Icertis develops technology to help businesses manage a wide variety of contracts.
Bellevue software company Icertis has pulled in $50 million from investors and added a board member who previously invested in Facebook and Salesforce.
The latest financing round brings Icertis’ total funding to $96 million since it was founded in 2009. Icertis develops cloud-based software that helps companies manage contracts — letting them create, sign and validate contracts with suppliers, from large vendors to caterers.
Silicon Valley firm Meritech Capital led the investment round, and its founder Paul Madera will join Icertis’ board. PSP Capital Partners and Cross Creek Advisors also invested in the round, as did all the previous backers of Icertis.
Madera previously led Meritech’s investments in Facebook, Salesforce and Yammer, which Microsoft bought for $1.2 billion in 2012.
Icertis now has about 600 employees globally, nearly double its head count from March, when it raised its last round of $25 million. The largest group of employees — about 400 — is in a support center in India, and about 125 are in the Puget Sound region.
With this latest infusion of cash, Icertis CEO Samir Bodas said the company plans to continue expanding across the world, setting up offices in Minneapolis, London and Stockholm. Icertis might also grow by scooping up other companies.
“If we see any great tech companies or startups or a great team, especially in the AI (artificial intelligence) area, we will look closely at acquiring them,” he said.
Icertis continues to add artificial intelligence technology and regulatory compliance checks into its contract management system.