Xeeva Inc., a global provider of intelligent, cloud-based procurement, sourcing software, and financial solutions in Madison Heights, has announced an investment of more than $40 million led by PeakEquity Partners.
“It’s an exciting time to be at Xeeva,” says Dilip Dubey, founder and CEO. “We’ve come a long way. This investment is both a testament to our team members and all the hard work it’s taken to get the company to where it is today, as well as a confirmation of our bright future ahead. This is an amazing milestone for us. I truly look forward to everything the next chapter has to offer.”
Xeeva was founded in 2014 and strives to provide sustainable results and savings through its software. Its patented artificial intelligence powers its full-suite software. It offers solutions for visibility, sourcing, procurement, and supplier results, and cleanses and categorizes spend data, automates buying tasks, picks the best supplier, and identifies opportunities to save.
“Xeeva has developed a differentiated solution that delivers hard ROI to its customers through quick spend visibility and real savings to the bottom line,” says Paul Winn, co-founder and partner of PeakEquity Partners. “This investment will enable the company to accelerate their growth in the attractive e-procurement market.”
“Our key investment focus is to partner with management teams who have developed products with sustainable differentiation in growing markets, and we believe the Xeeva team has established an attractive competitive position that our investment and operating network can accelerate,” says Justin Reger, principal of PeakEquity Partners. “Xeeva is led by an experienced and visionary founder and CEO whom we are excited to support in the company’s next stage of growth.”
The company plans to use the money to enhance its product suite, accelerate sales and marketing efforts, and elevate the Xeeva brand. The company’s products are used in more than 45 countries and are available in 18 languages.