LOS ANGELES--(BUSINESS WIRE)--Chrome River Technologies, Inc., a global leader in expense and invoice management solutions, today announced record revenue and sales growth for 2017. The company increased its overall customer count by 24 percent, adding new customers worldwide from a broad range of industries, including higher education, where it added institutions such as Indiana University and the University of Minnesota. The company also added major customers including Penske Truck Leasing and QVC, as well as global leaders in areas such as beverage distribution, financial services, and engineering.
Chrome River received several accolades in 2017. It was named by higher education ERP software leader Ellucian, as its Innovation Partner of The Year. The company was also recognized as among the top 50 best places to work in the U.S. by employee ratings site, Comparably, which also listed CEO Alan Rich among the top 30 CEOs in America for small to mid-size companies. Chrome River was further acknowledged for its growth with its inclusion in the Inc. 5000 for the sixth successive year and the Los Angeles Business Journal’s 100 fastest-growing companies list for the fifth successive year.
In December, Chrome River also received an additional $35 million funding round from its existing investors: Argentum Group, Bain Capital Ventures, First Analysis and Great Hill Partners. These funds will be used to further Chrome River’s global growth, including support for international expansion, product innovation and potential acquisitions. In addition, Chrome River will use the investment to further strengthen its global service and support teams.
The company saw significant traction in product innovation in 2017. This includes the launch of Chrome River PROSPER, which enables organizations to analyze sales revenue and expense data to make smarter spend and budget planning decisions. It also launched a fully-mobile version of Chrome River INVOICE, which enables approvers and AP teams to easily manage the invoice approval process from any device.
As of December 31, 2017, Chrome River:
- Has more than 350 FTE employees worldwide
- Has processed expenses in 173 of the world’s 180 currencies
- Is available in 31 languages, for all products, on any device
- Has processed a total of more than 20 million expense reports and invoices
“Our tenth anniversary was a standout year for Chrome River, from both a corporate growth and a product innovation perspective,” said Alan Rich, CEO and co-founder of Chrome River. “We saw our strongest sales figures, winning both more and larger customers than ever before in North America and internationally. Chrome River has cemented its position as a leading player in expense management for the Global 2000. We will continue to innovate and build expense and accounts payable solutions that people love to use.”
About Chrome River
Chrome River Technologies, Inc. lets business flow for some of the world’s largest and most respected global organizations. Our highly-configurable cloud-based expense reporting and supplier invoice automation solutions deliver an elegant and intuitive user interface, which offer the same high-quality experience on a smartphone, tablet or laptop. Our SaaS products provide a world-class business rules engine and technology infrastructure, combined with a completely agile solution that supports today's changing business climate, and that the CFO, AP and travel managers, and business travelers will all love.
To find out why Chrome River is trusted by more than 1 million users at 750+ organizations worldwide, contact us at +1 888 781 0088, or visit us at www.chromeriver.com, or on Facebook, Twitter and LinkedIn.
