The procure-to-pay solution offered by Nexus Systems has attracted venture capital.
The company revealed on Wednesday (Oct. 12) that it secured $28 million in funding led by Mainsail Partners. According to Nexus, the funds will be used to focus on product development, sales, marketing and expansion of its onboarding and client services teams.
"The time was right for our company to take advantage of the many opportunities that are available with prosper funding," the company's CEO, Tom Coolidge, said in a statement. "As more companies look to automate and tightly manage the process from procurement to payment, the demand for our software has increased."
Nexus offers the NexusPayables solution to automate the accounts payable process for companies starting at the beginning of their procurement activity. According to the company, Nexus focuses on spend visibility and operational efficiency in the offering, helping businesses manage cash flow and decrease operating costs.
Its cloud-based software supports purchasing, purchase order management, approvals, invoice data capture and vendor compliance, the firm added. Data aggregated from the procure-to-pay process integrates into existing ERP and accounting platforms.
"This capital will help us to keep pace with the expectations of our customers and continue driving innovation in our market," Coolidge said. "We are excited to work with the Mainsail team and leverage their experience helping software companies scale and succeed."
In a separate statement, Mainsail Managing Partner Gavin Turner said investors are "impressed" with Nexus.
"Nexus is taking what has historically been a manual, back-office function and not only automating the process but enhancing it with powerful workflows and integrations with GL systems," he explained, adding that procure-to-pay technology is expected to become a $5 billion market by 2019.