Xeeva, a procurement and sourcing software provider, has received an investment of over $40m, led by PeakEquity Partners.
Founded in 2014, Xeeva develops cloud-based procurement software and financial solutions for indirect spend and maintenance, repair and operations (MRO). The company’s solution implements AI technology to automate the source-to-pay process, handling e-invoicing, procurement, and sourcing.
Users can also use the solutions to cleanse and categorise spend data, automate buying tasks, choosing the best supplier, and identify saving opportunities.
This capital injection will be used to enhance Xeeva’s product suite, accelerate sales and marketing efforts and boost the brand further.
PeakEquity Partners co-founder and partner Paul Winn said, “Xeeva has developed a differentiated solution that delivers hard ROI to its customers through quick spend visibility and real savings to the bottom line. This investment will enable the company to accelerate their growth in the attractive e-procurement market.”
At the start of the year, fellow procure-to-pay solution provider BirchStreet Systems picked up a minority investment from Serent Capital. The company offers clients e-procurement, accounts payable automation, inventory management, and recipe system management.
PeakEquity Partners looks to invest in lower-middle market enterprise software and solution companies, typically investing between $20m and $50m. The firm looks for businesses that have revenue of $15m to $50m, and an annual addressable market of $1bn.
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