Leadership transition: Barrett Boston announced he was stepping down as CEO, and Shawn Lane was appointed CEO to lead the next phase of growth.
SourceAutomated Accounts Payable
Public company, workplace, funding, and market signals
Updated Jul 29, 2026
Ottimate, formerly Plate IQ, is a San Francisco-based AP automation and payments software company founded in 2014. It started in restaurants and hospitality, then expanded into retail, grocery, healthcare, construction, accounting firms, and other multi-location businesses with AI-driven invoice capture, coding, approvals, and vendor payments.
Primary product
AI-powered accounts payable automation and vendor payments platform (Ottimate / VendorPay)
Founded
2014
Headquarters
San Francisco, California, United States
Team size
200-300
Work style
Remote
Industry
Software Development
Sub-industry
Accounts payable automation and payments software
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Offices
Business model
Stage
Series B
Total raised
$164M
Latest round
Series B · Nov 2021
Latest amount
$160M
Nov 2021 · FTV Capital
Mar 2017 · Eileses Capital
Leadership
Chief Executive Officer
Chief Financial Officer
Chief Marketing Officer
VP of Customer Success
Don Dittmar
Chief Product Officer
Chief Payments Officer
Nicki Suarez
VP, Human Resources
Founders
Co-founder, former CEO, Board Member
Co-founder, former CTO, Board Member
Investors
Culture appears values-driven and execution-oriented, with public emphasis on Growth, Customer Focus, Innovation, Accountability, and Communication. The company describes itself as primarily remote/remote-friendly, with offices and regular team meetups, and its careers material emphasizes merit-based hiring and inclusive employment practices.
Work style
Remote
Compensation
Public career pages mention competitive salaries, but no public salary bands were found. Hiring posts emphasize senior engineering and ML roles, with a remote-friendly setup and offices in multiple cities.
Benefits
Pricing
Publicly, the company emphasizes demo-led enterprise/B2B selling with no published pricing; public materials suggest custom/quote-based plans with unlimited transactions and approvers in some comparisons.
Differentiators
Technology
Customers
Competitors
Estimated revenue
$10M-$20M
Estimated monthly visits
39K
Leadership transition: Barrett Boston announced he was stepping down as CEO, and Shawn Lane was appointed CEO to lead the next phase of growth.
SourcePlate IQ officially rebranded to Ottimate, indicating a major brand and market expansion shift rather than an operational shutdown or acquisition.
SourceOttimate · Jun 2026
Ottimate announced its first MCP integration, positioning AP data for direct use inside LLM workflows and expanding its conversational AP product direction.
Ottimate · Mar 2026
Ottimate announced Shawn Lane as CEO and Barrett Boston’s transition out of the role, signaling a leadership change tied to continued AI-product expansion.
Ottimate · Aug 2025
Ottimate launched Copilot, a conversational AP assistant that can answer AP questions, take actions, and proactively surface profitability and operational opportunities.
EIN Presswire · Jun 2025
Ottimate unveiled a proprietary OCR-free deep learning AI engine for AP, with claims around higher invoice processing speed and accuracy plus fraud and discrepancy detection.
EIN Presswire · Feb 2025
Ottimate launched DSD receiving tools for retailers, focused on reducing overpayment and improving invoice-to-receipt reconciliation.