Conexiom secures $130 million in growth investment

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Conexiom continues to attract large funding rounds, this time a $130 million growth investment from Warburg Pincus, a leading global growth investor.

The SaaS company provides sales order and invoice automation solutions. Over $100 billion in B2B transactions are processed on the Conexiom platform annually, the company claims.

Ray Grady, president and CEO of Conexiom said the funding would go toward accelerated product development to meet growing market demand. The company did not disclose when the round closed.

In 2020, the company secured $40 million in strategic growth financing.

The startup was founded in 2005, under its Canadian legal name, ecMarket. In February 2018, Luminate Capital acquired a majority stake in Conexiom with an undisclosed investment.

Warburg Pincus joins existing investors Luminate Capital and ICONIQ Growth. Luminate retains a majority stake in the company.

“Conexiom’s customers face growing challenges that are accelerating the need for automation solutions. Our platform is mission critical to our customers, helping them automate and scale their order to cash and procure to pay processes,” said Grady. “This investment is great validation of our people, platform and market leadership and will help us accelerate product investment to meet growing market demand.”

Mark Pierce, Conexiom chairman and Luminate operating partner, noted that since Luminate’s original investment in 2018 the company has grown over six times its original size.

In July, the firm announced its best quarter in company history, adding over 50 new customers to its platform in the second quarter of 2021, along with record-setting 65 percent year-over-year growth through H1 2021.

At the time, Grady said, “The lingering effects of the pandemic and the damage done to global supply chains are driving the need to automate inefficient processes. The winners are ones who are automating everything they can to free up resources to differentiate the experience they deliver to their customers.”

The company also noted in July the opening of its office in Munich, Germany, which it said is key to its rapid European expansion plans.

Feature image source Unsplash

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.