Growth equity firm TCV has acquired spend management tech firm Oversight, according to a press release emailed to PYMNTS, and will help Oversight expand its product innovation for enterprise risk management solutions.
Oversight uses an artificial intelligence (AI)-based platform to digitally analyze auditing and risk management processes for enterprise organizations, the release stated. The company is able to monitor corporate card and vendor transactions that way and easily spot fraud, errors or wasteful spending.
Oversight CEO Terrence McCrossan said the acquisition by TCV would be a boon for his company.
“TCV brings to the table a rich portfolio of growth-stage companies in the technology industry,” he said, according to the release. “Their expertise and track record of taking companies to the next level fits perfectly with our vision for Oversight.”
Oversight has had a strong year, with numerous new achievements, such as a new platform launch adding greater automation to catch risk opportunities, the release stated.
TCV, which has invested in a wide array of companies, including Netflix, Facebook, Expedia, Spotify and others, said Oversight is an impressive addition, according to general partner Tim McAdam.
“Oversight’s platform uniquely addresses the spend risk that is inherent in today’s enterprise organizations,” he said, according to the release.
What particularly impressed him, he said, is how the payments sector moved so quickly into a new digital mode, while being stable enough to remain strong over time. Listing numerous examples, he said the way companies are trying to help small businesses during this time has been inspiring.
“What we’ve seen both with large companies and with smaller tech vendors is an initiative to help these small businesses take advantage of the tools that are available to them so that they can engage with their customers, set up digital storefronts and really set themselves up for the long term — but also to navigate the current realities of the situation,” Helekar said.