The proceeds will support the growth of DadeSystems’ suite of solutions—collectively referred to as DadePay—to help medium-to-large corporations and financial institutions aggregate, analyze and reconcile remittances for any payment type, from any payment channel.

“DadeSystems has built an award-winning SaaS solution that streamlines accounts receivable processes, helping our customers increase efficiency, lower processing costs and shorten their invoice-to-cash cycles,” said Bill Zayas, President and CEO of DadeSystems. “We’re thrilled to announce this growth funding and are excited to continue to invest in our products and grow our team, all while helping more customers achieve market-leading invoice matching and straight-through-processing rates.”

DadeSystems has significantly expanded its reach through successful partnerships with market leaders such as Fiserv, Deluxe, Fifth Third Bank and Transactis, all of which partnered with DadeSystems to deliver a best-in-class integrated receivables solution to their customers.

“The payments industry is rapidly changing as growth in electronic payments outstrips that of paper checks creating new pain-points for accounts receivables departments,” said Joe Proto, DadeSystems’ board member, CEO of Transactis, a Mastercard company and a serial payments entrepreneur. “DadePay’s AI and machine learning-powered solution automates payment-remittance reconciliation allowing customers to manage all receivables workflows and analytics seamlessly in one central system. With this funding, DadeSystems is well positioned for their next phase of growth.”

“Accounts receivable and invoice-to-cash processes are ripe for innovation,” said Ned May, Partner at Napier Park Financial Partners. “We are impressed with the quality of the solution that DadeSystems has built, the feedback we have heard from their long-standing, blue-chip clients and partners, and the recognition they’ve received from reputable research firms, Celent and Aite. DadeSystems is at an inflection point, and we are excited to be working with the team to continue to invest in product and technology, grow their team and capitalize on the opportunities in the very large integrated receivables market.”

As part of the transaction, Ned May and Daniel Kittredge, both of Napier Park Financial Partners, will join DadeSystems’ Board of Directors.