Corcentric, a Cherry Hill, N.J.-based provider of business spend management and revenue management software and services, raised $80m in funding.
New York-based private equity firm Bregal Sagemount made the minority growth equity investment. Sagemount’s deal was led by Gene Yoon, Jon Sonnenschein, Arjun Mehta, and Connor Pams.
The company intends to use the funds for product innovation and solution integration efforts as it continues its global expansion.
Led by Matt Clark, President and Chief Operating Officer, Corcentric is a global provider of source-to-pay, order-to-cash, and fleet solutions. From the mid-market to Fortune 1000 businesses, the company delivers technology, managed services, and strategic advisory focused on reducing costs, optimizing working capital, and unlocking revenue.
Corcentric supports almost $500 billion of annual B2B commerce across more than 2,000 customers in manufacturing, transportation, wholesale/distribution, retail, healthcare, and financial services end markets.
The investment follows 24 months during which the company acquired and integrated SourceOne, NetSend, and Determine to become an end-to-end provider of sourcing, group purchasing, procure-to-pay, and order-to-cash solutions.