Trive Capital Forms Vendor Management Platform

Trive Capital has acquired Illumis Global as a new platform in the vendor management and accounts payable recovery sectors.

Illumis Global provides software and auditing services that help large corporations recover lost profits hidden within their accounts payable ledgers. The company scans thousands of vendor invoices, purchase orders, and contracts to detect billing errors, such as duplicate payments, pricing discrepancies, and unapplied credits. Illumis Global was founded in 1994 and is headquartered in Mount Pleasant, South Carolina.

For example, a national manufacturing client might use Illumis’ services to cross-reference agreed-upon contract rates against the final prices charged by raw material suppliers, identifying instances where the supplier may have inadvertently invoiced at a higher, non-contracted rate. Once these errors are flagged, Illumis’ team verifies the data and works directly with the suppliers to recover the funds.

“This partnership with Trive represents an exciting new chapter for Illumis Global,” said Jason Lipari, the president of Illumis Global. “With Trive’s support, we will accelerate the expansion of our audit services, invest in advanced technology, and launch a proprietary Group Purchasing Organization (GPO) to deliver additional savings for our clients.”

According to The Business Research Company, the global vendor management software market was valued at $10.3 billion in 2024 and is projected to reach $19.9 billion by 2029 (CAGR of 13.9%). Growth in this sector is driven by the increasing complexity of global supply chains and the need for automated tools to manage supplier risk and compliance.

Trive Capital invests between $10 million and $250 million of debt and equity in North America-headquartered companies with revenues ranging from $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience in aerospace and defense, automotive, building products, business services, chemicals, and consumer goods.

“Illumis’ data-driven and white glove approach has established the company as a premier provider of accounts payable audit services with industry leading recovery rates,” said Eric Hsu, a managing director at Trive Capital. “Through strategic investment in technology and complementary capabilities, we are excited by the opportunity to partner with the Illumis management team and build out a vendor management platform to further serve its clients.”

In April 2025, Trive Capital held a final and above-target close of its fifth flagship fund, Trive Capital Fund V LP, with total capital commitments of $2.7 billion. The new fund’s original target was $2.5 billion and follows the close of its fourth fund in April 2022 with $2.0 billion in capital.

Trive Capital was founded in 2012 by Managing Partner Conner Searcy and Partner Chris Zugaro and is headquartered in Dallas.

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