Funding will build upon the company�s track record of delivering recurring billing and revenue solutions, turning $36B into $150B revenue under management in just 18 months
PALO ALTO, Calif.--(BUSINESS WIRE)--RecVue, provider of Order Lifecycle Management (OLM) solutions designed to modernize the complex order-to-cash (O2C) processes for enterprises, has raised $13 million in a Series A round. Cota Capital led the round, in which Epic Ventures and Long Light Capital also participated. RecVue will use the funding to expand its engineering, go-to-market efforts and international presence.
�We offer the industry�s only suite of OLM solutions that are purpose-built to address the growing gap between front- and back-office business processes,� said Nishant Nair, founder and CEO of RecVue. �This fundraising round provides a dynamic foundation for rapid growth in our go-to-market operations as well as allowing us to quickly add new capabilities to our OLM suite of applications to scale to the $150 billion revenue under management target.�
Bobby Yazdani, managing partner for Cota Capital, added �Since its launch, RecVue�s technology has been transforming the order-to-cash process, helping customers innovate and operate new business models and manage complex revenue streams at unprecedented scale, speed and efficiency. The RecVue leadership team has crafted a powerful strategic plan that has them poised to transform order-to-cash needs of hundreds of large enterprises and process billions of transactions over the next several years.�
The �middle office� is the command center for the enterprise, encompassing all the business functions that sit between the traditional front-and-back systems -- from initial engagement to managing relationships and complex order-to-cash processes such as billing, revenue management and channel partner compensation. The middle office presents a largely untapped opportunity to harness revenue potential by leveraging back-office data to influence front-office business decisions.
Yet, many organizations today are experiencing a growing �middle office� gap between their customer-facing front-office CRM systems and transaction-heavy, back-office ERP systems. Faced with data silos, fragmented and often manual processes, and custom-built applications and spreadsheets, many companies are forced to do complicated data integrations to make CRM and ERP systems work together.
RecVue addresses the middle office gap more efficiently and effectively by fully automating the complex order-to-cash processes for billing, revenue, accruals management and channel partner payments. Additionally, RecVue provides robust analytics and reporting. Customers using RecVue�s unified approach have benefited by closing their books earlier, reducing their compliance risk, and significantly lowering their total cost and overhead.
�We�ve been able to significantly reduce the cost and complexity of our revenue operations using RecVue�s OLM suite of applications,� said Philipp Lustenberger, CFO, General Assembly, part of Adecco group. �Automating, streamlining, and optimizing our order-to-cash process has helped our finance and operations teams focus more on the strategic challenges that we face.�
Mark Thomason, IDC�s Research Director for Digital Business Models and Monetization said, �The COVID-19 pandemic has accelerated the trend toward recurring business models and selling over new digital channels, including multi-partner marketplaces. This has increased monetization complexity and the need to scale quickly. Future-focused companies are adopting agile monetization systems such as RecVue�s OLM suite to easily implement complex recurring business models, automate the order-to-cash process, and easily manage partner settlement to enable the goal of continuous accounting close.�
About RecVue
RecVue empowers enterprises to modernize their billing and revenue operations at speed and scale by harnessing previously untapped revenue potential and leveraging front-office CRM data and back-office ERP systems to influence business decisions. Trusted by the world�s leading companies in business services, transportation and logistics, financial services, media and technology, including Hertz, General Assembly, ACI Worldwide, and Textainer, RecVue�s suite of purpose-built cloud applications enable enterprises to expand recurring revenue and automate complex order-to-cash (O2C) processes. For more information, visit www.recvue.com.
Contacts
Erinn O�Sullivan
[email protected]
804.400.0075
