Interesting news abounds in the business world lately. In China, the central government launched a broad-based stimulus designed to help local governments restructure trillions of dollars in debt and meet their obligations. Meanwhile, U.S. Senator Elizabeth Warren (D-Mass.) introduced a bill to curb the Federal Reserve’s power to bail out huge financial firms in a bid to end the era of “too big to fail,” and recovery in the Eurozone was tempered by stumbles in Finland and Greece.
Accounts payable news this week was a shade quieter. Lexmark’s acquisition of Kofax is up for a vote on May 18 after passing a waiting period and gaining a needed approval, Tangoe snapped up a new business line for itself, and Invapay is offering its services in the Middle East. Read on to find out more.
Lexmark and Kofax Announce HSR Clearance for Proposed Transaction
Back in March, Lexmark (NYSE: LXK) announced its plans to acquire Kofax (Nasdaq: KFX) for $1 billion. This week, the companies announced that the acquisition had passed through the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and had received approval from the German Federal Cartel Office. This means the previously announced acquisition faces no further obstacles, and in fact will close on or around May 21—assuming Kofax shareholders approve the sale during a special meeting on May 18.
The acquisition pushes Lexmark further into the software side of the business world, and brings Kofax under the same roof as former competitor Readsoft. The acquisition also further consolidates the scan-and-capture software marketplace, resulting in something of a powerhouse in the form of Lexmark. You can read the announcement in full at http://www.prnewswire.com/news-releases/lexmark-and-kofax-announce-hsr-clearance-for-proposed-transaction-300080330.html.
Tangoe Announces Agreement to Acquire IBM’s Rivermine TEM Business
File this one under “major news.” Tangoe, Inc. (Nasdaq: TNGO) announced this week that it had entered into a definitive agreement with IBM (NYSE: IBM) to acquire the telecom expense management (TEM) business of big blue’s Rivermine subsidiary. Rivermine’s TEM business consists of fixed and mobile TEM software as well as telecom related services; Tangoe is acquiring the entirety of the staff, software, and other resources that currently make up the Rivermine TEM business—as well as the customer base. The transaction is expected to close on May 31. The purchase price was not disclosed in the announcement.
This is a sensible move for Tangoe, which is currently one of the largest providers of TEM software and services globally. Acquiring the Rivermine TEM business allows Tangoe to expand its customer base quickly and will result in a tighter integration between Tangoe and IBM in the long term. Tangoe already has deep experience in the TEM marketplace, so current Rivermine customers can be confident that their account will be transferred to an experienced provider. Read the full announcement at http://investor.tangoe.com/releasedetail.cfm?ReleaseID=911797.
Piracle to Hire More Than 100 Resources in Salt Lake City
Piracle Payment Systems, the provider of check-related services that AvidXchange acquired five months ago, announced this week that it is looking to hire more than 100 new employees in the Salt Lake City area. Piracle is looking to fill roles in the areas of software development, technical support, sales, and project management over the span of the next two years. To accommodate the influx of new employees, Piracle also plans to double its office footprint in the Cottonwood Heights area of the city.
The expansion will allow Piracle to serve as the West Coast hub of Avid’s operations as well as leverage the talents of the computer science and engineering programs at nearby universities. The expansion is intriguing news for Avid and for Piracle; the November 2014 combination of the companies has resulted in outstanding growth for the combined organization, especially given that the acquisition allows Avid to handle 100% of its client payments—whether paper check or electronic. Read the full announcement at http://www.avidxchange.com/news/view/178/piracle-to-hire-more-than-100-resources-in-salt-lake-city.
Lexmark Launches Perceptive Checklist Capture
Lexmark (NYSE: LXK) also announced this week the release of Perceptive Checklist Capture, a new solution that automates the tracking of captured documents from multiple devices. Users are able to capture documents via mobile, desktop, or smart multifunction device, and transfer everything into the same case folder or project. According to the announcement, Perceptive Checklist Capture “checks off” each document as it is added into the same case folder/project. This allows users to see at a glance which documents are already included, which allows for improved tracking of a project/case folder’s status.
This solution could be huge for employees that spend significant time in the field, such as loss prevention agents in retail stores, warehouse workers, or outside sales professionals. The field employee can capture a document and add it into the same queue that their in-office colleague is keeping track of, thus ensuring that related documents can stay together. Read the full announcement at http://www.prweb.com/releases/2015/05/prweb12717308.htm.
APEX Analytix Makes Over the Dynamic Discounting Module
APEX Analytix last week announced the launch of a dynamic discounting module for its FirstStrike® Supplier Portal solution. In addition to offering the ability to capture discounts on a sliding scale, the new module extends the capabilities of the standard dynamic discounting solution by including tools such as a discount likelihood algorithm that tells buyers how likely it is they will receive a discount. The solution can also pair with APEX’s Accounts Payable Statement Audit process, which will incentive APEX associates assisting the buyer to reach out to suppliers with dynamic discounting as an option.
Dynamic discounting is growing in popularity, so it comes as little surprise that APEX has added this functionality to its supplier portal. Most interesting about this development is the discount likelihood algorithm, which appears to make it easier for buyers to capture early payment discounts through informing—based on past supplier history—whether a discount is plausible in the first place. Either way, we will be sure to keep an eye on the solution. Read the full announcement at http://www.prweb.com/releases/2015/05/prweb12706186.htm.
Barclays, Invapay Launch New Payment Service in UAE
TradeArabia reported this week that payments solution provider Invapay partnered with Barclays to launch a new payment service in the United Arab Emirates. The relationship with Barclays allows Invapay access to a host of new enterprises in the UAE, and expands Invapay’s solution outside of Europe, North America, and Asia. The solution expansion in the UAE focused significantly on the acceptance of card payments, which has been a barrier to ePayment adoption in the UAE business community.
This is a good move for Invapay; the UAE has a substantial business community, and opening up that marketplace via a deal with Barclays—one of the worst biggest banks—can only help grow Invapay’s global footprint. Moreover, the move makes it easier for UAE-based suppliers to accept ePayments and enjoy the benefits that suppliers elsewhere already enjoy. Read the full article at http://www.tradearabia.com/news/BANK_281896.html.
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