HighRadius Corporation, a provider of cloud-based Integrated Receivables software, raised $50 million in growth funding from Susquehanna Growth Equity to continue its aggressive growth and expand its presence globally.
HighRadius works with hundreds of Global 2000 companies, including adidas, Cargill, Danone, Johnson & Johnson, Procter & Gamble, Starbucks, Sysco, Warner Bros. and Zurich. The company is headquartered in Houston, Texas with international offices in Asia and the UK.
HighRadius applies artificial intelligence and machine learning to all aspects of accounts receivable operations, including credit, collections, cash application, deductions and payments. Adoption of Integrated Receivables technology is expected to match that of Accounts Payable automation by 2020. The opportunity is further supported by the size of the B2B payments market, which is five times larger than the B2C market, yet severely under-served today.
Sashi Narahari, Founder and CEO of HighRadius said: “We have been executing on our vision of enabling receivables functions to achieve ubiquitous electronic payment adoption and process automation – massively reducing paper-based processes and manual work. We have more than 350 clients on our Integrated Receivables platform powered by our Rivana Artificial Intelligence engine and the radiusOne B2B payment network. This funding will help us accelerate our platform to thousands of companies globally. Susquehanna Growth Equity has a proven track record of backing leading financial technology companies, and is a perfect partner for our next stage of growth.”
Amir Goldman, Founder and Managing Director of Susquehanna Growth Equity, said: “Integrated Receivables is an $11 billion market in the early stages of adoption. HighRadius is the clear leader in receivables-focused SaaS solutions for large enterprises and the only cloud-based platform that covers the full range of functions and processes. We love backing bootstrapped companies like HighRadius, which has never raised outside funding, has grown at a 70% CAGR, and continues to be cashflow positive.” In conjunction with the investment, Amir Goldman and Ben Weinberg from Susquehanna Growth Equity will join the HighRadius board of directors.
Morrison & Foerster LLP represented HighRadius on the financing. The MoFo team representing HighRadius is led by Palo Alto-based Private Equity and Mergers & Acquisitions partner Alex S. Kaufman and Palo Alto-based Emerging Companies and Venture Capital partner Susanne Graeser, with Jim Ryan (Palo Alto) leading the associate team. Additional assistance was provided by Technology Transactions partner Stephanie Sharron (Palo Alto), Tax partner Shane Shelley (San Diego) and Tax associate Joe Tucci (Denver).
Atlas Technology Group acted as a financial advisor to HighRadius in this transaction.