Plymouth Venture Partners Fund II Makes Investment
Ann Arbor-based Plymouth Management Co. Thursday announced the second investment from its Plymouth Venture Partners Fund II -- an undisclosed investment in Image Integration Systems of Perrysburg, Ohio.
IIS specializes in the automation of the accounts payable process and document management software.
DocuSphere All-in-One for AP, the company's flagship product, electronically routes invoices for approval, enables general ledger coding and tightly integrates with ERP software to ensure timely payment. IIS software provides clients with benefits including fraud prevention, cost reduction, workflow system improvements and more.
A full implementation of DocuSphere can reduce the average invoice processing cost by 75 percent or more. These cost savings have been validated by key customers, many of which process up to 120,000 invoices a month. Most IIS clients are in the large company category, with sales of $500 million and above. One key customer saw an increase in annual early-pay discounts from $26,000 to $1 million in the first year following DocuSphere implementation.
The software can also be useful in the efficient management of a number of business processes.
Examples of customer applications beyond A/P automation include billing, shipment document assembly, capital expenditure requests, financial reporting and human resources.
"IIS has an established list of premier customers, including Royal Dutch Shell, Macy's, The Shaw Group and FirstGroup America," PMC CEO Mark Horne said. "We have been impressed with the company's leadership and are excited to work with the IIS team to develop new product functionality that will dramatically increase the size of the company's addressable market."
Added IIS president Brad White: "We have already begun looking for three experienced sales professionals to bolster our existing sales capacity and we are looking forward to continuing to build relationships with our EBS and SAP industry-leading partners."
PMCompany Partner Bob Savage will take a board seat with the company and assist IIS in achieving further growth.
Plymouth Venture Partners II is a follow-on fund to Plymouth Venture Partners Fund I. PVP I became fully invested in 2009 after completing investments in 29 companies. Plymouth Venture Partners II invests in growth stage companies in the Great Lakes region. Plymouth Ventures II is actively looking for great growth-stage companies in this region. For more information, please visit www.plymouthvc.com.
More about the company invested in at www.docusphere.com
