Icertis

Icertis is a software company that provides contract management software to enterprise businesses. The company is headquartered in Bellevue, Washington[5][6][7] with 12 offices globally, including an engineering office in Pune, India,[3][8] new offices in Singapore and Sydney, and 3 support centers, with the most recent one opened in Sofia, Bulgaria.[9]

Icertis
Founded2009[1][2]
HeadquartersBellevue, Washington
United States
No. of locations12
Key people
IndustryInternet Software and Services
ProductsEnterprise-wide contract management software in the cloud
Employees1,100+
URLwww.icertis.com

History

Icertis[10] was founded in 2009 by Samir Bodas[11][12] and Monish Darda.[3][13][14]

The Icertis Contract Lifecycle Management (ICLM) product has been built on the Microsoft Azure cloud-computing platform and is aimed at improving contract management efficiency and compliance by providing access to contract lifecycle information across many device types including smartphones and tablets.[3][15][16][17] According to Microsoft, which has deployed ICM globally, the system can assist in the management of "hundreds of thousands of contracts".[3]

Icertis claims to provide intelligent contract authoring. In the future, they intend to use blockchain technologies to enable basic contract management functions through a shared ledger, which would offer universal performance tracking and ratings.[18]

In March 2020, Icertis announced the appointment of Pranali Save as Chief Human Resources Officer.[19]

Funding
Funding Round Date Net received References
Series A April 2015 US$6 million [20][21][22]
Series B March 2016 US$15 million [23][24][25]
Series C March 2017 US$25 million [26][27][28][29]
Series D February 2018 US$50 million [30][31]
Series E July 2019 US$115 million [32][33]

Icertis key investors are B Capital Group, Ignition Partners, Premji Invest, Eight Roads Ventures, Greycroft Partners, Meritech Capital Partners, PSP Growth and Cross Creek Advisors. [34][35]

The Series C funding was led by B Capital Group with super pro-rate participation from existing investors Ignition Partners, Greycroft in partnership with e.ventures and Eight Roads Ventures.[36][37][38]

The Series D funding was led by Meritech Capital Partners with participation from PSP Growth and Cross Creek Advisors.[39][40][41]

The Series E funding was co-led by Greycroft Partners and Premji Invest with participation from existing institutional investors including B Capital Group, Cross Creek, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth.[42][43][44]

Products

Icertis offers the Icertis Contract Management (ICM) platform which is a cloud based contract management software.

The Icertis product portfolio has four layers:

  • The core Icertis Contract Management platform
  • ICM Business and AI applications that address specific business challenges
  • ICM Experiences connects the ICM platform with other enterprise software
  • The ICM Blockchain Framework, which creates networks of internet-enabled contracts

The ICM platform helps with intelligent contract setup and then continuing with authoring, approvals, negotiations, and other aspects of ongoing contract operations. Post contract execution the ICM platform manages obligation fulfillment, provides contract reporting and offers tools for governance, risk and compliance.[45]

The ICM Business applications focus on contract relationships and compliance. [45] The ICM AI applications use AI-powered solutions to import third-party contracts, analyze past negotiation history, and visualize data insights to improve contract relationships and performance.[45]

Icertis Experiences helps ICM users create, approve and collaborate on contracts with other third-party software. This allows companies to extend contracting access to more business users and tracks all contracts for compliance and approval.[45]

The Icertis Blockchain Framework offers companies the option to deploy contract management software solutions based on permissioned, standards-based blockchains. Icertis customers can utilize the framework to address business challenges such as sustainability across supply chains, compliance with supplier diversity programs, or outcome-based pricing.[45]

