Subject: VEN
20 Year P2P Automation Leader Direct Commerce Secures Funding from W3 Capital for the Next Generation of Enterprise Automation
PALO ALTO, Calif., Dec. 13, 2021 /PRNewswire/ -- Direct Commerce, Inc. (DCI), a global pioneer in enterprise P2P automation, announced today the closing of a Series B financing round with investment from W3 Capital. The funding and new partnership with W3 Capital will support key growth initiatives including new features across DCI's P2P platform and investments in composable architecture for enterprise finance.
Founded in 2000 by tech entrepreneur Bruce Hanavan, DCI was among the first players in Accounts Payable and Procurement automation technology, setting global standards for e-Invoicing, Workflow, Dynamic Discounting and other accounts payable automation tools. Today they continue to lead innovation across the P2P process including complex workflow, vendor management and dispute resolution. Through enterprise-scale tools and technologies, DCI automates the world's largest companies, transforming complex processes in order to meet critical business requirements without strain on IT resources.
"The possibilities in Procurement and AP Automation continue to evolve," Hanavan said. "It's our job at DCI to take on the complexity that comes with enterprise processes. We have to deliver solutions that both meet enterprise requirements and deliver more than our clients thought possible."
"We are impressed by the fact that Direct Commerce's solutions are being adopted by some of the largest, most recognizable enterprises in the world," said Rob Wadsworth, partner at W3 Capital. "Direct Commerce's advanced, composable AP technology, along with their approach to both customer and vendor engagement are clearly meeting and exceeding the demands of the marketplace - particularly among large, complex enterprises."
DCI's technology is currently deployed in the world's largest enterprises across multiple industries. DCI's clients today use the company's automation modules such as e-Invoicing, Dynamic Discounting, Vendor Management, Dispute Resolution and more to unify and streamline finance processes. With supplier adoption rates that greatly exceed industry standards, their e-Invoicing and Supplier Portal modules have transformed forward-thinking enterprises within industries where paper and emailed PDFs still predominate. Their Dispute Resolution module is the only one of its kind, driving down costs while processing millions of transactions through complex enterprise workflows. Going forward, DCI will continue to innovate in the areas of data capture, vendor management, and payments. They will also continue advancing their composable technology platform which allows enterprise leaders to unify business processes using the best products on the market, regardless of vendor, while delivering the highest possible customer ROI.
Seabrook Partners LLC acted as the exclusive financial advisor and Reed Smith LLP acted as legal counsel to DCI. Latham & Watkins acted as legal counsel to W3 Capital.
About Direct Commerce, Inc.
Built on the leading edge of fintech, Direct Commerce delivers Source-to-Pay Automation for Global 1000 companies around the world. We drive fast ROI through customer-centered innovation and value-driven solutions for some of the biggest names in business. Our teams are built for the world ahead, merging two decades of experience with cutting-edge technology to deliver products that meet and exceed client goals. We don't just build paperless solutions for our clients. We partner with customers to build their best future by freeing up resources, enhancing B2B relationships, and creating new ways to do business for the years ahead.
About W3 Capital
W3Capital provides equity financing for lower middle market businesses seeking to fund ownership transition and business expansion. As a family office investing personal capital, W3C is not pressured by typical private equity investment horizons or distracted by fund raising activities. Team members Rob, Steve and Jay Wadsworth work directly with senior management teams and apply their investing experience, public and private company management experience and proven entrepreneurial success to help lead companies to their full potential.
About Seabrook Partner LLC
Seabrook Partners is an independent investment bank that provides strategic and financial advice to established and growing middle-market companies. The firm advises on M&A, capital formation, and restructuring transactions for technology, business services and government services companies. Seabrook is headquartered in the Washington, D.C. region and is a FINRA registered broker dealer. www.seabrookpartnersllc.com
SOURCE Direct Commerce, Inc
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