Apex Analytix

Apex Analytix
Private
Industry Anti-fraud
Predecessor JBA Consulting
Founded 1988 in Greensboro, North Carolina
Founder James Arnold
Headquarters Greensboro, North Carolina, United States
Website www.apexanalytix.com

Apex Analytix is an audit recovery firm located in Greensboro, North Carolina.[1]

Company overview

In 1988 Apex Analytix was founded as JBA Consulting[2] in Greensboro, North Carolina[3] by James Arnold.[4] Apex works with clients to identify any overpayments to vendors, including fraudulent transactions.[1] The company provides audit recovery services, spend analysis software, spend compliance analytics tools, industry focused analytics,[5] and services to help with Sarbanes-Oxley compliance.[3] The company’s clients include large private enterprises, public companies, and government agencies such as the US Department of Labor.[6] By 2004, Apex’s client list included 40% of the US’s fifty largest corporations.[7] The CEO of the company is Steve Yurko.[8]

Software

In 2004, Apex first produced its payment error software.[9] It also previously provided real estate lease audit services.[10] The main software that Apex provides is the FirstStrike Supplier Portal,[11] which monitors “pricing trends and changes, missed discounts and price-related payments for goods purchased”.[12] It checks incoming invoices from a company's supply chain against purchasing-contract discounts to measure the price paid against the real market price.[13] The 2014 version of the software was available in thirteen languages, about 5,000 configurable rules, and bi-directional integration with a client’s SAP database. Apex also publishes the FirstStrike Fraud Detect software.[11] The software is sold on an annual subscription basis.[14]

Investments

In 2003, Apex raised $7 million from Noro-Moseley Partners and the Wakefield Group.[15] In May 2009, the Apex was acquired by Pittsburgh-based PNC Equity Partners, upon which PNC stated Apex’s revenues were about $50 million per year.[1][16] Incline Equity Partners, an offshoot of PNC, then completed a dividend recapitalization of Apex in 2012.[17] Incline then sold its shares in 2014[18] to Carousel Capital.[18]

References

  1. 1 2 3 Steve Ivey. "Pittsburgh-based equity group buys Apex Analytix". Triad Business Journal.
  2. ↑ Lee Berton Staff Reporter of The Wall Street Journal (5 September 1996). "Firms Find Computers Can't Spot Many Errors or Fraud". The Wall Street Journal.
  3. 1 2 "Apex Analytix - Greensboro, NC". Inc.com.
  4. ↑ "Two Triad comanies finalists in Entrepreneur of the Year contest". Triad Business Journal.
  5. ↑ Pierre Mitchell. "APEX Analytix – A Provider to Watch in 2015 Spend Matters". Spend Matters.
  6. ↑ Matt Evans (19 June 2012). "Apex Analytix gets U.S. Department of Labor contract". Triad Business Journal.
  7. ↑ Mick Normington. "Ready for take off". Triad Business Journal.
  8. ↑ Olga Oksman, Marlene Givant Star and Chris Marr (January 6, 2012). "Connolly Consulting mandates Oppenheimer for sale process". Financial Times.
  9. ↑ "Apex Analytix launches new payment error software". Triad Business Journal.
  10. ↑ "Apex Analytix starts lease-audit services". Triad Business Journal.
  11. 1 2 "The new supplier portal simplifies supplier onboarding, offers an e-invoicing and purchase order flip capability, and more". Supply & Demand Chain Executive.
  12. ↑ "Apex Analytix Rolls Out New Software". Triad Business Journal. January 12, 2011.
  13. ↑ Mark Hall. "On The Mark". ComputerWorld. p. 10.
  14. ↑ "Mind your language". The Economist.
  15. ↑ "Daily 38".
  16. ↑ "PNC Equity Buys Apex Analytix". Accounting Today. May 7, 2009.
  17. ↑ Patty Tascarella. "Incline Equity completes deal". Pittsburgh Business Times.
  18. 1 2 "Term Sheet — Tuesday, August 12". Fortune.

External links

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