CHICAGO – July 30, 2015 – First Analysis portfolio company Chrome River Technologies, a leading provider of online expense reporting and automated invoice processing software, recently announced it raised $100 million from Great Hill Partners in a Series D funding round. Chrome River will use the funds to accelerate its growth globally and support continued product innovation.
“We have seen tremendous traction in the last 12 months, particularly with large enterprises that are under increasing pressure to improve their business processes, control costs and provide configurable financial controls,” said Alan Rich, Chrome River co-founder and CEO. “We have a clear vision of how we can build on this momentum to bring secure, user-friendly expense management and invoice processing to companies around the world.”
Chrome River has recently seen remarkable growth. It grew by 40 percent in 2014 and has been recognized as one of the fastest-growing private companies in America by Inc. 500|5000 the past three consecutive years. The company has also been named to the Deloitte Technology Fast 500 the past two consecutive years.
First Analysis Managing Director Jim Macdonald commented, “It’s been a pleasure working with the Chrome River team and our partner The Argentum Group, and we look forward to helping tackle the challenges ahead as the company enters this next stage of development. With its outstanding management and its innovative and highly compelling cloud-based software service, this already very successful company is poised to achieve much more.”
About Chrome River
Chrome River Technologies Inc. provides expense reporting and supplier invoice automation solutions that combine the latest enterprise and mobile technologies with a team of industry-leading implementation and support experts. Chrome River delivers immediate payback via a software-as-a-service delivery model that requires no hardware, no software, and no long-term commitment. This service is easily configurable to meet the needs of organizations worldwide with sophisticated expense management policies and collaborative approval processes. More information can be found at www.chromeriver.com.
About First Analysis
First Analysis has one of the longest records (30 years) in private capital investing and has invested more than $700 million across 12 funds in three fund families. First Analysis excels at uncovering and leveraging the best opportunities in emerging high-growth segments in health care and technology for the benefit of the investors and growth companies we advise and serve. Integrated public and private company research underpins our success, yielding a deep, comprehensive understanding of each segment's near-term and long-term potential. First Analysis helps established companies become profitable leaders in large markets, funding growth plans and working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development. Its flexible approach targets investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective to the table.
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First Analysis’s Chrome River raises $100 million - July 2015