I am very excited to announce Cambridge's latest investment in STAT Recovery Services.
STAT Recovery Services 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, totaling tens of billions of dollars annually just in the US.
STAT Recovery Services 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 Recovery Services has helped retail suppliers recover over?$500 million?from improper deductions and fines, and avoid countless more.
In conjunction with the investment, Casey Roberts (Co-Founder of STAT) and Cambridge Capital LLC decided to name Cambridge Operating Advisor?Kamal Sundar as STAT's new CEO to lead future growth. Kamal's experience in supply chain technology and retail with previous leadership roles at Amazon, EY and IBM will drive significant expansion and allow STAT to grow its software, customer, and retail ecosystem portfolio over the next several years.
We are also extremely excited to bring in Kenneth Frieze (Chairman of Gordon Brothers), Bill Mines (former SVP, Finance and Strategy, Supply Chain & Logistics at Walmart) and?Chris O'Brien?(former Chief Commercial Officer of C.H. Robinson) as Independent Board Members, leveraging their many decades of experience in retail, supply chain and software.
Benjamin Gordon, Rocco Scundi and I are thrilled to partner with the wonderful existing STAT team (including Casey Roberts, W Todd Reeves, Brian Hughes, Richard Lawrence, Steven Terry, Steve Anderson, Kimberly Huntley, Codie Threet), as well as Kamal Sundar, Kenneth Frieze, Bill Mines and Chris O'Brien to drive further innovation and achieve significant exceptional financial outcomes for STAT's clients by optimizing recovery processes and instilling best practices to improve the overall supplier-retailer relationship.
#retail #investment #saas #retailtech #retailaudit #chargebacks #deductions #software
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