HICX raises $30M to help companies optimize supplier experience

LONDON, Sept. 15, 2022 /PRNewswire/ -- HICX, the leading Supplier Experience Management provider, is announcing a $30 million investment led by Boston, US-based growth equity firm Wavecrest Growth Partners and Toronto-based venture debt provider Espresso Capital.

HICX's low-code/no-code SaaS platform and applications enable large companies full visibility into their supplier ecosystems and interactions, building resilient and competitive supply chains. Unilever, Mondelez, BAE Systems, Baker Hughes, and Lenovo, among other mega-brands, use HICX as a single source of truth for supplier data and the focal point for supplier interactions.       

CEO and Co-founder of HICX, Costas Xyloyiannis, said, "At the most basic level, companies deliver value to customers through the combined effort of their internal teams and suppliers. Companies often under-invest in the supplier experience – in making it easy for suppliers to deliver their best work. However, we've seen a significant shift recently and many of the world's leading brands are investing in technology to address this and to become 'customer of choice' for as many of their suppliers as possible."

Vaibhav Nalwaya, Co-founder and Managing Partner at Wavecrest, said, "The last three years of global turmoil have highlighted the importance of the mutually beneficial customer-supplier relationship and yet the incumbent procurement and supply chain tech stacks often actually add friction and complexity. We have been super-impressed by the combination of HICX's vision and the team's ability to deliver large-scale solutions to the biggest and best global brands. HICX's customers speak very highly of the company's domain expertise and its solutions."

"We believe HICX can play a pivotal enabling role for companies as they digitize their buy-side technology landscape and we're excited to support their future growth," added Shane Jayaprakash, Director at Espresso Capital, London.

The HICX platform serves the most complex tech landscapes in Fortune-1000 accounts. It uses proprietary low-code/no-code technology for rapid configuration to each unique customer requirement and is designed to integrate with, and operate alongside, the customer's existing investments in procurement, supply chain and financial tech.

Dr Elouise Epstein, partner at global management consulting firm Kearney commented, "The way we work with suppliers has to change. Traditional technology is wholly inadequate to support the digital revolution. There is an overwhelming amount of evidence to say that the way we've done it in the past doesn't work. It's abundantly clear that we have to do something different and I'm excited to see investment in a company like HICX as it seeks to be part of the solution."

"Spend Matters Q2 2022 SolutionMap Insider report suggests HICX excels at a range of supplier management requirements which are particularly needed in today's world," said Jason Busch, Spend Matters Founder and CEO. "The ability to manage both internal supplier master data and multi-tier information is becoming imperative for procurement and supply chain risk as companies face continued uncertainty on multiple fronts, and HICX is well positioned to support market requirements." 

ABOUT HICX

HICX helps Global 5000 companies to take control of their supplier data and to deliver a great supplier experience. The HICX Supplier Experience Platform enables businesses with thousands of suppliers to efficiently on-board and manage the end-to-end lifecycle of all suppliers, to achieve a single version of truth for all supplier data, and to remove the friction from supplier relationships. Some of the world's largest companies trust HICX for the management of their supplier data, these include Unilever, Mars, Mondelez, Lenovo, Baker Hughes and BAE Systems.

ABOUT WAVECREST GROWTH PARTNERS

Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies based in both North America and Western Europe. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest's team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit www.wavecrestgrowth.com

ABOUT ESPRESSO CAPITAL

Espresso empowers companies with innovative venture debt solutions. Since 2009, we've helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.