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Determine Software Inc. this week scored $12.5 million in a third round of funding to help it improve sales and service of its contract-management software. The company's applications automate and track sourcing contracts and lease agreements with tools such as a repository that centralizes an entire contract portfolio of all agreements across the organization and reporting tools that give quick updates on information such as contract reconciliation, compliance tracking, and historical audits.
The package is designed to prevent companies from overspending on contractual obligations through elimination of overpayments, overcharges, unwanted automatic contract renewals, and aggregate buying power. J.P. Morgan led the round, with additional investments from current investors Mohr Davidow Ventures and New Enterprise Associates.