Conexiom raises $165M to automate sales and invoicing processes
The new funding comes just over a year after a USD$40 million investment from Iconiq in July 2020.
Conexiom, a SaaS company focused on sales order and invoice automation, raised $165 million (USD$130M) from growth investor Warburg Pincus. The new funding comes just over a year after a USD$40 million investment from Iconiq in July 2020. Luminate Capital is also an investor and holds a majority stake in the company.
Details: Headquartered in Vancouver, BC, with an office in Kitchener, Ontario, Conexiom automates touchless accounts payable and sales order processing to manufacturers and distributors.
Their value prop: Annually, more than $15 trillion dollars of order to cash and procure to pay transactions are manually processed in North America and Europe, according to the company. So, its aim is to eliminate costly and error-prone manual processing, helping its clients to deliver a superior customer experience. Businesses use Conexiom to save time and redeploy resources to activities that deliver greater profitability and value for the company.
“Conexiom's customers face growing challenges that are accelerating the need for automation solutions. Our platform is mission-critical to our customers, helping them automate and scale their order to cash and procure to pay processes," said Ray Grady, president and CEO, Conexiom. “This investment is great validation of our people, platform and market leadership and will help us accelerate product investment to meet growing market demand.”
By the numbers: Over $100 billion in business-to-business transactions are processed on the Conexiom platform annually. This past July, the company recorded its biggest quarter for revenue in history, with 65% year-over-year growth through H1 2021.
The money talks: “Since Luminate's investment in 2018, Conexiom has grown over 6x and I truly believe we are just getting started,” noted Conexiom chairman and Luminate operating partner, Mark Pierce, in a statement. “I'm tremendously excited about what the future holds.”
Zoom out: As the demand for cloud SaaS-based systems grows globally, there is significant growth opportunity for companies like Conexiom. “Our investment underscores our long-term commitment to investing strategically in market-leading, B2B software businesses," said Justin Sadrian, managing director, Warburg Pincus.
“We are incredibly excited to partner with Ray and the rest of the Conexiom team to build upon their success and help expand their offerings in this dynamic and growing market," added Angel Pu, a VP with Warburg Pincus.
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