HighRadius secures $50 million to expand cloud-based integrated receivables solution globally
Susquehanna Growth Equity backs Fintech leader amid growing demand for A.I.-based finance automation
HOUSTON, TEXAS (September 15, 2017) — HighRadius Corporation, the leader in cloud-based Integrated Receivables software, has raised $50 million in growth funding from Susquehanna Growth Equity to continue its aggressive growth and expand its presence globally. HighRadius works with hundreds of Global 2000 companies, including adidas, Cargill, Danone, Johnson & Johnson, Procter & Gamble, Starbucks, Sysco, Warner Bros and Zurich. The company is headquartered in Houston, Texas with international offices in Asia and the UK.
HighRadius applies artificial intelligence and machine learning to all aspects of accounts receivable operations, including credit, collections, cash application, deductions and payments. Adoption of Integrated Receivables technology is expected to match that of Accounts Payable automation by 2020. The opportunity is further supported by the size of the B2B payments market, which is five times larger than the B2C market, yet severely underserved today.
Sashi Narahari, Founder and CEO of HighRadius, said: “We have been executing on our vision of enabling receivables functions to achieve ubiquitous electronic payment adoption and process automation – massively reducing paper-based processes and manual work. We have more than 350 clients on our Integrated Receivables platform powered by our Rivana Artificial Intelligence engine and the RadiusOne B2B payment network. This funding will help us accelerate our platform to thousands of companies globally. Susquehanna Growth Equity has a proven track record of backing leading financial technology companies, and is a perfect partner for our next stage of growth.”
Amir Goldman, Founder and Managing Director of Susquehanna Growth Equity, said: “Integrated Receivables is an $11 billion market in the early stages of adoption. HighRadius is the clear leader in receivables-focused SaaS solutions for large enterprises and the only cloud-based platform that covers the full range of functions and processes. We love backing bootstrapped companies like HighRadius, which has never raised outside funding, has grown at a 70% CAGR, and continues to be cash flow positive.” In conjunction with the investment, Amir Goldman and Ben Weinberg from Susquehanna Growth Equity will join the HighRadius board of directors.
Atlas Technology Group acted as a financial advisor to HighRadius in this transaction.
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company. The HighRadius™ Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing. Powered by the Rivana™ Artificial Intelligence Engine, HighRadius™ Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes. The RadiusOne™ B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes. HighRadius solutions have a proven track record of optimizing cash flow, reducing days sales outstanding (DSO) and bad debt, and increasing operational efficiency so that companies may achieve strong ROI in just a few months. To learn more, please visit us at www.highradius.com.
About Susquehanna Growth Equity, LLC
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. SGE is backed by a unique and patient source of capital, which enables the firm to give management teams and entrepreneurs freedom and flexibility to maximize growth. The firm has invested in over 40 companies over the last 10 years, and has portfolio companies across the US, Canada, EU, and Israel. To learn more, please visit us at www.sgep.com.