Software-as-a-service (SaaS) provider Conexiom, which works in sales order and invoice automation, has received a $130 million growth investment from Warburg Pincus, according to a press release.
Conexium works to do away with manual processes, which are prone to errors and cost over $15 trillion annually in North America and Europe, the release stated. The company’s products deliver touchless accounts payable (AP) and sales order processing capabilities to manufacturers and distributors.
Modern businesses have used these services to redeploy resources to activities that offer greater profitability, quicker order cycle time and that deliver orders on time and in full, according to the release.
“Conexiom’s customers face growing challenges that are accelerating the need for automation solutions,” said Conexiom President and CEO Ray Grady in the release. “Our platform is mission-critical to our customers, helping them automate and scale their order-to-cash and procure-to-pay processes. This investment is great validation of our people, platform and market leadership and will help us accelerate product investment to meet growing market demand.”
Meanwhile, the company launched its Conexiom Platform in September, moving itself into supply chain and accounts payable automation.
The Conexiom Platform automates documents for companies, working with order-to-cash and procure-to-pay. The platform takes data from purchase orders and invoices, among other things, and turns it into structured data in businesses’ systems.
According to Grady, the idea is to “help customers achieve transformative automation outcomes, not only in their order-to-cash processes, but throughout their entire supply chain.”
The company saw growth of 65% year over year in the first six months of 2021. That was mostly because of the bigger worldwide demand for automated O2C and P2P processes.
“By automating their operations, our customers are able to scale their human capital, cut costs, and most importantly — focus on their customers,” Grady said at the time.