Press release

Fraxion Welcomes Rick Gustafson to Board of Directors

Sponsored by Businesswire

Fraxion, the only cloud-based procure-to-pay solution for efficient business expense management in the mid-market, today announced the addition of seasoned spend management executive Rick Gustafson to its board of directors. Gustafson is an experienced executive who boasts more than twenty-five years of experience in the spend management and technology space.

Gustafson most recently served as the CFO of ServiceMax, a leading provider of mobile and cloud-based Field Service solutions, leading the company through a major acquisition. Prior to ServiceMax, Gustafson held CFO positions with several major, venture-backed organizations including time as the CFO of Coupa during their shift from mid-market to enterprise solutions and Ketera, the original spend management leader.

“At Fraxion we are striving to shift spend management to spend enablement and provide a much-needed cloud solution to the vastly underserved mid-market,” said Stanton Jandrell, CEO of Fraxion. “Rick brings a unique set of leadership talents and perspectives from his vast experience as a CFO that will be essential in this journey.”

“Currently, there is no clear leader in the mid-market spend management space and I strongly believe that Fraxion has what it takes to become the Coupa of the mid-market,” said Gustafson. “Due to my vast industry experience in the category and enterprise SaaS in general, I can offer Fraxion a unique perspective to help continue their accelerated growth eventually achieving mid-market dominance.”

Gustafson joins the Fraxion board alongside Stijn Hendrikse, former Fraxion CMO and Executive at Microsoft and Acumatica, and Matt Diamond, former Alloy, Inc CEO. This announcement follows Fraxion’s recent United States brand launch and merger with eRequester. For more information on Fraxion’s leadership team and expansion, please visit

About Fraxion

Fraxion offers an innovative cloud solution for spend enablement and efficiency trusted by thousands of brands worldwide including New York Parks & Recreation, The Y Southcoast, Rochester Management, Kasasa, Virginia International University and National Kidney Foundation. Top rated by Gartner, Fraxion actively manages over $10 billion of spend across the globe between 1,000 customers with 200,000 active users. Using Fraxion, businesses can spend smarter and streamline the procurement process for better business outcomes. Learn more at