Vertical software, billing, and payments solutions provider Invoice Cloud has seen global growth equity firm General Atlantic buy up a majority stake in the business.
The company previously picked up backing from Summit Partners, which remains a shareholder following the latest investment.
Invoice Cloud, which was founded in 2009, provides cloud-based customer engagement and electronic payment processing to more than 25,000 clients in the government, utilities, health & wellness, non-profit, and financial services sectors.
Its software aims to help clients save on administrative costs, improve customer engagement, and streamline the billing and collections processes.
Invoice Cloud CEO Bob Bennett said, “We are proud of what our team has accomplished to date and the significant growth we have experienced across a number of key verticals.
“We are thrilled to partner with General Atlantic in this next phase given their extensive experience in payments and software and their long track record of helping high-growth businesses achieve their long-term goals.
“Together with the continued support of Summit Partners, our new partnership will position Invoice Cloud to better serve our customers, employees, partners, and achieve even greater success.”
General Atlantic managing director and global financial services sector head Jon Korngold said, “Invoice Cloud has proven itself as a clear leader in vertical payments and billing automation by providing an innovative product suite that helps its customers improve client engagement and automate business processes.
“The company has experienced substantial growth to date and is poised to achieve significant scale by leveraging its strong team and world-class technology.”
General Atlantic has deep expertise in the software and payments sector, with investments including Adyen, Benevity, BillDesk, Clip, Insurity, Klarna, Network International, and Slack.
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