Procure-to-pay automation company BirchStreet Systems has received a minority investment from San Francisco-based Serent Capital.
BirchStreet offers a host of solutions including eProcurement, accounts payable automation, inventory management, recipe system management and capital projects. The company uses a SaaS platform to offer a clearer view of spending compliance, in order to lower costs, simplify processes and improve transparency.
California-headquartered BirchStreet provides businesses with an automatic process for accounts payable tasks, with the technology comparing the purchase order, receiving events and then invoicing for the correct amounts paid.
The solutions are used by a range of industries including hospitality, food services, restaurants, healthcare, education, casinos and gaming, manufacturing and sports, among others.
Equity from the round will be used to further is growth strategy, while furthering its product innovation, according to the company.
Serent Capital partner Lance Fenton said, ?BirchStreet is a leader and innovator in procure-to-pay. As investors, it is rare for us to encounter a business with such a strong position in its market, whose success is demonstrated by highly satisfied customers, excellent growth, and strong customer retention rates.p>
Last year, Serent Capital took part in the eight-figure Series A funding round of Pondera Solutions. The company uses predictive algorithms to detect and prevent fraudulent payments in Medicaid, Unemployment Insurance, and the Supplemental Assistance Program, among others.
Copyright ? 2018 FinTech Global
