Icertis, which develops cloud-based software that helps large companies manage contracts, has raised a $15 million Series B led by Ignition Partners.
Its newest funding brings Icertis’ total raised so far to $21 million. Other venture capital firms that have backed Icertis include Greycroft and Fidelity Growth Partners India. The company is headquartered in Bellevue, Washington, with an engineering office in Pune, India.
Co-founder and chief executive officer Samir Bodas says Icertis will use its new capital to open offices in New Jersey and Chicago and increase its marketing in Europe. The company also plans to add new functions to Icertis Contract Management, its flagship software platform.
Bodas says Icertis differentiates from its competitors by letting users manage almost all kinds of contracts inside of focusing on specific categories. Companies use Icertis’ products to handle procurement, sales, and corporate contracts, including non-disclosure agreements. It was built on Microsoft Azure (Bodas spent several years in management positions at Microsoft before founding Icertis), but also integrates with other public clouds like salesforce.com and the Google Cloud Platform.
In addition to helping users create contracts, Icertis’ software also tracks when terms are met, ensures regulatory compliance, and automates administrative tasks like sending renewal reminders. Icertis currently claims over 500,000 active users; its clients include Microsoft, HBO, Skullcandy, Cognizant, Lending Club, and Airtel.
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