Contract management company Icertis has collected $50m in its Series D funding round led by Meritech Capital Partners.
Participation also came from PSP Growth and Cross Creek Advisors, as well all of the company’s existing backers which include B Capital Group, Ignition Partners, Greycroft and Eight Roads Ventures.
Seattle-headquartered Icertis is a contract management company that helps businesses to ensure compliance, mitigate risk, improve governance and enhance user productivity. The platform helps to ensure a business is keeping up with all contractual obligations.
Some of the company’s clients include payment solutions provider ArPlus, India private bank ICICI Bank and online financial company LendingClub. For ArPlus the platform helps to ensure global compliance and lower operating costs.
The capital from the round will be used to invest in its risk management, compliance, and revenue optimization capabilities, with a focus on AI. Through this, the company hopes customers will be able to manage entitlements more effectively and build better insights.
Icertis also hopes the funding will support its expansion in North America, EMEA, and Asia Pacific, as well as making strategic acquisitions.
Meritech Capital Partners co-founder and managing director Paul Madera said, “At Meritech, we look for companies with strong, values-driven management teams and cutting-edge technology, that are transforming categories. Icertis has achieved a massive worldwide footprint in the contract lifecycle management category with iconic brand names, while also being incredibly capital efficient.â€
This investment brings the company’s total funding efforts up to $96m. The company’s previous investment was a $25m Series C which closed last March and was led by B Capital Group.
Last year, Meritech led the $70m Series D investment in to cybersecurity platform Duo Security. The Texan company helps its clients to verify their users and the health of their device before they can access the platform.
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