Cloud-based contracts company Icertis has raised $115 million in a Series E investment round led by Greycroft and Premji Invest. To date the Seattle-headquartered company has raised $211 million since 2009 according to Crunchbase. India is home to its development team, and Premji Invest is owned by the family office of WIPRO founder Azim Premji. Icertis also has a blockchain contracts solution.
Icertis provides its clients with enterprise-wide Contract Lifecycle Management (CLM) software, via its Icertis Contract Management (ICM) system. The platform aims to bring all of a client company’s contracts into one place.
“We’ve seen the company become the undisputed CLM leader, acquiring a huge stable of blue-chip customers and generating a return on capital that is among the best we’ve ever seen,” said Greycroft partner Mark Terbeek. “We have no doubt they will become the next giant in the enterprise SaaS market.”
Icertis provides (mainly non-blockchain related) services to high profile clients including 3M, Microsoft, Adobe, Airbus, and health and pharma companies Humana, Sanofi and Johnson & Johnson.
According to MGI Research, CLM is a $20 billion market with a current 31% compound growth rate.
Part of the investment will be used to expand the Icertis Blockchain Framework, a permissioned blockchain solution. Funds will be directed towards improving supply chain transparency, certification compliance and outcome-based pricing.
It’s currently prototyping the solution with Mercedes, which is particularly interested in sustainability and ethical compliance. The Blockchain Framework links together all supply chain participants. Initially, the client agrees on the necessary ethical standards and regulations with its Tier 1 supplier in a private contract. The Icertis Blockchain Framework does not subsequently pass on sensitive information from competitors further back in the supply chain. However, it will provide information about which parties have met the ethical and regulatory standards from the original contract.
This allows enterprises to guarantee the sustainability of their supply chains.
Other investors who also participated in the investment round include B Capital Group, Cross Creek, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth.
Last month, Icertis started working with Microsoft to introduce AI and machine learning to the Icertis Blockchain Framework. The main (non-blockchain) platform already leverages AI.