Direct Commerce, Inc. (DCI), a global pioneer in enterprise P2P automation, announced 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.
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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.”
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“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.
