Thursday 7th May, 2020
Corcentric has announced equity investment from New York-based private equity firm, Bregal Sagemount. The $80 million capital raise will support Corcentric’s product innovation and solution integration efforts as the company continues its global expansion; helping businesses reduce costs and spend more efficiently.
The investment comes on the heels of a busy 24 months for Corcentric during which the company acquired and integrated SourceOne, NetSend, and Determine. Through its Corcentric Platform, Corcentric today is able to offer a suite that empowers companies to spend smarter, optimise cash flow, and realise significant value.
Corcentric supports almost $500 billion of annual B2B commerce across more than 2,000 customers in manufacturing, transportation, wholesale/distribution, retail, healthcare, and financial services end markets.
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.”
Sagemount’s investment was led by Gene Yoon, Jon Sonnenschein, Arjun Mehta, and Connor Pams. BofA Securities and MidMarket Capital Advisors acted as financial advisors and Wilson Sonsini Goodrich & Rosati acted as legal advisor to Corcentric. Goodwin Procter provided legal counsel to Bregal Sagemount.