CHICAGO, May 11, 2012— First Analysis is pleased to announce it has made a growth capital investment in Chrome River Technologies. Headquartered in Los Angeles, Chrome River provides industry-leading expense reporting and invoice management solutions that offer complete process automation and cost control for an organization’s accounts payable operations. Chrome River’s cloud-based solution enables its clients to reduce costs, improve productivity, and enhance compliance. The investment will be used to support Chrome River’s rapid growth and expand product development, customer support and marketing.
Commenting on the investment, Jim Macdonald, managing director of First Analysis, said, “We are excited to invest in Chrome River to support their impressive growth while continuing to expand upon their industry-leading solution. The customers I talked with all raved about the product’s user interface and support.” Dan Raynor of The Argentum Group, a First Analysis partner and co-investor, commented, “We look forward to working with this outstanding management team as they build a substantial company in the SaaS space. With the significant ROI that its customers are achieving from its solutions, we are very excited about the market opportunity for Chrome River’s products.”
“Chrome River has experienced continuous customer growth since its founding in 2007, signing new customers across a variety of industries,” said Alan Rich, Chrome River’s CEO. “This will provide us the necessary financing to act on the many interesting ideas and initiatives that we have in support of our growth. Adding First Analysis and Argentum to our team brings a wealth of experience, contacts, and research to help us both strategically and tactically as we continue to grow.”
About First Analysis
First Analysis is a leading private growth-equity investor. It has one of the longest records (27 years) in private capital investing and has invested about $700 million. First Analysis invests mainly in the United States with a focus on its three sectors of expertise: broadband-enabled businesses (IT applications and outsourced services), health-care productivity, and clean-tech / infrastructure. It invests for expansion and growth in small and mid-size companies with established business models, high internal growth rates, and large-market leadership potential. For more information, please visit www.firstanalysis.com.
Argentum is a New York-based private equity firm that provides growth capital to services companies at the smaller end of the middle market. Argentum has a successful track record of building industry-leading companies in business, technology-enabled, health-care, and clean-tech services. Since 1990, Argentum has invested in over 70 companies and supported over 150 acquisitions made by its portfolio companies. For more information, please visit www.argentumgroup.com.
About Chrome River Technologies
Chrome River Technologies provides expense reporting and invoice automation solutions that combine the latest available Internet technologies with over 25 years of financial systems experience. Chrome River delivers unique, user-friendly offerings via a software-as-a-service delivery model that requires no hardware, software, or long-term commitment. This unique service is easily configurable to meet the needs of organizations worldwide with complex expense management policies and collaborative approval processes. For more information, please visit www.chromeriver.com.
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First Analysis Invests in Chrome River - May 2012