Conexiom Announces $130M Growth Investment

CHICAGO and VANCOUVER — Conexiom announced a $130 million growth investment from Warburg Pincus, a leading global growth investor. Warburg Pincus is joining existing investors Luminate Capital, who retains a majority stake, and ICONIQ Growth.

“Conexiom’s customers face growing challenges that are accelerating the need for automation solutions. Our platform is mission critical to our customers, helping them automate and scale their order to cash and procure to pay processes,” said Ray Grady, President and CEO, Conexiom. “This investment is great validation of our people, platform and market leadership and will help us accelerate product investment to meet growing market demand.”

Conexiom Chairman and Luminate Operating Partner, Mark Pierce, noted, “Since Luminate’s investment in 2018, Conexiom has grown over 6x and I truly believe we are just getting started. I’m tremendously excited about what the future holds.”

“As the demand for SaaS-based systems grows, we continue to see significant growth opportunity for companies like Conexiom. Our investment underscores our long-term commitment to investing strategically in market-leading, B2B software businesses,” said Justin Sadrian, Managing Director, Warburg Pincus. “We are incredibly excited to partner with Ray and the rest of the Conexiom team to build upon their success and help expand their offerings in this dynamic and growing market,” added Angel Pu, Vice President Warburg Pincus.

Hollie Haynes, Managing Partner of Luminate Capital, commented, “When we acquired Conexiom in 2018 we had real conviction that we were in the early innings of B2B automation. Conexiom solves key problems for customers of all sizes. We are excited to partner with Warburg Pincus as we enter this next phase of growth.”

“Conexiom’s product has been the foundation of its success and growth to date and will continue to be as the company expands its platform to address additional customer requirements,” added Dave Ulrich, Partner at Luminate Capital.

Blake, Cassels & Graydon LLP and Kirkland & Ellis served as legal counsel to Conexiom. Goodwin Procter LLP served as legal counsel to ICONIQ Growth. Orrick, Herrington & Sutcliffe LLP and Stikeman Elliott LLP served as legal counsel to Warburg Pincus. William Blair served as financial advisor to Conexiom.

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