The Birmingham office of international accountancy and advisory firm Mazars has advised on the $25 million (£19.1 million) investment into a Bromsgrove software firm.
A team led by transaction services partner David Preston advised Kennet Partners and Eight Roads Ventures on the funding round for Rimilia, which is based in Stoke Prior, Bromsgrove.
Rimilia produces award-winning software that enables companies to match up cash receipts against invoices. This automated process can reduce the need for large credit control teams.
The firm was founded in 2008 at the height of the global financial crisis when the company directors identified the need for an automated solution to cash allocation and related issues.
David Preston said: “Rimilia identified a gap in the market and is achieving tremendous success working with a number of international blue-chip companies to automate their processes for accounts receivable, cash allocation and credit management.
“Teaming up with Kennet Partners and Eight Roads Ventures will provide further opportunities to build on this success and develop increased added value innovative solutions in the future.”
The firm will use the funds to expand across Europe and the US, and to double the size of its team from its current level of over 70.
The first appointment has been a new chairman, Karl Campbell, who has been recruited for his experience in building SaaS (software as a service) businesses.
Rimilia chief executive officer Chris McGibbon said: “Over the past few years we have built a unique product that takes the burden off over-stretched finance teams.
“This investment comes at a pivotal time for Rimilia and will allow us to capitalise on global opportunities.
“Both Eight Roads Ventures and Kennet Partners have track records for investing in SaaS and FinTech companies. We look forward to working together as we navigate our next phase of growth.”
Hillel Zidel, managing director of Kennet Partners, said: “Rimilia is a bootstrapped success story that has grown rapidly since it was founded without raising any external capital.
“Business are increasingly prioritising investment in intelligent automation and we believe that Rimilia has a great opportunity to become a global leader in the automation field.”
Davor Hebel, head of Europe for Eight Road Ventures, said: “Rimilia is one of the UK tech scene’s hidden gems, built in the Midlands and solving a genuine problem.
Both Hillel Zidel and Davor Hebel will be joining Rimilia’s board as a result of the transaction.
Kennet Partners has offices in Silicon Valley, USA, London and Frankfurt, and is an experienced growth equity firm with a track record in building global market leaders and achieving high-value exits.
Eight Roads Ventures is a venture capital firm backing entrepreneurs with aspirations for greatness, across Europe, Asia and the US.
Mazars provided financial tax and due diligence advice to Kennet Partners and Eight Roads Ventures, and legal advice was provided by Orrick in London.
Rimilia was advised by Evolution CBS.