Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, procure-to-pay (P2P), and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable (AP), B2B payments, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
AvidXchange Partners with Premier Community to Bring AP Automation to HOA Management Customers
[Editor’s Note: Earlier this week, analysts from Ardent Partners were in Chicago attending the AvidXchange user conference, Revolution 2018. It was an exciting and well attended event. Be sure to look out for a full write-up of the event next week!]
AvidXchange, the North Carolina-based provider of invoice automation and payment processes for mid-market companies, has recently announced a new partnership with Premier Community Bank (Premier Community), to bring AP automation solutions to Premier Community’s Homeowner Association (HOA) management customers. Through this partnership, Premier Community, which is headquartered in Florida, will be able to provide AvidXchange’s AP automation and payment tool to its HOA management companies. HOA managers will have increased security and control in paying bills in an industry where the majority of property payments to vendors are still manually processed.
Corcentric Announces Acquisition of Source One Management Services
Corcentric, a provider of financial process automation solutions with corporate headquarters in New Jersey, this week announced the acquisition of Source One Management Services, a procurement services provider and strategic sourcing consulting firm, with headquarters in the Philadelphia area. Source One provides sourcing-related services and technology and will complement Corcentric’s existing procure-to-pay solutions. Earlier this year, Corcentric and its parent company, AmeriQuest, announced it would be unifying the organization under the Corcentric name (read up on the strategy behind that here) to bring together the resources from both AmeriQuest and Corcentric, and to expand its access and value to its customers across the full P2P process. The acquisition of Source One falls in line with that strategy as well, and should place the company in a better position for long-term growth as Corcentric will be better able to reflect prospects’ centralized payment needs from both ends of the P2P process.
Top Image Systems Announced 2017 Full-Year Results
Top Image Systems (NASDAQ: TISA), a document processing solutions company based in Tel Aviv, Israel, has just announced its full-year financial results from 2017. The priority for the company during 2017 was to restore financial health and focus on achieving continuous efficiency improvements from operations. Top Image Systems also made a priority of protecting its core receivables automation and forms processing business, while also accelerating investment in hybrid cloud-based process automation solutions, particularly AP automation. Full-Year highlights include:
- Annual revenues were $29.7 million, compared to $31.6 million last year.
- Net loss was $(6.6) million, the same as 2016.
- Adjusted EBITDA was a loss of $(2.8) million, compared to a loss of $(0.6) million for 2016.
- Recurring revenues were $18.7 million, representing 63% of total revenues in fiscal 2017, compared to $19.4 million, representing 61% of total revenues in 2016.
- GAAP total expenses for fiscal year 2017 were $35.4 million, compared to total expenses of $37.4 million for fiscal year 2016.
MatchPlace Launches P2P Invoice Finance Platform
MatchPlace, a fintech startup offering foreign exchange and payment services for SME’s, has recently launched a new peer-to-peer invoice financing service in the United Kingdom. The new invoice finance solution will allow SMEs to submit their invoices and receive up to 85% of the value from registered investors. The solution will utilize machine learning capabilities to analyze and evaluate the risk of the invoice received, and determine the financing rate. MatchPlace, which has offices in England and Portugal, is entering the invoice finance space with the aim to offer working capital at a lower cost than traditional lenders. The company also hopes the new offering will help scale the business, and create more cross-selling opportunities.
CloudTrade and Cegedim Announce Strategic Partnership
CloudTrade, a London-based provider of eInvoicing services, was recently named a worldwide eInvoicing partner for Cegedim, a France-based provider of B2B process automation and digitalization. The CloudTrade technology utilizes Artificial Intelligence/Robotic Process Automation to manage complex document structures with multi-line and line level data. Through this partnership, CloudTrade’s enterprise PDF capture technology solution will be utilized as a key component to bolster Cegedim’s existing P2P solutions, and serve users and suppliers across all sectors. Suppliers on the Cegedim network will be able to send native PDF invoices straight into the processing application, and buyers will be able to receive accurate data that should fully automate the accounting process.
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