Founders Alan Rich, Dave Terry Website chromeriver.com Number of employees 285 (2016) | Key people Alan Rich (CEO) Headquarters Los Angeles Founded 2007 | |
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Industry Software-as-a-service (Expense reporting, supplier invoicing) | ||
Chrome River Technologies is an American software-as-a-service company that creates expense reporting and supplier invoicing automation software for mid-size to large commercial and non profit organizations and higher education institutions worldwide. Founded in 2007 by Alan Rich and Dave Terry, formerly executives of Thomson Reuters Elite, the Los Angeles-based company has received several awards and recognition including rankings on the Inc. 5000, the Deloitte Fast 500, and the Los Angeles Business Journal for its fast growth.
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The company is headquartered in the SAG-AFTRA Plaza on Los Angeles' Miracle Mile.
History
Chrome River was co-founded by Alan Rich and Dave Terry in 2007. Rich had originally started a software company, Elite Data Processing, with his father Harvey Rich in 1988. The company, specializing in the similar field of financial management systems, was renamed Thomson Elite after being acquired by the Thomson Corporation in 2003.
Rich stepped down from the Thomson Elite in February 2007, founding Chrome River in March of the same year. Chrome River was first released into the market in 2008, initially focusing on law firms.
By 2012 Chrome River was used by almost half of the 100 largest law firms in the United States, and the company began to focus on expanding into the general corporate market. In 2012 the company took a US$3 million investment to fund its expansion. The Los Angeles Business Journal first listed Chrome River on its 2012 annual list of the fastest growing companies in the Los Angeles area, where it was listed as the 23rd fastest growing company. Similarly Inc. recognized Chrome River in the Inc. 500, the annual list of fastest growing private US companies, at number 258. Chrome River also announced its first overseas expansion, in London in 2012.
In 2013, the company was first listed in the Deloitte Fast 500 Awards, after the company experienced a four-year revenue growth rate of 2,319%. In 2014, the company was listed for a second time in the top 500 companies for growth, after receiving US$17 million dollars in capital from Bain Capital Ventures in January.
In June 2015, equity firm Great Hill Partners had invested US$100 million dollars into the company, in order to grow the company's global presence. The company is using this capital to accelerate development of its enterprise and mobile technologies and to continue its global expansion.
In 2016, Chrome River announced further international expansion with the launch of its presence in Sydney. The company also launched a new interface, MERCURY, in 2016.
Software
Chrome River's software focuses on automating processes around expense reporting and supplier invoice processing for businesses, focusing on corporate expense management. The software is offered as a software as a service. The company's solution uses optical character recognition and data extraction technologies to extract and categorize data from images (typically paper receipts) and HTML email receipts, to create line items on expense reports.
Chrome River’s MERCURY interface is built using HTML5 and features responsive web design (RWD), which enables it to offer the same user experience across desktops / laptops, tablets and smartphones. This allows it to be accessed via any mobile web browser without the need to download a mobile app.
In 2014, Chrome River partnered with Information Builders to build a new data analysis solution, DATA EXPLORER enabling business analysts to mine complex data sets to identify trends and patterns in their organizations' expense data. In 2016, Chrome River partnered with Traxo to build a solution that allows travelers to automatically parse and extract data from hotel bills into their expense report.
The company has also partnered with a number of financial institutions (including US Bank and Western Union), and business travel software providers (including Amadeus and Sabre) to create solutions to streamline the process of creating expenses.
Customer base
Chrome River has a customer base of more than 500 organizations with 1 million users across 100 countries. The company predominantly sells to Forbes Global 2000 and Fortune 500 organizations, although it also has multiple small and medium-sized enterprise and non-profit customers. As a result of the company’s heritage in the legal industry, Chrome River is used by more than three-quarters of the AmLaw 100 and more than two-thirds of the Global 100 law firms. Notable customers include Amadeus, Cargill, International Air Transport Association, Sabre Corporation, and Sonoco.