they can be better managed. In that sense, change is good for the contract management business,” he said.

    So far, the European business was being managed out of India, which will now move to Germany. As the company expands operations in the Asia-Pacific region next year, India would become the key hub for the region.
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    The Economic Times

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