Mr. Josh Olawale reports

CIBC INNOVATION BANKING PROVIDES PROCURIFY WITH US$20 MILLION IN GROWTH CAPITAL

Canadian Imperial Bank of Commerce's CIBC Innovation Banking has provided $20-million (U.S.) in growth capital to Procurify, a leader in pro-active spend management solutions. This financing will support Procurify's continued development of innovative procurement technologies and its mission to enhance organizational spend transparency and efficiency.

Procurify's suite of pro-active spend management solutions includes the recent launch of an all-new accounts payable (AP) automation solution. Building on the success of its existing AP platform and established customer base, this new artificial-intelligence-driven solution works efficiently across financial management processes, prioritizing vendor relationships.

"Working with CIBC Innovation Banking, we've been able to deliver new AP automation capabilities which are helping businesses gain better control and operational efficiency through automation," said Aman Mann, chief executive officer of Procurify.

"Procurify is building strong momentum towards transforming organizational spend management," said Josh Olawale, director at CIBC Innovation Banking. "Their procure-to-pay platform can assist companies in effectively maintaining budgetary control and enhance operational efficiencies, helping to position Procurify as a leader in end-to-end spend management."

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and financing to innovation companies across North America, the United Kingdom and select European countries at each stage of their business cycle, from start-up to initial public offering and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, San Francisco, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC's commercial banking, private banking, wealth management and capital markets businesses.