Software firm secures £19m investment to finance growth ambitions
A Worcestershire software firm has secured investment of more than £19m to fund its global expansion in a deal part advised out of Birmingham.
Rimilia, which is based in Stoke Prior, near Bromsgrove, produces 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.
The firm has now secured investment from Kennet Partners and Eight Roads Ventures and the funding will support plans to expand the business across Europe and the United States. The expansion will also see the firm double the size of its team, which is currently 70 people.
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.
The Birmingham office of accountancy and advisory firm Mazars advised on the investment. A team led by transaction services partner David Preston advised both Kennet Partners and Eight Roads Ventures.
Mr 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.”
Legal advice was provided by Orrick and Rimilia was advised by Evolution CBS.
