Supply chain document automation software builder Conexiom has netted an undisclosed investment from Luminate Capital Partners.
As part of the transaction, Luminate Capital’s founder Hollie Haynes, operating partners Mark Pierce, Scott Kingsfield, vice president Sanjay Palakshappa and principal David Ulrich, will join Conexiom’s board of directors.
Canada-based Conexiom develops automation software for supply chain documents including sales orders, invoices, quotes and special pricing. Incoming invoices are automatically compiled, and all data is then extracted and inputted in to the company’s own financial system.
Sales orders are also collected automatically, and the data is distributed to the relevant places, but clients can also access analytics to evaluate purchase orders to help identify which customers take the most effort with processing.
Proceeds from this new backing will go towards supporting the global growth strategy to new geographies and verticals.
Conexiom CEO Brent Halverson said, “With a partner like Luminate Capital, we can now more quickly drive customer adoption in the manufacturing and distribution markets, expand geographically, and move into other verticals with similar business profiles. Luminate’s deep experience partnering with leading software companies to drive growth will be invaluable as we continue to scale.”
There has been a recent string of transactions completed by automation software companies. Earlier in the week, MetaSource, which builds business process management and automation software, completed a refinancing led by LaSalle. Last week, the document automation developer Conga acquired web-based document platform Octiv.
Late last year, Luminate Capital made an undisclosed investment in to accounting solution company AMTdirect. The North Carolina-based company provides real estate professionals and lease administrators with automated contract management tools.
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