Serent Capital Invests in BirchStreet Systems, a Leader in Procure-to-Pay Business Solutions
January 10, 2018 11:54am
San Francisco, CA – January 10, 2018 – Serent Capital, a San Francisco-based private equity firm focused on investing in high-growth technology and services businesses, has made a minority investment in BirchStreet Systems, the leading provider of cloud-based procure-to-pay automation software for customers in the hospitality, restaurant, and foodservice industries.
BirchStreet’s suite of solutions encompasses eProcurement, Accounts Payable Automation, Inventory Management, Recipe System Management, and Capital Projects. The software increases efficiency by streamlining many manual processes and creates a comprehensive, intelligent view of spending compliance. In doing so, BirchStreet offers value to its customers by reducing costs, simplifying and improving visibility into key business processes, enhancing control over spending decisions, and improving on-contract spend compliance. The solutions also provide customers with workflow efficiencies that allow them to optimize back-office productivity. BirchStreet’s customers, which include most of the major multinational hospitality brands and many of the largest management companies, process over $15 billion in spend across nearly 6 million purchase orders to over 200,000 suppliers annually.
"Since founding BirchStreet Systems in 2002, we have focused on providing exceptional value to our customers as one of the first to market with a truly ground-up multitenant cloud-based technology architecture. Our solutions are highly differentiated through their ability to address both direct and indirect spend categories – functionality made possible through the breadth of our product offerings and supplier network," said Sushil Garg, founder and CEO of BirchStreet.
He continued, "As BirchStreet enters the next chapter of its growth story, we sought an investment partner who would bring domain expertise in procure-to-pay software and hospitality technology. We also sought a partner who brings to bear a broad set of resources that will help us execute on our growth strategy, while maintaining our reputation for customer value and product innovation. We feel that the alignment with Serent Capital across these dimensions could not be stronger."
"BirchStreet is a leader and innovator in procure-to-pay. As investors, it is rare for us to encounter a business with such a strong position in its market, whose success is demonstrated by highly satisfied customers, excellent growth, and strong customer retention rates," said Lance Fenton, Partner at Serent Capital. "We are incredibly impressed by the business that Sushil and his management team have built, and we are thrilled to partner with them to drive continued growth and success."
Serent's investment in BirchStreet Systems represents its sixth recent investment in the Restaurant and Hospitality Technology space— Knowland (2012), FranConnect (2014), Compeat (2015), Meeting Intelligence / HIS (2016), and Ctuit (2017).
Tags: birchstreet systems,
accounts payable automation,
Founded in 2002, Newport Beach, CA-based BirchStreet Systems automates the business and operational process called procure-to-pay. The company offers a multi-tenant cloud solution for eProcurement, Accounts Payable Automation (3-way match automation), Inventory Control, Recipe Management and Capital Projects for businesses around the world. The SaaS solution improves visibility and control over supply chain and back-office operations. The platform and technology connects thousands of businesses in over 100 countries with a network of more than 345,000 suppliers to gain greater efficiency, increase transparency, create accountability, strengthen financial controls, and reduce compliance gaps resulting in significant business process improvements (BPIs) and real supply cost savings. For more information on BirchStreet, visit the company's website at www.birchstreetsystems.com.
Contact: Theresa Kim
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.
New Fairmont Austin High-Rise Hotel Will Manage 850 Employee Uniforms with the InvoTech Uniform System
Shinhwa Theme Park at Jeju Shinhwa World Selects InvoTech Systems to Manage Employees’ Uniform Inventory
Sundar Kamak Joins BirchStreet Systems to Head Marketing and Product Strategy
Foxwoods Casino Goes All In With BirchStreet Procure-To-Pay Suite
Joseph Fox Joins BirchStreet Systems as Chief Strategy Officer
Island Hospitality Management Selects BirchStreet eProcurement Platform
Cayman Islands Newest Addition, the Kimpton Seafire Resort & Spa, Manages Uniform Inventory with InvoTech Systems
New Luxury Hotel, Waldorf Astoria Beverly Hills, Implements the InvoTech RFID Uniform System for the Most Efficient Uniform Department Operations
LUMA Hotel Times Square Establishes Efficient Operations with InvoTech RFID Linen Inventory Management System
Newest Premier Gaming and Entertainment Destination ilani Set to Open using InvoTech Uniform Management System
Newest Las Vegas Hotel Casino, The Lucky Dragon Hotel & Casino, Opens with the InvoTech RFID Uniform Management System
BirchStreet Systems Acquires AccuBar
BirchStreet Procure-to-Pay Solution is Fully Deployed Across Starwood Hotels & Resorts North American Properties
BirchStreet and HotSOS Partner to Create a Cloud to Cloud Integration
Mobile Simple Makes ABreez Minibar Management App More Effective, Efficient
Hospitality Industry Gains Complete Automated Solution with CSI globalVCard and BirchStreet Partners
InvoTech Returns to HITEC with RFID Uniform System and Linen System
The Strip's Newest Destination, SLS Las Vegas, Opens with InvoTech's Uniform System
InterContinental Buckhead Atlanta and Park Hyatt Chicago Upgrade to InvoTech RFID Uniform System
Park Hyatt New York Marks Grand Opening with InvoTech RFID Staff Uniform Protection
Please login or register to post a comment.