 "ERP software startup Icertis raises $6 mn from Greycroft, Fidelity")
The company is also planning to raise to raise $ 20 million (around Rs 126 crore) in the next 12-18 months.
The new funding will enable the company to scale sales and marketing and further build out its award winning contract lifecycle management product. Icertis contract management (ICM) product provides capabilities to manage sell-side, buy-side and corporate contracts on one platform.
Also Read
“ICM ensures CXOs are able to manage contracting risk and have full end-to-end visibility of contracts, while at the same time enable employees to contract with customers, partners and vendors in a self-service mode, within guard rails, and engage the right specialist resources, like legal and finance, only to manage exceptions and critical issues,” said Samir Bodas, co-founder and CEO, Icertis.
Before this, the firm had raised $500,000 in seed fund in 2012. It is headquartered in Bellevue, the US, with its operations centre in Pune.
On further fund raising Bodas added, “There is great scope for a cloud-based Software as a Service (SaaS) provider like us to grow as the opportunities in the contract management marker are immense.
Kabir Narang, managing director, Fidelity Growth Partners India said “Icertis is one of the leading cloud enterprise software startups that effectively leverages its capabilities across the US-India corridor. Contract lifecycle management is a multi-billion dollar opportunity globally, and Icertis is well positioned to emerge as the leader in this space.”
Recently, Icertis announced its plans to spin off its cloud solutions and services business into a new company called CloudMoyo. The new company will have a dedicated focus on cloud and data analytics based ERP-surround enterprise solutions for the High Tech, life sciences, and transportation industry verticals, and accelerate growth in this market.