Icertis, a startup that is involved in building ERP solution, has raised Rs 100 cr in Series B Funding round. This round was led by Ignition Partners and it also saw participation from existing investors Greycroft Partners and Fidelity Growth Partners India. As a result of this funding round led by Ignition partners, John Connors, who is the managing partner at Ingition Partners will join the Icertis board of directors. Connors has held top positions like CFO and CIO at technology giant Microsoft.
Describing what the funds from this round will be used for,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.”
The startup’s first funding round happened in April 2015, where the company raised $6 mn (about Rs 38cr) from Greycroft and Fidelity Growth Partners India. The startup is headquartered in Bellevue, Washington, and has its engineering office in Pune, India and marketing offices in Mumbai, the US and Zurich. Icertis is a leading provider of contract lifecycle management (CLM) in the cloud. In the last year itself the company signed on clients like Cognizant, HBO and Airtel. In addition to helping users create contracts, the software provided by the company also tracks when terms are met, ensures regulatory compliance, and automates administrative tasks like sending renewal reminders. The company currently claims over 500,000 active users. Per the company- a latest market research says that the CLM market is likely to reach a revenue size of $2 billion by 2019 in the US alone.