Corcentric, a Cherry Hill, N.J.-based provider of procurement and financial process automation solutions, secured a $200m senior credit facility.
The capital raise consisted of a $150m senior secured asset-based loan revolver from Bank of America and JPMorgan Chase and a $50m term loan from TCW Asset Management Company, LLC.
The credit facility will be used to support future growth both organically and via acquisitions both in the US & abroad.
Led by Doug Clark, founder and CEO, and Mark Joyce, Executive VP and CFO, Corcentric provides procurement and finance solutions for companies to purchase, pay, and get paid.
In March, the company rebranded with AmeriQuest Business Services under the Corcentric name in a move signaling a unification to provide accounts payable, billing and procurement solutions to over 6,000 customers from the middle market to the Fortune 1000.