References
  1. "Startup Amsterdam Company Portfolio - Icertis".
  2. "Icertis Applied Cloud: Contract management services for ITRoadMap".
  3. Staff (May 5, 2012). "Icertis develops contract lifecycle management product for Microsoft". Business Standard. India. Retrieved 2 Dec 2019.
  4. "Leadership - Icertis".
  5. "Contact Us - Icertis".
  6. "Icertis: Number 2119 on the 2015 Inc. 5000". Inc.com. Retrieved 2016-12-19.
  7. "Company Icertis News, Employees and Funding Information, Bellevue, WA". www.vbprofiles.com. Retrieved 2016-12-19.
  8. "Icertis Solution Pvt Ltd, Pune | Company & Contact Details | datapark.co.in". www.datapark.co.in. Retrieved 2016-12-19.
  9. "Icertis Launches Sofia Customer Support Center to Serve Fast Growing Region". Contract Lifecycle Management - Icertis. 2018-06-28. Retrieved 2018-11-09.
  10. "Icertis Inc: Company Profile". Bloomberg. Retrieved 2016-12-19.
  11. "Samir Bodas: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 2016-12-19.
  12. ""We are at the forefront of innovation with born-in-the-cloud enterprise applications"- Mr. Samir Bodas, CEO & Co-Founder, Icertis | Technuter". Technuter. Retrieved 2016-12-19.
  13. "Monish Darda: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 2016-12-19.
  14. "Interview with Monish Darda, Founder of Contract Management Software Product Company ICERTIS | punetech.com". punetech.com. Retrieved 2016-12-19.
  15. "Icertis, Microsoft Ally For CityNext Initiative - Firstpost". Firstpost. 2013-08-20. Retrieved 2016-12-19.
  16. Forrest, Conner. "Ex-Microsoft employee's contract management startup Icertis raises $6 million | ZDNet". ZDNet. Retrieved 2016-12-19.
  17. "Technology Firm Transforms Business with Scalable Cloud Solution".
  18. "Blockchain and the Future of P2P Networks". Spend Matters. 2016-11-09. Retrieved 2016-12-19.
  19. "Icertis hires Pranali Save as CHRO". The Economic Times. 2020-03-09. Retrieved 2020-03-11.
  20. Staff (April 29, 2015). "Icertis raises $6 million; to go for $20 million funding in 12–18 months". The Economic Times. New Delhi, India: Bennett, Coleman & Co. Ltd. Retrieved 2 Dec 2019. Icertis will utilise the funding scale up its sales, marketing and technology team across the US, India and Europe. (sub-title)
  21. "Icertis, Thomson Reuters partnership provides compliance screening | Compliance Week". www.complianceweek.com. Retrieved 2016-12-19.
  22. "Cloud-based enterprise software startup Icertis secures $6M from Greycroft, Fidelity". Techcircle.in - India startups, internet, mobile, e-commerce, software, online businesses, technology, venture capital, angel, seed funding. 2015-04-28. Retrieved 2016-12-19.
  23. Shu, Catherine. "Contract management software maker Icertis raises $15M Series B". TechCrunch. Retrieved 2016-12-19.
  24. "Bellevue software-maker Icertis pulls in $15 million in funding". The Seattle Times. 2016-03-10. Retrieved 2016-12-19.
  25. "Enterprise SaaS company Icertis raises $15M in latest fundraise - Times of India". The Times of India. Retrieved 2016-12-19.
  26. "Enterprise SaaS firm Icertis raises $25 million led by Facebook co-founder's VC fund- Times of India". The Times of India. Retrieved 2017-03-29.
  27. Sangani, Priyanka. "Icertis raises ₹175 cr in series c funding". ET Tech. Retrieved 2017-03-29.
  28. Toms, Manu. "Facebook co-founder Saverin's VC firm B Capital leads $25 mn round in Icertis". VCCiRCLE. Retrieved 2017-03-29.
  29. Cook, John. "Cloud-based enterprise contract management company Icertis scores $25M". GeekWire. Retrieved 2017-03-29.
  30. "Icertis raises $50M, looks to become the Salesforce of contract management". GeekWire. 2018-02-08. Retrieved 2018-11-09.
  31. "CrunchBase Icertis Series D".
  32. "Icertis Cements Undisputed CLM Market Leadership with $115 Million Round". Contract Lifecycle Management - Icertis. Retrieved 2020-03-30.
  33. "CrunchBase Icertis Series E".
  34. "Icertis | Crunchbase".
  35. "Icertis Stock / Share Price, Funding Rounds, Valuation and ..."
  36. Icertis. "Icertis Secures $25 Million in Series C Funding". www.prnewswire.com. Retrieved 2020-05-28.
  37. aparnamishra.06 (2017-03-30). "ERP Solutions Provider Icertis Raises $25 Mn Series C Funding". Inc42 Media. Retrieved 2020-05-28.
  38. "Icertis Secures $25 Million in Series C Funding - MarketWatch".
  39. "Icertis Raises $50 Million in Series D Funding | MarTech Advisor". www.martechadvisor.com. Retrieved 2020-05-28.
  40. "Icertis Raises $50 Million in Series D Round, Plans to Invest in AI Capabilities and Global Expansion". Spend Matters. 2018-02-14. Retrieved 2020-05-28.
  41. "Icertis raises $50M, looks to become the Salesforce of contract management". GeekWire. 2018-02-08. Retrieved 2020-05-28.
  42. "Contract management startup Icertis becomes unicorn with $115M new round". TechCrunch. Retrieved 2020-05-28.
  43. FinSMEs (2019-07-17). "Icertis Raises $115M in Series E Funding Round". FinSMEs. Retrieved 2020-05-28.
  44. "Contract management startup Icertis hits $1B valuation with massive $115M funding round". GeekWire. 2019-07-17. Retrieved 2020-05-28.
  45. "Contract Management Software and Solutions - Icertis". Contract Lifecycle Management - Icertis. Retrieved 2020-04-01.
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