The news cycle here in the U.S. has been dominated with a few stories — Hilary Clinton as the presumptive Democrat nominee for the presidential election in 2016 for one, and the trial of Boston Marathon Bomber Dzhokhar Tsarnaev for another. In the accounts payable world, however, there have also been some big moves. So many in the past week, in fact, that we are splitting this edition of Payables News Weekly in two. Today’s edition features AvidXchange signing a new strategic partnership, Basware’s earnings for the first quarter of 2015, and a new product from Invoiceware International for the Latin American market. Read on for more.
AvidXchange and Data Plus Hospitality Solutions Form Strategic Partnership to Deliver Best-In-Class AP Solutions to Businesses in the Hospitality Industry
AvidXchange announced Tuesday a new partnership with Data Plus Hospitality Solutions that will leverage Avid’s accounts payable and payments automation solution in the hospitality industry. Data Plus provides financial and analytical software to the hospitality industry, pulling together functions such as HR and procurement for clients from boutique hotels to large management company. Avid is now the preferred payments vendor for Data Plus, which will result in Avid’s payments solution being used to help Data Plus’s clients further streamline their accounts payable processes through adding a payments automation component.
This is Avid’s 16th strategic partnership since 2013, and since that time it is also the only partnership to focus on a non-real estate or property management vertical. Adding a hospitality accounting firm such as Data Plus as a partner expands Avid’s reach into new markets, which can only positively impact Avid’s growth on a year-over-year basis. Read the full announcement at http://www.prweb.com/releases/2015/04/prweb12666957.htm.
Basware Interim Report January 1-March 31, 2015
Basware (Helsinki: BAS1V) announced last week its earnings report for the first three months of 2015. The Finnish provider of purchase-to-pay and eInvoicing solutions reported net sales of €34.04 million, an increase of 9.8% quarter-over-quarter, with an operating profit of €1.13 million for the quarter (a 265.2% increase over the same quarter in 2014). This heartening earnings report, with equity per share up 33.6% quarter-over-quarter as well, is just the latest in a slate of good news. Matt York reported on CPO Rising earlier this month that Basware had signed an agreement to acquire the UK-based Procserve. The acquisition puts Basware in strong position to capture more of the public sector market, which, paired with the growth in net sales and operating profit, looks to mean the future is bright for Basware. Read the full earnings release at http://globenewswire.com/news-release/2015/04/14/724026/0/en/Basware-Interim-Report-January-1-March-31-2015-IFRS.html.
Invoiceware International Launches Solution to Turn Complex Latin America E-Invoicing Regulations into Supply Chain Finance Opportunities
Invoiceware announced on Tuesday, April 21 that they had launched a new supply chain financing platform. The product release augments the company’s capabilities in Latin American eInvoicing, where government mandates have helped extend financing windows. Recent regulatory changes in Latin America — related to government mandated reporting and processing workflows — have created a huge market opportunity fo supply chain finance, which Invoiceware is capitalizing on with this new solution. The Invoiceware solution is designed to shrink the payment window for suppliers as well as offering the flexibility common to supply chain finance solutions. Read the full announcement at http://www.prweb.com/releases/2015/04/prweb12666228.htm.
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