Ex-Microsoft employee's contract management startup Icertis raises $6 million

Enterprise startup Icertis recently raised a $6 million funding round from Greycroft Partners and Fidelity Growth Partners India. Here's what it means for the company.

While there are quite a few startups building tools solely for Amazon Web Services (AWS) ecosystem, one startup is all-in on Microsoft Azure.

Icertis, which provides corporate contract management in the Microsoft Cloud, raised $6 million dollars in a Series A funding round that closed on Tuesday, April 28. Greycroft Partners and Fidelity Growth Partners India led the round, which was a follow-up the seed round Icertis raised in 2012.

Icertis provides what is known as contract lifecycle management, a space that Mark Terbeek of Greycroft Partners called "a multi-billion dollar category."

The company's core product, Icertis Contract Management (ICM), allows users to manage multiple types of contracts in the cloud. ICM users can manage templates and proposals, collaborate on contracts, and review contract analytics.

According to the company's press release, it will use the funding to continue building out its core offering and to scale up sales and marketing. Terbeek said that Icertis counts Microsoft, Roche, Hyundai HATA, Chemonics, and SunEdison among its customer base. Additionally, Icertis was recently named as a Gartner Cool Vendor for 2015.

Icertis is led by former Microsoft director Samir Bodas. It was originally architected on Microsoft Azure, and is hosted there. ICM also offers Microsoft Office integration as well as a host of other ERP and CRM tools.

As revealed in its latest earnings call, Microsoft's cloud revenue recently doubled, although it is unclear how much of that can be attributed to Azure. However, strategic acquisitions of companies building tools for the platform will be essential to ensure Azure stays competitive with AWS.

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