Falls Church, VA (October 12, 2016) – Nexus Systems, a leading provider of integrated procure-to-pay (P2P) software for medium and large enterprises, announces it has secured a $28 million growth equity investment from Mainsail Partners. The investment capital will be used to accelerate product development, scale sales and marketing, and grow its onboarding and client services teams. This news comes on the heels of Inc. Magazine recognizing Nexus Systems on its annual “Inc. 5000 list of Top Fastest Growing Private Companies in America” for the fifth consecutive year.
Nexus Systems’ flagship product, NexusPayables, is a comprehensive software solution to effectively automate and manage the entire accounts payable (AP) process from purchase to payment. The solution provides the operational efficiency, visibility and control required to improve cash management, and lower processing cost for companies handling high invoice volume in AP. The 17-year-old highly customer focused company services hundreds of organizations across the United States and abroad. Its client portfolio includes commercial and residential real estate firms, as well as companies in high invoice volume industries such as healthcare, hospitality and construction. Current customers include Tanger Factory Outlet Centers, Cushman & Wakefield, Colliers International and Extra Space Storage.
“The time was right for our company to take advantage of the many opportunities that are available with proper funding,” said Tom Coolidge, CEO of Nexus Systems. “As more companies look to automate and tightly manage the process from procurement to payment, the demand for our software has increased. This capital will help us to keep pace with the expectations of our customers and continue driving innovation in our market. We are excited to work with the Mainsail team and leverage their experience helping software companies scale and succeed.”
By design, the NexusPayables product is a cloud-based software that automates the traditionally paper intensive AP process with increased visibility and control, cost savings and comprehensive reporting. The software is equipped to digitally manage each aspect of the P2P process, including on-site purchasing, POs, approval workflow, invoice data capture, and vendor compliance, all while seamlessly integrating data with a company’s existing ERP and/or general ledger accounting system. Additional modules of NexusPayables include NexusCatalog and NexusVendorConnect that streamline the creation and transmittal of purchase requisitions with vendors, and assist in the enforcement of purchasing policies. On the other side of the invoicing process, Nexus Payment Services facilitates payments to vendors, ensuring compliance with payment terms, improving vendor relations and facilitating early payment discounts.
“We have been following Tom and the Nexus team for a long time and are impressed with what they have accomplished,” said Gavin Turner, Managing Partner at Mainsail. “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. The market for P2P applications is expected to reach $5 billion by 2019 and we’re excited to support the team at Nexus as they attack this large opportunity.”
Tom Coolidge and Turner will be joined by Nexus Systems’ co-founder Jennifer Coolidge and Vinay Kashyap, a principal at Mainsail, on the board of Nexus Systems. Seabrook Partners LLC served as the exclusive investment banking advisor to Nexus Systems on the transaction.
About Nexus Systems
Nexus Systems is the leading provider of web-based procure-to-pay (P2P) applications that drive business process efficiencies and business process accountability. Nexus Systems’ end-to-end product suite includes its flagship Accounts Payable (AP) automation solution NexusPayables, as well as, NexusCatalog, NexusVendorConnect and Nexus Payment Services. NexusPayables, automates the traditionally paper intensive accounts payable process and is recognized as the best-in-class solution due to its robust functionality, intuitive interface, flexibility, compatibility with other systems, and overall ease of use. For more information, visit www.NexusSystems.com.
About Mainsail Partners
Mainsail Partners is a growth equity firm that invests exclusively in growing bootstrapped companies, primarily in three core industry sectors: software, technology-enabled services and healthcare. The San Francisco-based firm has a team of experienced operating professionals to help entrepreneurs scale their businesses and accelerate growth. Recent investments include 3PL Central, Brilliant Earth, Ncontracts, nCourt, Netchemia, PlayMaker CRM, SQL Sentry and Zen Planner. The firm has raised more than $750 million in committed capital. For further information, please visit www.mainsailpartners.com.
About Seabrook Partners LLC
Seabrook Partners is an independent investment bank that provides strategic and financial advice to established and growing middle-market companies. The firm advises on M&A, capital formation, and restructuring transactions for technology, business services and government services companies. Seabrook is headquartered in Washington, D.C. and is a FINRA registered broker dealer. www.seabrookpartnersllc.com
KMALCO Group, LLC
303-847-1409; [email protected]