Chrome River Raises $100M from Great Hill Partners
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LOS ANGELES, June 30, 2015 — Chrome River Technologies, a leading provider of online expense reporting and automated invoice processing software, today announced it has raised $100 million from Great Hill Partners in a Series D funding round. Chrome River will use the funds to accelerate its growth globally and support continued product innovation.
“We have seen tremendous traction in the last 12 months, particularly with large enterprises that are under increasing pressure to improve their business processes, control costs and provide configurable financial controls,” said Alan Rich, Chrome River co-founder and CEO. “We have a clear vision of how we can build on this momentum to bring secure, user-friendly expense management and invoice processing to companies around the world.”
This news comes during a period of remarkable growth for the company. Chrome River grew by 40 percent in 2014, and has been recognized as one of the fastest growing private companies in America by Inc. 500|5000 the past three consecutive years. The company has also been named to the Deloitte Technology Fast 500 the past two consecutive years.
“Large enterprises around the world are fast recognizing that secure, streamlined expense management solves a host of issues, from costly fraud to wasted internal resources, and Chrome River has led the industry in both product innovation and customer satisfaction,” said Matthew Vettel, managing partner, Great Hill Partners. “Building and supporting enterprise applications requires capital, and we are confident that with Chrome River’s stellar management team, the company is well positioned to continue to innovate and support its global customer base.”
Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as exclusive financial and strategic advisor to Chrome River in this transaction.
About Chrome River
Chrome River Technologies, Inc. provides expense reporting and supplier invoice automation solutions that combine the latest enterprise and mobile technologies with a team of industry-leading implementation and support experts. Chrome River delivers immediate payback via a “Software as a Service” delivery model that requires no hardware, no installed software, and no long-term commitment. This service is easily configurable to meet the needs of organizations worldwide with sophisticated expense management policies and collaborative approval processes. Request a demonstration today and locate additional information about Chrome River and its solutions by visiting the company website at www.chromeriver.com or by calling +1-888-781-0088.
About Great Hill Partners
Great Hill Partners is a growth equity firm that has raised $3.8 billion in commitments since inception to finance the expansion, recapitalization, or acquisition of companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $25 million to $150 million. For more information, please visit www.greathillpartners.com.