Icertis, a software-as-a-service company has announced that it has secured around Rs. 321 crores ($50 million) in its Series D funding round, which was led by Meritech Capital Partners and also witnessed participation from its existing investors B Capital, Ignition, Greycroft, and Eight Roads.
The funding comes at a time when the Pune-based contract management software provider is looking to expand its presence across the globe and delve further into artificial intelligence. This new funding round brings the company’s total funding to $96 million, with the new equity infusion valuing the company at about $500 million.
With the raised funding the software provider will accelerate investment in the ICM platform’s risk management, compliance, and revenue optimization capabilities, driven by artificial intelligence.
Commenting on this funding round, Paul Madera, managing director at Meritech Capital Partners, said:
Icertis has achieved a massive worldwide footprint in the contract lifecycle management category with iconic brand names, while also being incredibly capital efficient. We see a huge opportunity for them to become the next great global technology company.
Samir Bodas, chief executive, Icertis, said:
We will continue our investments to apply AI to contracts, where we can now not only tell customers what the contract says, but also marry that up with what actually happens in the ERP, sourcing or delivery systems.
The company was founded in the year 2009 by Monish Darda and Samir. Along with offices in Pune and Mumbai, the company already has offices in New Jersey, San Jose, and Seattle and will be opening two new offices in Minneapolis and Dallas. In Europe, the company is planning to open offices in Stockholm and London. In the Asia Pacific, the company will be expanding to Singapore, Australia, and New Zealand.
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. The company counts blue-chip companies such as Airtel, Wipro, Genpact and Cognizant among its clientele.