The HiGro Group has tapped Fund II to acquire a majority stake in business process technology platform DRS Imaging Services.
Following the transaction, DRS will retain a minority stake in the company, and current running of the business is expected to continue as it is, according to the company.
New Jersey-headquartered DRS provides businesses with business process outsourcing (BPO) and document technologies solutions (DTS) that can support and automate revenue cycle management, image conversion and consulting.
Organisations can automate their accounts payable and invoice processing workflows by implementing the solution, which can work on-site, off-site or through the cloud. Healthcare, financial, government, education, commercial and industrial industries implement the company’s technology to simplify their document and data-intensive tasks.
DRS is looking increase its employee base to support its expansion plans. Currently, the company has more than 150 employees and 800 customers across the US.
HiGro principal and co-founder Ernest Lyles said, “This marks HiGro’s second platform acquisition in less than 18 months. As we only invest in well-established, high potential companies, we are ecstatic about our new partnership with Cliff and the team.
“During our proprietary discussions, we have found the company culture to be world class, which allows for an impeccable track record of delivery and service.”
There have been a range of companies that focus on business process automation, to pick up funding over the past couple of months. Earlier in the week, Germany-based Signavio closed a €15.5m Series B funding round to expand the presence of its process modelling and management system.
Copyright © 2018 FinTech Global