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Billing management startup Transverse just received a $25 million Series B investment boost from Siedentopf KG, a German private equity firm. The company said the funding would be used as an investment in its SaaS financial operations platform TRACT to increase hiring and to expand its headquarters. In total, Transverse has raised $47 million.
Transverse’s TRACT SaaS platform automates billing processes for companies. Often a choke point for customer relations, taking weeks and going through several different systems, Transverse sees backend billing processes in need of more streamlining and analysis. TRACT integrates with a number of ERP software systems and CRM software systems, like Salesforce.com, and has data analytics features that can help identify problems in a company’s internal billing processes. The software is designed to be particularly useful for activity-based and subscription billing.
"This investment allows us to better support our rapidly growing customer base, while increasing our focus on handling real-time, high-volume transactions with dynamic invoicing, accounting and reporting functionality," said James Messer, CEO and co-founder of Transverse in a statement.
The company also said its software helps clients comply with Sarbanes Oxley and similar financial regulations. Since the financial crash of 2008, new regulations meant to prevent future financial crashes have burdened companies with complex compliance processes. Software that can help assure compliance and streamline operations is valuable to large corporations.
In addition to investing in TRACT, Transverse will be expanding its headquarters at the Sampson Building in downtown Austin. The larger headquarters will house additional hires in professional services and support teams.
Siedentopf KG was the sole investor on this last round of capital. The private equity firm has a wide-ranging portfolio of international companies in areas such as software, commercial real estate and global commodity trading and processing.
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