There wasn’t really any explosive news to come out of the payables world this past week—really just a few news items to pass along. For one, the former CEO of ReadSoft has moved over to Medius post the Lexmark acquisition, and PrimeRevenue gains a new partner in a Detroit-based supply chain finance solution provider. But enough lead in … check out the items below for the news.
Per Åkerberg New CEO of Medius
Medius announced last week that the board of directors approved Per Åkerberg as the new CEO of the cloud-based invoice automation solution provider. Åkerberg is the former head of ReadSoft, which Lexmark acquired in 2014; he will replace current CEO Mikael Lindblom, who’s slated to stay on board until Åkerberg fully takes on his new role in June 2015.
Medius has 1,300 customers worldwide using its MediusFlow and Ascendo product suites, which are designed as cloud-based AP automation solutions. Åkerberg’s experience with ReadSoft gives him a useful perspective on the European AP automation market, which will most likely benefit him in the new role with Medius. Read the full announcement at http://medius.stage.pyramid.se/en/Press#.
PrimeRevenue Announces Partnership with Supplier Success, Highlighting Demand Among Diverse Suppliers, SupplierPay Corporations for Supply Chain Finance Solutions
PrimeRevenue announced recently a brand-new partnership with Supplier Success, a Detroit-based provider of solutions to simply supplier cash flow, to facilitate supply chain finance (SCF) for the minority-owned businesses that make up a significant amount of Supplier Success’s customers. Supplier Success Founder and CEO Louis Green was consulted on the White House’s SupplierPay initiative launched in July 2014 (Ardent took a detailed look at the SupplierPay program in August), and has a particular focus on minority-owned businesses when it comes to supply chain finance. The PrimeRevenue platform currently advances around $60 million to American small and mid-sized enterprises each day.
Supply chain finance is becoming an increasingly critical method for buying organizations to extend their days payable outstanding without delaying payment to suppliers, which runs the risk of interfering with a vendor relationship. The partnership allows Supplier Success customers to access PrimeRevenue’s SCF platform, and gives PrimeRevenue new credibility among the minority-owned business community. Read the full announcement at http://primerevenue.com/primerevenue-announces-partnership-supplier-success-highlighting-demand-among-diverse-suppliers-supplierpay-corporations-supply-chain-finance-solutions/.
Tungsten Network Awarded Place upon UK’s G-Cloud 6 Framework & Listed on Online Public Sector Marketplace
Tungsten Network announced recently that it had gained a slot on the United Kingdom’s G-Cloud 6 framework, which means the business network can begin to sell directly to UK public sector agencies. The G-Cloud 6 framework is a pan-governmental digital marketplace that allows UK government agencies to select solution providers; the new listing follows on Tungsten’s inclusion on G-Cloud 5, a previous iteration of the network.
The public sector can be big business for AP automation solution providers. Like private enterprises, public agencies also need to streamline their invoice approval workflows to gain new efficiencies. Tungsten gaining a spot on G-Cloud 6 will allow it to remain available to UK public sector agencies and retain that avenue of business for the foreseeable future. Read the full announcement at http://www.prnewswire.com/news-releases/tungsten-network-awarded-place-upon-uks-g-cloud-6-framework–listed-on-online-public-sector-marketplace-296689781.html.
Direct Insite Announces Fourth Quarter and Fiscal Year 2014 Results
In earnings news, Direct Insite (OTCQB: DIRI) announced its full year results for 2014 along with fourth quarter earnings. The provider of the PAYBOX™ working capital management solution reported revenues of $2.13 million for the fourth quarter of 2014, with $8.98 million in revenues for the full year. Net income for the fourth quarter was $51,000, which is a nice turnaround from the $119,000 net loss in the fourth quarter of 2013; full year net income was $106,000 in 2014, compared to $164,000 in 2013. Read the full earnings release at http://globenewswire.com/news-release/2015/03/25/718858/10126412/en/Direct-Insite-Announces-Fourth-Quarter-and-Fiscal-Year-2014-Results.html.
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