The investment round follows a busy 24 for the company, during which it acquired and integrated SourceOne, NetSend, and Determine to become the industry's first end-to-end provider of sourcing, group purchasing, procure-to-pay, and order-to-cash solutions
Fremont, CA: Business spend management and revenue management software and services provider Corcentric raised USD 80 million in a funding round dealt by New York-based private equity firm Bregal Sagemount made the minority growth equity investment. Sagemount’s deal was led by Gene Yoon, Jon Sonnenschein, Arjun Mehta, and Connor Pams. Corcentric will use proceeds from the investment round for product innovation and solution integration efforts as it continues its global expansion.
"We are very excited to work with Bregal Sagemount as a strategic and financial partner. Given their success investing in market-leading, high-growth software companies as well as their expertise in this space, we believe they are the right partner for the next chapter of our business," commented Matt Clark, President and Chief Operating Officer of Corcentric. "In these difficult times, it is more important than ever to have a single provider of software and services that enables companies to reduce costs and enable automated payables and receivables processes seamlessly from any location. With Sagemount's support, Corcentric is well-positioned to consolidate the disparate solutions and services that make up the AP and AR markets today."
The investment round follows a busy 24 for the company, during which it acquired and integrated SourceOne, NetSend, and Determine to become the industry's first end-to-end provider of sourcing, group purchasing, procure-to-pay, and order-to-cash solutions. Using its Corcentric Platform, the company is able to uniquely offer a suite that empowers companies to spend smarter, optimize cash flow, and realize significant value.
"We have been deeply impressed with Corcentric's unique ability to solve the pain points of enterprises across all sides of the B2B payments transaction. Bringing such an end to end offering to the market allows Corcentric to unlock value across the supply chain in new and exciting ways," said Gene Yoon, Managing Partner at Bregal Sagemount.
Corcentric supports nearly USD 500 billion of annual B2B commerce across more than 2,000 customers in manufacturing, transportation, wholesale/distribution, retail, healthcare, and financial services end markets. "Where much of the focus has traditionally been on cost savings or rebates, the Corcentric team has seen where the market is headed and has created solutions also to unlock both new and upsell revenue for its customers," added Arjun Mehta, Vice President at Bregal Sagemount.