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Chrome River Technologies helps large corporations manage employee expenses. The company raised $100 million from Great Hill Partners. The Los Angeles company is selling its cloud software at a steadily increasing clip. This year it plans to draw $25 million in revenue, up about 50% from 2014 figures.
Several startups, such as Expensify and Bento for Business, are developing expense reporting software, but they largely target smaller businesses. Chrome River’s customers, by contrast, are large corporations that require compliance, customization, international support and other complex features. Few companies compete in this segment of the market, and recently the list of competitors got even shorter. Chrome River’s advantage, according to Alan Rich, co-founder and chief executive, is an intuitive interface that employees like, including features such as supporting mobile, taking cellphone photos of receipts, automatically categorizing the spending and allowing approvals within email. Those employee-friendly features are combined with a software design that is agile and can quickly and easily respond to changes in rules, such as a decision to lower the cap on hotel spending in a particular country.
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