18 Apr DadeSystems Raises $2 Million to Fund Growth
Leading Payments Automation Solution Provider Secured Funding to Accelerate Growth
MIAMI, April 18, 2017 /PRNewswire/ – DadeSystems, a leading provider of account receivable automation solutions secured $2 million of funding to accelerate growth. The new capital included an investment by Ocean Azul Partners. Proceeds from the investment will be used to extend DadeSystems’ leadership in receivables automation by accelerating engineering and product enhancement efforts, expanding the sales team, digital marketing and client services.
DadeSystems Board Chairman Richard Dailey said “We are thrilled to add Bill Pruitt, Managing Director of Ocean Azul Partners to our board. Bill was the managing partner with Arthur Andersen in Florida, the Caribbean and Venezuela and understands the commitment and effort required to build entrepreneurial companies.”
Ocean Azul Partners is a venture capital fund based in Miami, Florida. “We’re pleased with the progress of DadeSystems and excited about the product suite, relationships and potential for growth,” said Pruitt, in a statement. “We look for capital efficient companies developing new markets using differentiation and providing value to create a defendable market position and grow rapidly. DadeSystems is aligned with our investment strategy.”
DadePay AR Automation, part of the SaaS suite of fully integrated products, automatically captures all incoming payments, including cash, checks, ACH, EFT, and credit cards. Using patented technologies, payments are automatically matched to open invoices and update the companies’ ERP systems. All checks received are electronically transmitted to the bank for immediate deposit.
The DadeSystems product suite also includes a ePayment customer portal and fully integrated mobile application. The DadePay ePayment customer portal, allows companies to send notifications and alert customers when payments are due. DadePay portal payments accommodate both ACH and credit card and are 100% matched to corresponding invoices. DadePay Mobile allows sales and delivery drivers to capture images of checks and remittances and electronically transmit them to AR Automation for immediate processing. The entire product suite is part of a single enterprise solution.
DadeSystems CEO Bill Zayas said “Last year was another strong year as we exceeded our revenue and customer acquisition targets. Securing this additional funding allows us to expand our product suite and services and grow our presence as the preferred payment solution in the marketplace.”
Headquartered in Miami, Florida, DadeSystems automates the invoice-to-cash application process to increase efficiency and accelerate cash flow. DadeSystems serves multiple industries including distribution, food and beverage, manufacturing, financial, transportation, wholesale, property management, healthcare, retail, travel and agriculture.
About Ocean Azul Partners
Ocean Azul Partners (the “Fund”) was founded by Bill Pruitt, who has been investing in seed-stage startups and early-stage companies successfully for over 20 years. The Fund is an early-stage venture capital fund located in Miami, Florida. Ocean Azul Partners invests in successful founders and capital efficient early-stage companies creating defendable market positions and opportunities to grow rapidly. The Fund is in the business of providing capital to good people with good ideas, looking to solve problems of the future, and provide value with lasting significance.