Apex Analytix

Apex Analytix
Private
Industry Anti-fraud
Predecessor JBA Consulting
Founded 1988 in Greensboro, North Carolina
Founder James Arnold
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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