Icertis, a cloud-based contract management that helps large organizations such as Becton Dickinson, 3M, Cognizant, Microsoft, and Daimler manage contracts, has secured a USD 25 million venture funding round, making it one of the largest in a Seattle area software company so far this year.
Led by former Microsoft manager Samir Bodas, the Bellevue-based company goes beyond simple document management and electronic signatures to provide “contract intelligence,” according to Samir. Simply means organizations use the company’s cloud platform to get automatic oversights of contracts, which paces up contracts and lessens risk.
The new USD 25 million series C round brings total funding to USD 46 million. Backers of the company include Ignition Partners, B Capital Group, e.ventures, Greycroft and Eight Roads Ventures.
“When a market leading company doubles revenues every year and maintains positive cash flow, it’s an extremely compelling investment,” Raj Ganguly, co-founder and Partner at B Capital Group said. “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,” he added.
With the new funds, Icertis plans to boost its R&D investments. The company that employs about 300 employees also plans to double its staff worldwide, including the offices in Seattle, Pune, San Jose and Stuttgart.
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