Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, 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!
Corcentric To Acquire Determine Inc.
Earlier this week, Corcentric Inc., the New Jersey-based provider of financial process automation and procure-to-pay (P2P) solutions, announced that it has signed a definitive agreement to purchase Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud. The deal is worth roughly $32 million and is expected to close within the second quarter of calendar year 2019. The Boards of Directors at both companies have approved of the pending sale, but Determine shareholders must also approve of the deal, and the company must clear other local requirements in order for it to close. We spoke with the team at Corcentric to discuss the acquisition more in depth. Read up on our coverage here (click to read).
Direct Commerce Platform to Enable eInvoicing with Italian Government
Direct Commerce, the cloud-based technology platform provider, based in San Francisco, last week announced a successful P2P Platform connection with the Italian Government’s Sistema di Interscambio (SDI) for electronic invoicing. As of January 1, 2019, Italy introduced mandatory electronic invoicing for private businesses. Direct Commerce clients will be able to access a compliant platform from which domestic Italian businesses can accurately receive invoices (both PO-based and non-PO based) from the SDI in accordance with the government’s requirements. The Platform also features cloud-based compliance services with enhanced European VAT rules, expanded language capability, and improved jurisdictional compliance. These services are available through an integration with Sovos TrustWeaver, a provider of cloud-based invoicing compliance, auditing, and global Value-Added-Tax (VAT) services through electronic signature-based solutions. The successful integration with Sovos TrustWeaver ensures that Direct Commerce will meet all SDI regulations. Suppliers can now utilize the secure platform to submit government-compliant electronic invoicing to clients.
MineralTree to Support Integrated Virtual Cards with Major Card Providers
Earlier this week, MineralTree, a Massachusetts-based ePayables and payment automation provider for the mid-market, announced that it has expanded its platform integration to include all major card providers. The new virtual card technology integration should help create added security, increased flexibility and improved working capital benefits for mid-market businesses. The integrations will help MineralTree drive a higher volume of B2B payments to virtual cards. Leading financial institutions will be able to offer MineralTree’s Invoice-to-Pay AP and payment automation solution. Out-of-the-box integration with virtual card platforms from the major networks should make it easy for financial institutions to help their customers convert paper checks to virtual cards. By offering Invoice-to-Pay to their clients, financial institutions can drive more payments to cards—raising revenue while meeting the needs of critical middle-market business customers.
Esker Announces Partnership with Fuji Xerox to Bring AP Automation to APAC
Esker, a Wisconsin-based document process automation provider, and Fuji Xerox, a provider of document services and communications, have announced a new partnership that will market Esker’s ePayables solution as part of the Fuji Xerox offering in Asia-Pacific. This new partnership will expand Esker’s geographic reach into Asia to deliver intelligent process automation solutions to businesses. The solution will be marketed by Fuji Xerox and should help optimize AP automation processes for Fuji Xerox customers. Fuji Xerox, which is a joint venture partnership between the Japanese photographic firm Fujifilm, and the American document management company, Xerox, will be able to offer sales support along with consultation and implementation to help Esker grow its customer base and facilitate expansion into first Japan, and then Australia, Hong Kong, and Singapore.
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