Luminate Capital Partners has made an undisclosed investment in Oversight Systems, an operational expense analysis company. DBO Partners provided financial advice for the transaction. In addition to the investment, Hollie Haynes, Scott Kingsfield and Sanjay Palakshappa of Luminate have been added to Oversight’s board of directors.
ATLANTA and SAN FRANCISCO, July 12, 2016 – Oversight Systems, a leading operational expense analysis company, today announced that Luminate Capital Partners has made a strategic investment in the company to support its global growth strategy.
Oversight’s flagship product, Insights On Demand™, provides SaaS solutions that automate spending program compliance. Through a comprehensive analysis of expense-related transactional data, Insights On Demand reduces operating expenses by identifying inappropriate spending patterns and uncovers misuse, fraud and compliance violations within travel and expense, purchase card and accounts payable programs.
After introducing its highly scalable SaaS platform in 2013, Oversight has experienced accelerated growth and more than doubled its client base in the past year. Some of the world’s largest corporations and government agencies rely on Oversight software to monitor more than $2 trillion of expenditures annually. Through the insights generated by Oversight solutions, clients can pinpoint opportunities for improving compliance within their financial operations. Oversight’s partnerships with Concur, Oracle, SAP, and TSYS allow seamless data acquisition and rapid deployment for clients.
“Expanding Oversight’s global footprint is the key to continued success,” said Patrick Taylor, Founder and CEO of Oversight. “The Luminate team has deep experience scaling technology companies and fostering organic growth in companies similar to Oversight. We look forward to a close collaboration with Luminate.”
“We are delighted to partner with Patrick and his team to pursue Oversight’s ambitious development and growth plans,” said Hollie Haynes, Founder and Managing Partner of Luminate. “Enterprises globally must continue to replace complex manual approaches by introducing automation in order to streamline compliance processes.”
“Oversight is ready to scale exponentially to address the growing market need for this technology,” said Scott Kingsfield, an Operating Partner at Luminate and now Chairman of the Oversight board. “Oversight’s market leadership and Luminate’s investment leadership align perfectly to ensure current and future clients benefit from our combined knowledge and insight as we scale the business to meet the global market needs.”
Luminate will add Hollie Haynes, Scott Kingsfield and Luminate Principal Sanjay Palakshappa to Oversight’s Board of Directors.
Kirkland & Ellis, LLP served as legal advisor to Luminate. King & Spalding served as legal advisor to Oversight. DBO Partners provided financial advice for the investment.
About Luminate Capital Partners
Luminate Capital Partners is a private equity firm focused on making control investments in software and software-enabled services companies. Luminate partners with management teams to provide flexible capital in order to drive strategy, growth and operational improvements. For more information visit: www.luminatecapital.com.
Oversight Insights On Demand™ is a web-based software solution that automates spending program compliance by comprehensively analyzing expense report, purchase card, and accounts payable transactions to identify fraud, non-compliant purchases, as well as inefficient and wasteful spending. Oversight enables companies to monitor business transactions for risk and to identify risky employee and vendor spending patterns. For more information visit: www.oversightsystems.com.