Icertis, which helps large organizations such as 3M, Becton Dickinson, Cognizant, Daimler and Microsoft manage contracts, has landed a $25 million venture funding round, one of the largest in a Seattle area software company so far this year.
The Bellevue-based company, led by former Microsoft manager Samir Bodas, says it goes beyond simple document management and electronic signatures to provide “contract intelligence.” That means organizations use the Icertis cloud platform to get automatic oversights of contracts, which speeds up contracts and reduces risk.
The $25 million series C round brings total funding to $46 million. Backers of the company include B Capital Group, Ignition Partners, Greycroft, e.ventures and Eight Roads Ventures
“When a market leading company doubles revenues every year and maintains positive cash flow, it’s an extremely compelling investment,” said Raj Ganguly, co-founder and Partner at B Capital Group. “Icertis is disrupting the $6 billion contract management market by turning contracts into strategic assets and enabling companies to find new sources of value while reducing risk.”
Steven Guggenheimer, Corporate Vice President of Microsoft’s Developer eXperience & Evangelism (DX) group, notes in a press release that Daimler recently deployed the Icertis Contract Management platform on Microsoft Azure. Guggenheimer called Icertis a “strategic fit with our cloud platform.”
With the new funds, Icertis plans to bolster its R&D investments. It also plans to double staff worldwide, including offices in Seattle, San Jose, Pune and Stuttgart. The company currently employs about 300.
While Icertis does not disclose revenues, Bodas told GeekWire that the company was cash flow positive last year and that it has not even touched its $21 million in funding that it previously raised. “We now plan to get very aggressive with our global footprint expansion, and doubling down on leading edge R&D,” said Bodas.
“In today’s hyper-competitive world, forward-thinking enterprises are rapidly recognizing the need to transform their commercial foundation with a true enterprise-wide contract management platform,” said Bodas in the release.
In an email to GeekWire, Bodas described Icertis’ competitors as “legacy vendors” like IBM and SAP and new entrants such as Apttus.
“These players either play on the buy side — procurement contracts — or sell side — revenue contracts,” he said. “We are the only Enterprise Contract Management platform – we manage all buy side, sell side, and corporate (NDAs, employment, MOU, etc) contracts.”
Prior to co-founding Icertis in 2009, Bodas served as president and CEO of Aztecsoft, a company that was acquired by IT services company Mindtree. Before that, he worked at Microsoft in various roles.
In 2015, Icertis spun off its cloud solutions and services business into a new company called CloudMoyo.