Oversight, the global leader in spend management technology, announced its acquisition by TCV, one of the largest growth equity firms backing private and public technology companies. The investment and expertise from TCV are expected to help Oversight expand its product innovation and build upon its market-leading portfolio of enterprise spend risk solutions. TCV will acquire a majority interest from Luminate Capital Partners, who will continue to support the company as a minority equity partner.
“We are impressed with the company’s extensive portfolio of enterprise customers and look forward to partnering with Terrence and the entire Oversight team to capitalize on further growth opportunities.”
Oversight’s AI-powered platform digitally transforms audit and risk mitigation processes for enterprise organizations, finding risk across systems and spend channels. Using AI and best practices, Oversight continuously monitors and analyzes corporate card and vendor transactions quickly identifying fraud, errors, and wasteful spend to improve financial and compliance outcomes.
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“We are excited by this latest milestone in our company’s trajectory,” said Terrence McCrossan, CEO of Oversight. “TCV brings to the table a rich portfolio of growth-stage companies in the technology industry. Their expertise and track record of taking companies to the next level fits perfectly with our vision for Oversight.”
Since its inception in 1995, TCV has invested over $13 billion in leading technology companies, including Netflix, Facebook, Expedia, Spotify, Airbnb, GoDaddy, and Zillow. TCV also brings significant software buyout experience, having partnered with leading vertical market software companies, including ETQ, IQMS, Watermark, SMT, Rave Mobile Safety, Perceptyx, Vectra, CCC, and Avetta.
“Oversight’s platform uniquely addresses the spend risk that is inherent in today’s enterprise organizations,” said Tim McAdam, General Partner at TCV. “We are impressed with the company’s extensive portfolio of enterprise customers and look forward to partnering with Terrence and the entire Oversight team to capitalize on further growth opportunities.”
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