SMEpost

Icertis raises Rs 100 crore in series-b funding

ERP solutions firm Icertis has raised Rs 100 cr in Series B Funding led by Ignition Partners. Existing investors Greycroft Partners and Fidelity Growth Partners India also participated in this round. Following this, John Connors, managing partner at Ingition Partners will join the Icertis board of directors. Connors is a former CFO and CIO at Microsoft.

Samir Bodas, CEO, Icertis said, “The funds will be deployed towards increasing our physical presence globally, marketing spends and towards further investment in the Icertis Contract Management (ICM) platform to strengthen its leadership position.”

In April 2015, the company had raised $6 (about Rs 38cr) from Greycroft and Fidelity Growth Partners India.

Icertis is a leading provider of Contract Lifecycle Management (CLM) in the cloud and in the past year, has signed on clients like Cognizant, HBO and Airtel. The company said that as per the latest market research, the CLM market is likely to reach a revenue size of $2 billion by 2019 in the US alone. Platforms like ICM, which provide a 360-degree approach to contracting, are positioned to gain substantial market share. Headquartered in Seattle, Icertis has an R&D lab in Pune apart from marketing offices in Mumbai and the US, and Zurich.

Source: The Economic Times