Equiteq, the global boutique investment bank, is pleased to announce that it has acted as the exclusive financial advisor to STAT Recovery on its majority investment from Cambridge Capital, a leading investment firm focused on the supply chain sector.
STAT Recovery is a machine learning-based invoice audit software platform helping retail suppliers optimize revenue by reducing improper deductions and compliance fines from large retailers.
Retail deductions and compliance fines for suppliers are significant and can represent up to 2% of suppliers' retail sales, totalling tens of billions of dollars annually just in the US. STAT has audited over $250 billion in retail transactions for the largest retail suppliers in the world and has the highest recovery rate in the industry, as well as the most comprehensive claims avoidance program. In just over 5 years, STAT has helped retail suppliers recover over $500 million from improper deductions and fines, and avoid countless more, based on over 300 years of cumulative experience in retail compliance and technology.
The Cambridge investment, in partnership with Casey Roberts and Todd Reeves (Co-Founders of STAT), will enable STAT to significantly enhance its technology offerings for retail suppliers, expand into additional retail ecosystems, and accelerate growth via significant partnerships with supply chain, transportation, logistics and other relevant companies. Casey Roberts and Cambridge Capital also decided to name Cambridge Operating Advisor Kamal Sundar as STAT's new CEO to lead future growth and expansion, with Casey becoming President and retaining a significant ownership stake.
"Partnering with Cambridge Capital and bringing Kamal on board as CEO marks an exciting new chapter for our business," said Casey Roberts. "With Kamal's proven expertise in supply chain technology solutions and his track record of driving growth and innovation, we are poised to elevate our offerings and expand our market presence to support suppliers in numerous retailer ecosystems. His leadership will build on our strong foundation and propel us to new heights."
"Joining STAT as CEO is an incredible opportunity to leverage my experience to solve key invoicing challenges for our clients," said Kamal Sundar. "The company's cutting-edge technology and differentiated approach to retail supplier revenue optimization offers a powerful foundation for future growth and innovation. I am excited to work with the talented team at STAT and the seasoned Board leadership, and to continue to deliver exceptional value to our clients, the largest retail suppliers in the world."
Benjamin Gordon, Managing Partner of Cambridge Capital, said, "We are thrilled to partner with STAT and have Kamal join the team as CEO. STAT's impressive track record and financial trajectory, mixed with Kamal's proven leadership and experience, creates a powerful combination that positions the company for exceptional growth. We look forward to working with Casey and the STAT team to achieve new milestones and deliver unparalleled value to the largest retail suppliers in the world."
Matt Smalley, Principal of Cambridge Capital, added, "STAT has demonstrated outstanding performance in revenue optimization and deductions management for retail suppliers, as many of STAT's customers and partners told us directly. We believe the company's strong foundation and innovative approach, coupled with Kamal's strategic vision and Cambridge's resources, will unlock new opportunities for expansion and success. We're excited to support STAT on its journey to new heights."
With this Cambridge investment partnership, STAT will have significantly more resources to continue to grow its software, customer, and retail ecosystem portfolio over the next several years.
Graham Bell, Director at Equiteq, said: “It was a pleasure working with Casey and the STAT team. They have built a fantastic business with exceptional growth prospects, and we wish them the very best on the next phase of their journey with Cambridge.”