Icertis raises Rs 100 crore in Series-B round of funding led by Ignition Partners

PUNE: Icertis, a Seattle-based provider of enterprise contract management software, has raised Rs 100 crore in a Series-B round of funding that was led by Ignition Partners. Existing investors Greycroft Partners and Fidelity Growth Partners India also participated in the round. Following this, Ingition Partners managing director John Connors will join the board of Icertis. Connors has earlier been the CFO and CIO at Microsoft. “The funds will be deployed towards increasing our physical presence globally, marketing spends and towards further investment in the Icertis contract management platform to strengthen its leadership position,” Samir Bodas, CEO at Icertis, told ET. Over the next 12 months, the company will be setting up offices in London, Chicago, New Jersey, Atlanta, Singapore and Australia. Icertis has a R&D laboratory in Pune, which houses 100 people. This will be expanded to 150 by the end of 2016.

Bodas said the company registered four times revenue growth in the past year and it would be looking at doubling revenues in 2016.

In April 2015, the company had raised $6 million (about Rs 38 crore) from Greycroft and Fidelity Growth Partners India. “Investors are tightening their purse strings and focusing solely on startups with stellar customers, strong revenue and predictable long-term growth,” said Connors.