Company Overview
Fraxion was founded in 1998 as a division of Ixchange, now Frontrange Solutions (developers of Goldmine & HEAT). As a direct result of customer demand, investment was initially made in modules that included travel, leave, expense claims and procurement. The company was taken private in 2001 by management and the first version of Fraxion Spend Management was released in March 2002.
The business was initially funded by a number of individual investors until July 2005 when Venfin Limited (now Remgro Limited) made a substantial investment into the business, as part of its overall investment portfolio (along with significant investments in Alexander Forbes, Dimension Data, Psitek, Sabido (e.tv), SAIL and Tracker).
Remgro's investment philosphy is to "invest in businesses that can deliver superior growth in earnings and dividends over the long term. This involves the acquisition of meaningful interests in companies that have sound management and have the ability to generate strong cash returns and growth. "
"Efficiencies, Efficiencies, Efficiencies. With the assistance and introduction of Fraxion software the company has more then been able to create tremendous efficiencies in the normally very time consuming exercise of indirect expenditure management. Fraxion blocks unnecessary expenditure, channels legitimate expenditure in accordance with volume purchase agreements and dramatically, reduce all the associated administrative costs of these typically manual processes. Fraxion provided management with a structured, organisation-wide procurement process built around Hollard's existing work flows and allows us to gain insight into spend behavior, improve leverage across various areas and ensure compliance with company-wide policies and procedures."
Mark Laming,
Central Finance IT Manager, Hollard Insurance