Chrome River Technologies, provider of online expense reporting and automated invoice processing software, announced it has raised $100 million from growth equity firm Great Hill Partners in a Series D funding round.
These funds, which follow a $17 million Series C round led by Bain Capital Ventures and closed January 2014, will be used to accelerate growth and continue product innovation.
“We have seen tremendous traction in the last 12 months, particularly with large enterprises that are under increasing pressure to improve their business processes, control costs and provide configurable financial controls,” stated Alan Rich, Chrome River cofounder and CEO. “We have a clear vision of how we can build on this momentum to bring secure, user-friendly expense management and invoice processing to companies around the world.”
Chrome River, which grew 40 percent last year, competes with expense and travel management solution Concur, which was acquired by SAP for $8.3 billion in 2014.
“Large enterprises around the world are fast recognizing that secure, streamlined expense management solves a host of issues, from costly fraud to wasted internal resources, and Chrome River has led the industry in both product innovation and customer satisfaction,” stated Matthew Vettel, managing partner at Great Hill Partners. “Building and supporting enterprise applications requires capital, and we are confident that with Chrome River’s stellar management team, the company is well positioned to continue to innovate and support its global customer base.”
Financial Technology Partners and FTP Securities served as the exclusive financial and strategic advisor to Chrome River in the transaction.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access