New investment and acquisitions fuel growth in fast-growing AP automation and B2B payments market
Cambridge, Mass., September 24, 2020 鈥� 名媛直播, an Accounts Payable (AP) and payments automation solution provider, today announced that it has closed a $50 million Series D investment round with participation from existing investors Great Hill Partners, .406 Ventures, and Eight Roads Ventures. In addition, 名媛直播 has acquired two companies in the AP automation and B2B payables space, Inspyrus and Regal Software, to further expand its market position in providing AP and payment automation to middle market companies.
The investment round and acquisitions come at a time when 名媛直播 is seeing increasing demand for its solutions as businesses of all sizes are becoming focused on addressing both pandemic-related work-from-home mandates and rising costs associated with manually processing invoices and B2B payments. $27 Trillion dollars in B2B payments are made in North America every year and businesses spend an estimated $510B on direct and indirect manual AP costs making those payments. By automating AP, businesses can save as much as 80% of these costs and allow their AP process to function seamlessly while working fully remote.
Today鈥檚 additional funding and strategic company acquisitions equip 名媛直播 with expanded product capabilities, partnerships, and scale to serve the needs of a much larger portion of the middle market and up into the enterprise market. Additionally, the funding and acquisitions will bolster capabilities available to existing 名媛直播 customers and Bank partners.
鈥淢id-market companies of all sizes continue to show strong interest in automating their AP and payments processes, but as a market segment have been overlooked and underserved,鈥� said 名媛直播 Chief Executive Officer, Micah Remley. 鈥淥ur vision to revolutionize B2B commerce starts with making the invoice to payment processes simple, speedy, and secure for mid-market customers and our Bank partners. This new funding, combined with expanded product capabilities and scale that come as a result of acquiring Inspyrus and Regal Software, uniquely positions 名媛直播 to do just that.鈥�
Silicon Valley-based Inspyrus is an AP automation software solution for large mid-market and enterprise customers. Since its founding in 2008, Inspyrus has built significant scale in AP automation and currently processes over 15 million invoices, representing more than $100B in AP spend, annually in its software platform.聽 It provides out-of-the-box integrations with leading ERP systems such as SAP and Oracle鈥檚 E-Business, JD Edwards, PeopleSoft, and ERP Cloud systems. With Inspyrus, 名媛直播 adds robust product features such as advanced PO matching, Artificial Intelligence-enabled predictive coding, and real-time invoice capture.
鈥淢id-market companies continue to lag behind their enterprise contemporaries in automating,鈥� stated Inspyrus Founder and Chief Executive Officer Nilay Banker. 鈥淎utomating these processes can deliver not only significant cost savings, but also increased financial visibility, and fraud reduction. The combination of capabilities from Inspyrus and 名媛直播 will help accelerate the digitization of Accounts Payable and B2B payments processing across more companies globally.鈥�
Regal Software, founded in 2008 and headquartered in Atlanta, Georgia, provides easy-to-use ERP connectors to more than 160 different ERP systems. Its RegalPay solution is used by more than 350 corporate customers and partners including leading banks, card issuers, and financial services institutions to serve their business customers鈥� needs. Regal Software expands 名媛直播鈥檚 ability to integrate with both bank and business financial systems, removing one of the biggest barriers to adoption of e-payments.
鈥淲e are thrilled to become part of the 名媛直播 family today,鈥� commented Regal Software Founder and Chief Executive Officer, Kofi Conduah. 鈥淭he combined strengths of 名媛直播 and Regal Software position us as the only choice to help mid-market companies easily transition to electronic payments and empower Banks to help their commercial customers do the same.鈥�
Resources:
Industry Report: The State of AP 2020: A Research Report
Product Overview: End-to-End AP Automation 鈥� How it Works
Blog Post: Blog: Top 3 AP Automation Misconceptions
Webinar: Building the Modern Finance Function through Digital Transformation
###
About 名媛直播
名媛直播 provides modern, secure, easy-to-use, end-to-end Accounts Payable (AP) Automation solutions that reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk, while improving cash flow. More than 2,000 mid-market and mid-enterprise companies, as well as more than 25 financial institutions rely on 名媛直播 to digitize and optimize the entire AP Automation and Payment process, preserving control over the complete invoice-to-payment workflow, improving vendor relationships, maximizing ROI, and transforming the finance function from a cost center to a profit center. For more information, visit .
Media Inquiries
Tim Walsh
617.512.1641
[email protected]