Icertis raises $6 million Series A fund from Greycroft Partners and Fidelity Growth Partners

Icertis, the leader in enterprise contract lifecycle management software in the Microsoft Cloud has announced that it has closed a $6 million Series A round led by Greycroft Partners and Fidelity Growth Partners India.

The new funding will enable the company to scale sales and marketing and further build out its contract lifecycle management product. 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 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 per cent in both order-to-cash and procure-to-pay business processes.

“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, Greycroft Partners. “Contract Lifecycle Management is a multi-billion dollar category, and Icertis is in pole position to lead in this space.”

“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.”