OpenEnvoy, a Silicon Valley-based AI company that created a solution for AP automation, has announced that Adam Bain, Ravi Thakur, and Mark Verbeck are forming the company’s advisory board, bringing years of strategic guidance to the team.
OpenEnvoy automates costly finance processes, preventing billions of dollars in overpayments. The company goes beyond theoretical promises to deliver significant cost savings with touchless processing of 100 percent of invoices in real-time. OpenEnvoy processes all types of invoices, but stands out for its ability to manage high-volume, variable cost invoices – specializing in digitizing and reconciling complex accounts payables.
OpenEnvoy CEO, Matthew Tilman, said: “It’s an honor to work with such experienced leaders as Adam, Mark and Ravi.
“Their collective industry expertise has already been incredibly valuable as we work with customers dealing with complex AP processes, such as those in the advertising and manufacturing industries.”
OpenEnvoy’s advisory board will assist the company’s management team as they rapidly execute their go-to-market strategy for accounts payable automation. The board members bring vast experience to OpenEnvoy to drive even more growth and innovation, expanding their market leadership and advancing the automation of costly finance processes – ultimately improving financial performance for every customer.
Adam Bain is currently Co-Founder and Managing Partner at 01 Advisors, a venture capital investment firm based in San Francisco. Adam was Twitter’s COO where he helped scale their business into a massive public company and built their multi-billion dollar advertising business.
01 Advisors co-founder and managing partner, Adam Bain, commented: “OpenEnvoy is exciting because it brings the potential of AI to the accounts payable automation world.
“As an investor and advisor to early and late stage companies, I’ve been looking at how AI can help improve SaaS businesses. OpenEnvoy’s technology raises the bar for what finance teams can expect from their AP automation software, as it helps automate human auditing and manual spot-checking of invoices for a faster and more accurate process.”
OpenEnvoy will also benefit greatly from having former Coupa Software executives Ravi Thakur, former SVP of Business Acceleration and Customer Success, and Mark Verbeck, former CFO, joining as inaugural members of the advisory board. Their deep domain knowledge and years of experience in Fintech will be instrumental as they offer strategic guidance to the executive team to rapidly scale their operations.
OpenEnvoy advisor, Ravi Thakur, commented: “Adding OpenEnvoy to the companies I advise is a natural fit given how fast they’re accelerating with their unique AI-powered AP automation solution in the enterprise space.
“I’m delighted to aid them as they continue to drive their business forward and expand their global footprint.”
Cyara CFO, Mark Verbeck, said: “I’m excited to be on OpenEnvoy’s advisory board. I’m confident I can help them continue to deliver exceptional value to their customers with best-in-class controls to protect clients from vendor mistakes and/or fraud, and to help streamline vendor relationships with 100 percent accurate invoices.”