MineralTree raises $50 million, acquires Inspyrus and Regal Software
Accounts payable and payments automation firm MineralTree has raised $50 million in Series D funding and acquired a pair of companies.
Its investment round featured existing backers Great Hill Partners, .406 Ventures, and Eight Roads Ventures.
The acquired companies, Inspyrus and Regal Software, are both in the accounts payable and payments space. MineralTree has acquired both to expand its positioning to middle market companies.
MineralTree says the funding and acquisitions equip it with expanded scale and product capabilities. The firm has plans to tap into the enterprise sector going forward.
“Mid-market companies of all sizes continue to show strong interest in automating their accounts payable,” says MineralTree CEO Micah Remly.
According to a survey from Association of Certified Accounts Payable Professionals (ACAPP), 5% of business automated their accounts payable.
The top two issues accounts payable teams faced were with the handling of paper invoices (38%) and manually processing the information (28%).
MineralTree believes that businesses can save 80% by automating their accounts payable function. Remly says the firm’s aim to “revolutionise” commerce starts with making invoices easier to process.
“This new funding, combined with expanded product capabilities and scale that come as a result of acquiring Inspyrus and Regal Software, uniquely positions MineralTree to do just that.”
Regal Software, based in Atlanta, provides enterprise resource planning (ERP) connections. Its RegalPay solution is used by a client base of around 350 corporates.
Silicon Valley-based Inspyrus offers payments software for larger mid-market and enterprise customers. Founded in 2008, its claims to process more than $100 billion annually.
It provides integrations with SAP and Oracle’s E-Business, JD Edwards, PeopleSoft, and ERP Cloud systems.
“Mid-market companies continue to lag behind their enterprise contemporaries in automating,” says Inspyrus founder and CEO Nilay Banker.
“Automating these processes can deliver not only significant cost savings, but also increased financial visibility, and fraud reduction.”