Nexus
Driving Growth Through Product Innovation
“We believe Mainsail was the ideal partner at our stage of growth. By helping to build out our management team and collaborating with us on the best strategy for the company, Mainsail proved to be a valuable partner in charting the path to becoming a purpose-built procure-to-pay platform."– Tom Coolidge, Co-Founder and CEO, Nexus
At a Glance
- Recruited CFO, CPTO, VP Product, VP Sales, Chief of Staff and independent Board member
- Assisted management in designing the NexusPayments product from the ground up, including recruiting the CPTO who led the product development of a scalable version of the product
- Optimized go-to-market motion, including persona and messaging development, scaling a BDR team and optimizing digital marketing channels
- Led analysis to define the ideal customer profile (ICP) and most compelling segments, focusing on the enterprise commercial and multi-family real estate segments
- Launched a comprehensive sales enablement program, including sales training, an ROI calculator and additional content
THE COMPANY
Nexus Systems is an end-to-end procure-to-payment (P2P) solution for the real estate industry that allows companies to replace paper checks and send secure payments to suppliers. With its roots in AP automation, Nexus Systems’ product suite includes the NexusPayables A/P automation software, NexusPayments — a proprietary payments process — and NexusConnect, an online supplier platform that allows vetted suppliers to transact electronically and securely with its buyers.
As of 2022, Nexus Systems had made the Inc. 5000 list of “America’s Fastest Growing Private Companies” eight times.
THE STORY
Nexus Systems was founded in 2000 by husband-and-wife team Tom and Jennifer Coolidge. From the start, Nexus was customer-focused and dedicated to helping companies with high-volume AP functions improve operational efficiency, manage cashflow and lower processing costs.
In 2016, Mainsail Partners invested $28M in Nexus. Over the subsequent five years, Nexus and Mainsail built out the executive team, struck new strategic partnerships, enhanced operations and customer experience, and optimized the company’s go-to-market strategy.
Additionally, Mainsail helped the company launch an innovative digital payments platform and develop a marketplace to facilitate electronic payments between vendors and property managers. Mainsail recruited former Mainsail portfolio company executive, Julio Palacio, as the CPTO to lead the build of a scalable version of the platform. Within two years the payments engine helped to accelerate the growth of the company.
VALUE ADD
Talent Acquisition: Supported by Mainsail’s Talent Team, Nexus hired a CFO, CPTO, VP Product, VP Sales, Chief of Staff, and an independent Board member. CPTO, Julio Palacio, was instrumental in helping the company build and launch the second generation of its signature payments platform.
Product & Engineering: Nexus developed and launched an innovative payments platform, leveraging offshore resources to accelerate development and manage costs.
In addition, the Product & Engineering teams:
- – Implemented a new cross-functional product development process
- – Added a data science team, as well as a security and compliance team
- – Restructured the product and technology organizations into pods to support six product lines
Marketing: Mainsail worked with Nexus’s management team to optimize the company’s go-to-market strategy, including:
- – Persona and messaging development to improve targeted outreach
- – Lead nurturing and lead scoring
- – Scaling of digital marketing channels
- – Launch of sales enablement
- – Completed a win/loss analysis to pinpoint closed/won deals, providing insight for Product and Customer Success teams
Sales: Nexus worked with one of Mainsail’s preferred sales trainers to lead sales enablement and training, which facilitated improved productivity of the sales organization as it scaled.
Additionally, the sales team:
- – Optimized the implementation of Salesforce.com to become the system of record across sales, marketing, and customer success
- – Developed an enhanced workflow and BDR process that reduced friction for suppliers joining the platform
Finance: Mainsail’s Finance Team completed due diligence on potential add-ons as part of a build vs. buy analysis for the payments product. When the company decided to build the product in-house, Mainsail helped build the financial models for the new payments product line, including the supplier economics within the two-sided marketplace. Mainsail and the team at Nexus collaborated to define KPIs and establish consistent reporting to increase visibility across the business.
OUTCOME
On September 9, 2022, Nexus was sold to Bottomline Technologies, a Thoma Bravo portfolio company.


- LOCATION: Falls Church, VA
- SECTOR: Software-as-a-Service (SaaS)
- CEO: Tom Coolidge
- FOUNDED: 2000
- INVESTED: 2016
- STATUS: Acquired
Certain statements about Mainsail Management Company, LLC (“Mainsail” or “Mainsail Partners”) made by portfolio company executives herein are intended to illustrate Mainsail’s business relationship with such persons, including with respect to Mainsail’s facilities as a business partner, rather than Mainsail’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in Mainsail-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.
This case study has been prepared solely for informational purposes and does not constitute an offer to sell or the solicitation of an offer to purchase any security. The information in this case study is not presented with a view to providing investment advice with respect to any security, or making any claim as to the past, current or future performance thereof, and Mainsail Management Company, LLC (“Mainsail” or “Mainsail Partners”) expressly disclaims the use of this content piece for such purposes. The information herein is not and may not be relied on in any manner as, legal, tax, business or investment advice.
The information regarding specific portfolio companies is presented to illustrate examples of the types of investments that Mainsail Partners may have made or recommended as of a particular date. It may not be representative of any current or future investments. The criteria used to select which companies are included in the case studies were not selected based on the performance of such investments. Rather, they were selected as representative examples that clarify and typify Mainsail Partners’ investment approach. The performance of these investments is not necessarily indicative of the performance of all investments made or recommended by Mainsail Partners. It should not be assumed that such investments were or will be profitable or that any portfolio company investments made in the future will equal the performance of the companies identified herein. No guarantee of investment performance is being provided and no inference to the contrary should be made. Past performance is not indicative of future results.
References to “Mainsail’s Value” and other related information is based on Mainsail’s opinions and beliefs regarding its contributions and the drivers of value. Any determination as to the driver of value is inherently subjective, and there can be no assurance that other third-party analyses of this data would reach the same conclusions as those provided herein or would not attribute returns to other factors such as general economic conditions.
The quotes set forth herein are from members of current or former Mainsail Partners portfolio companies and other third parties with whom Mainsail Partners interacts. Statements relate to the nature and type of financing, operational and other services provided by Mainsail Partners to its portfolio companies and do not constitute testimonials related to Mainsail Partners investment advisory services and no inference to the contrary should be made.
Certain information contained in this content piece has been obtained from published and non‐published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purposes of this content piece, neither Mainsail nor the author assume any responsibility for the accuracy or completeness of such information and such information has not been independently verified by either of them. The content piece will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof, or for any other reason.
No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in the enclosed materials by Mainsail and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. For additional disclosures, please click here.