The Bellevue company develops software that helps businesses manage the contracts they accumulate to run their operations.
Icertis, a Bellevue startup that builds contract-management software designed to streamline the buying and selling of goods, has reeled in $15 million in venture-capital funding.
Founded in 2009 by ex-Microsoft manager Samir Bodas, Icertis’ software tools manage contracts for the wide range of tasks that businesses use contracts for, from buying office supplies to hiring new employees.
Icertis’ software enables authorized employees to take action without jumping among departments or starting email chains, a self-service model similar to Concur’s tool for reporting business expenses.
“If I’m buying pens or paper, why do I need to talk to somebody in legal or a procurement specialist?” said Bodas, who is the company’s chief executive. “Put the guardrails around me so I don’t shoot myself in the foot, and let me do some of this myself.”
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The company employs about 135 people, including 30 at its Bellevue headquarters. Other outposts are in North Carolina, Pennsylvania, Switzerland and India.
The latest funding round, led by Seattle’s Ignition Partners, follows a $6 million fundraising announced in April.
John Connors, the Ignition managing partner and former Microsoft chief financial officer who led the new deal, said the potential customer base for Icertis is large.
“If you stop and think about almost any organization, trying to find what’s the last contract we had, who marked it up, who’s in possession of it, there’s so much improvement that can be made (in that process),” he said. “Contracting is a central business practice in any organization, large or small.”
As part of the deal, Connors will join the Icertis board of directors.