| July 28, 2020 |
Automation platform driving over $100B in spend across 22MM transactions annually
SAN FRANCISCO, CHICAGO AND VANCOUVER, July 28, 2020 – Conexiom, the leading provider of sales order and invoice automation solutions, today announced it has received a strategic growth investment from ICONIQ Capital. ICONIQ joins existing investor, Luminate Capital, which will retain a majority stake. ICONIQ’s investment follows a record performance of 70 percent year on year growth for Conexiom.
Currently, more than $8.4 trillion dollars of business-to-business sales orders are still manually processed In North America alone. Conexiom is focused on eliminating manual order processes and helping customers deliver a superior customer experience. Conexiom is the only vendor in the market that delivers touchless order processing with 100 percent data accuracy. Modern businesses use Conexiom to redeploy resources to activities that deliver greater profitability, expedite order cycle time, and maintain their competitive edge. Over $100 billion in business-to-business sales are processed through 22 million transactions on the Conexiom platform annually.
“The world is changing. COVID-19 is accelerating the modernization of antiquated business processes and forcing every business to become a digital business,” said Ray Grady, President and CEO, Conexiom. “We are thrilled to welcome ICONIQ to Conexiom. The support of ICONIQ and Luminate is a validation of our mission and furthers our commitment to help our customers grow and transform their businesses. We will use the funding to help us to better serve customers through accelerated platform development, with an increased investment in machine learning and artificial intelligence, extend our technology to other critical business processes beyond order and invoice automation, and expand our footprint in global markets.”
“We see Conexiom as a key partner to companies looking to make their businesses future-ready, to accelerate growth, ensure revenue capture, and deliver superior customer service by letting CSR focus on customers, instead of repetitive and time-consuming tasks,” said Roy Luo, Vice President at ICONIQ Capital. “We have spoken to numerous customers whose businesses were transformed by Conexiom and yielded significant return on investment in as little as 30 days.”
Hollie Haynes, Managing Partner of Luminate Capital, added, “Conexiom has seen tremendous growth since our initial investment in 2018, solving a critical problem for manufacturing and distribution customers. We are excited to continue the journey with the management team and ICONIQ Capital, to help the Company address its large market opportunity.”
Kirkland & Ellis LLP and Blake, Cassels & Graydon LLP served as legal counsel to Conexiom. Goodwin Procter LLP served as legal counsel to ICONIQ Capital.
About ICONIQ Capital
ICONIQ Capital is a privately-held financial advisory and investment firm, and a partner of choice for exceptional entrepreneurs, leaders and institutions around the world. The firm invests in technology growth equity and real estate asset classes and employs a distinctive ecosystem to build enduring businesses. ICONIQ is a trusted advisor fostering meaningful strategic relationships across industries to source powerful ideas, magnify global impact and support a new generation of entrepreneurs and companies. For a full list of investments made by ICONIQ Growth, an affiliate of ICONIQ Capital, please visit: https://www.linkedin.com/showcase/iconiq-growth/.
About Luminate Capital
Luminate Capital Partners is a private equity firm focused on making investments in growth oriented enterprise software companies. Luminate partners with management teams to provide capital to drive strategy, growth, and operational improvements. Luminate's portfolio of market leaders has included AutoQuotes, Conexiom, Fintech, LiquidFrameworks, Oversight Systems, PDI, StarCompliance, and Thought Industries. For more information, visit www.luminatecapital.com.