Icertis, a provider of enterprise contract management in the cloud, recently secured $115 million in a Series E round led by US-based venture capital firm Greycroft and Premji Invest. The other investors participated in the round included B Capital Group, Cross Creek, Eight Roads, Ignition Partners, Meritech Capital Partners, and PSP Growth.
Icertis offers enterprises Contract Lifecycle Management services in the cloud. The company claims that its Icertis Contract Management (ICM) platform is an innovative and easy-to-use platform, enabling companies to enhance their compliance, improve governance, mitigate risk, and increase user productivity.
With the latest funding, Icertis has become the India’s third software-as-a-service (SaaS) company to be valued at more than $1 billion. Headquartered in India and the U.S., Icertis stated the new proceeds will be used to strengthen its product, invest in new technologies such as blockchain, artificial intelligence, and machine learning. The company also wanted to expand its business reach globally.
“Companies must re-imagine every business process to compete in today’s hyper-competitive global markets,” said Samir Bodas, CEO and Co-founder of Icertis. “Nothing is more foundational than contract management as every dollar in and every dollar out of a company is governed by a contract. As the CLM market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute on our mission to become the contract management platform of the world.”
“As we run a long-term evergreen crossover fund, we look for companies with enduring growth prospects that can execute and thrive well beyond an initial public offering,” said Sandesh Patnam, Lead Partner for Premji Invest in the US. “Icertis has all the hallmarks of a company that will grow into a juggernaut – an innovative product that delivers substantial value for customers, deep cash reserves to develop the market and a track record of flawless execution.”