April 28, 2015, Bellevue, WA: Icertis, the leader in enterprise contract lifecycle management software in the Microsoft Cloud, announced today the close of a $6.0MN 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.
“Though the company is young, Icertis has an impressive list of customers including Microsoft, Roche, Hyundai HATA, Chemonics, and SunEdison. We were also impressed by the quality of their product, the stellar team, and their ability to execute,” said Mark Terbeek, Partner at Greycroft Partners. “Contract Lifecycle Management is a multi-billion dollar category, and Icertis is in pole position to lead in this space.”
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.”
“With Microsoft Azure, Icertis has built a cost-effective, robust enterprise-class service that can be delivered from anywhere in the world and not need to worry about large infrastructure costs or maintenance.” said Takeshi Numoto, CVP for Cloud + Enterprise Marketing at Microsoft. “We’re excited to have Icertis as a Microsoft Cloud ISV partner to the benefit of our customers, and use Icertis to manage our NDAs and other contracts at Microsoft.”
Gartner recently named Icertis as a Cool Vendor in the report “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.”
Icertis is the leading provider of enterprise contract management software in the Microsoft Cloud. The company’s flagship product, Icertis Contract Management (ICM), can manage sell-side, buy-side, and corporate enterprise contracts across the globe by leveraging the power of the cloud. ICM has an inspired easy-to-use user interface, is quick to deploy, and integrates with all leading ERP and CRM solutions in the market. The award winning and analyst acknowledged product accelerates contracting velocity and ensures effective management of risk and compliance across the order-to-cash and procure-to-pay processes.
For more information, please visit www.icertis.com
About Greycroft Partners
Greycroft Partners is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, successfully bring their products to market, and build successful businesses. Greycroft manages $600 million and has made over 100 investments since inception, including leading companies such as App Annie, BaubleBar, Braintree, Buddy Media, Collective, Extreme Reach, Huffington Post, JW Player, Klout, Maker Studios, Plain Vanilla, Pulse, TheRealReal, Trunk Club.
For more information please visit the Greycroft Partners website at www.greycroft.com
About Fidelity Growth Partners India
Fidelity Growth Partners India is the India-focused private equity arm of Fidelity Worldwide Investment, focused on cross-sector growth capital investing. FGPI seeks to invest up to $50M in high-quality, high-growth companies across a range of sectors including early stage companies in technology, consumer and healthcare. FGPI is committed to making the companies it invests in leaders in their industries through access to patient capital with a long term investment mindset, a powerful network of resources and a team of investment professionals with a proven track record of success. Fidelity, Fidelity Worldwide Investment and Fidelity Growth Partners India are trademarks of FIL Limited.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.