Accounts payable solution provider MineralTree is under new management.
The company announced Thursday (May 23) that it appointed Micah Remley as its new chief executive officer.
Remley comes to the position from his term as chief operating officer, which he has held since July 2018, the company said. He follows former CEO BC Krishna, who will transition to role of strategic advisor for MineralTree.
In a statement, Remley said he is “incredibly honored” to take up the position.
“As CEO, I look forward to building on MineralTree’s leading position, growing our partnerships with financial institutions, and further enhancing our leading technology platform that vastly simplifies the AP and B2B payment process for middle-market businesses.”
In another statement, Krishna said he “could not be more pleased” about Remley’s appointment.
“I am excited to continue working alongside him as he helps drive the company forward, gaining on the momentum of our rapid growth,” he said. “I am humbled to have led an exceptional team that has such a bright future, one that will only continue to grow as we change the way that middle market businesses manage their accounts payable function.”
MineralTree noted its recent 80 percent revenue growth and $50 million funding round led by Great Hill Partners. That investment, announced in March, followed a partnership with Mastercard in which Mastercard’s commercial card spend management solution In Control is integrated into MineralTree’s Invoice-to-Pay platform. The integrated solution is offered to financial institutions, which can connect their own corporate customers to the tool.
More recently, MineralTree announced a deal with Procurify, combining their accounts payable and spend management technologies to augment the procure-to-pay process for joint corporate customers.
In a statement at the time, Remley said the tie-up aims “to revolutionize two inherently inefficient processes: procurement and invoice payments.”