Icertis, the Bellevue, Wash.-based company specializing in contract management services in the cloud, has raised $15 million in new venture capital, the company announced today.
Ignition Partners led the Series B round, and all previous Icertis investors also participated, said Samir Bodas, the co-founder and CEO of Icertis. Other investors include Greycroft Partners and Fidelity Growth Partners India.
The company will use the new funding for marketing, expansion and R&D, Bodas said in an interview with GeekWire.
Icertis’ new round of funding builds upon a $6 million round raised in April of last year, taking the company’s total funding to $21 million. As part of the new round, John Connors, Ignition managing partner and former Microsoft chief financial officer, will join Icertis’ board of directors.
Bodas said the company has acquired some big customers in the past few months, including HBO, Cognizant, and Skullcandy, who joined existing customers of its contract management services, like Microsoft and Hyundai. Since its founding in 2009, Icertis has grown to manage nearly 2 million contracts. The company now has more than 500,000 users in 90 different countries, Bodas said.
In 2015, Icertis increased its headcount 35 percent to 135 employees. The company plans to grow to 200 by the end of the year. It also increased revenue by 450 percent, though Bodas did not disclose exact figures.
Up to this point, Bodas said, the company has been focused on customer acquisition and product development. Now it wants to gets its message out through events, online marketing and public relations.
In addition, the company will open three new U.S. offices — in Chicago, New Jersey and Atlanta — while building new international offices in London and Singapore, and expanding its existing office in Zurich.
Lastly, Icertis will put its new cash toward research and development to continue improving its contract management platform.
The company is seeking to distinguish itself from competitors with a contract management platform that manages the buy-side, sell-side and corporate enterprise contracts — not just one of the three — while also unifying contract management across the different divisions and functions inside a company. Icertis also supports self-service contracts, catering to a larger push for that capability among customers.
Icertis was profitable at the time of the earlier financing round, in April, Bodas said. With its subsequent investment in growth, the company is not currently profitable, he said, but expects to be back to profitability by the first quarter of 2017.
Bodas worked at Microsoft in the 1990s and was CEO of Aztecsoft Ltd. before co-founding Icertis in 2009.
