B.A.S, a provider in cloud-based treasury management systems (TMS), announced a new round of financing funded by “Impact Fund” an international focused venture capital firm. Impact Fund joins Sigma Management and MEVP to support B.A.S’s expansion into the US.
“The new funding will be used to fund our major expansion in the USA with our new vehicle under TreasuryXpress, (TX)” said Anis Rahal, president of B.A.S. “B.A.S will adopt the TX branding across the global organization to provide what I believe to be the best TMS system on a global platform for our clients.”
TX allows decision-makers to fully monitor and audit their cash in order to better manage their cash flow. Since its inception, B.A.S has distinguished itself by applying its innovation in this conservative area. “The new TMS we are launching in the US breaks the mold,” said Tom Leitch, vice president of business development. “We are a truly cloud-based system, so set up takes a few hours with no implementation fees, a fully customisable interface, automatic reports delivered and our updates are free to all users. We are bringing the TMS market into the 21st century.”
Walid Hanna, managing partner of “Impact Fund” by MEVP, commented: “B.A.S real time solutions offer treasurers the ability to control their cash. Beyond its innovative features, the offering of B.A.S is characterized by a high quality of technology, service and customer care. These are the qualities which US cash managers appreciate. During crisis times, companies need to better manage their cash flow. These reasons are what compelled us to invest and fund the deployment of B.A.S in the USA.”
For B.A.S, the investor’s profile was also crucial. Rahal went on to say that B.A.S strongly believes that until now, there hasn’t been a real cloud-based TMS in the US marketplace. “Treasurers are paying huge sums of money for these services, which is wrong,” he said. “Technology allows companies to streamline the process, but some providers can’t with legacy systems, so therefore must charge excessively for it. TX isn’t restricted by historical problems, so we have designed a TMS that’s user friendly, customizable and priced as a cloud-based system should be.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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