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!
Certify and Chrome River Technologies Announce Merger
In an announcement last week, Certify and Chrome River Technologies, two travel, expense, and invoice management software providers, are merging in a transaction valued at over $1 billion. In the press release, the two companies said that the combined entity will offer a suite of products for monitoring, managing, and analyzing corporate spend. The initial plan is for the companies to operate independently, with separate management teams focused on support of their existing products. They will collaborate on accelerating investments in technology areas such as machine learning, artificial intelligence, analytics, and reporting, to provide customers with enhanced travel, expense, and invoice management capabilities. Certify offers strengths in mid-market and SMB while Chrome River’s strengths are in large enterprise. Combined they will have more than 11,000 customers and the deal will enable them to offer a wide range of solutions for companies of all sizes and verticals. K1 Investment Management will hold a majority stake in the combined organization.
Sage Partners with Cleo on Financial Data Integrations
Cleo, a provider of cloud integration software, recently announced a technology partnership with Sage, a global provider of cloud business management solutions. As part of this relationship, Cleo, which is headquartered in Illinois and has offices in the US, London, and India, has integrated its iPaaS platform, Cleo Integration Cloud, with Sage Intacct, a cloud financial management solution available in Sage Business Cloud. The Sage Intacct solution helps finance professionals increase efficiency and drive growth for their organizations by automating manual processes and delivering greater insight and flexibility. The Cleo Integration Cloud platform provides the governance, control, and orchestration capabilities that automate and streamline the data flows supporting revenue-driving interactions. Businesses that use the Sage Intacct application connector from the Cleo Integration Cloud platform can immediately integrate their financial and accounting data work flows with their external ecosystem interactions (customers, suppliers, trading partners, etc.). Joint customers can extend the Sage Intacct solution by integrating it into CRM, EDI fulfillment, and other enterprise applications. The result is businesses that leverage Sage Intacct can increase their operational and transactional power by easily integrating important financial management processes into their overall business processes.
Finexio Partners with MasterCard
Earlier this week, Finexio, a Florida-based B2B payment network provider for mid-market and large enterprises, announced that it has entered a strategic partnership with global card giant, MasterCard. The new partnership will allow Finexio clients to pay suppliers via MasterCard branded virtual cards. The two companies will also collaborate on efforts to advance the adoption of electronic payments within the U.S. B2B market. Finexio’s existing clients will gain immediate access to MasterCard’s payment technology. The expanded relationship with MasterCard shows Finexio’s virtual card push within the supplier payments process.
OpusCapita to be Divested, Change Ownership Hands
Late last week, we learned that Posti Group Corporation, the official postal service of Finland and owner of Finland-based P2P provider, OpusCapita Solutions Oy, announced that it divesting ownership of OpusCapita and selling to a fund managed by Providence Equity Partners LLC, a global asset management fund. The terms and purchase price for the deal will not be disclosed at this time. The agreement is subject to German government approval. At this time, OpusCapita employees will continue to fulfill its current terms and conditions, as the pending deal will not affect customer relationships. Executives from Posti, Opus, and Providence all hailed the pending deal as a very positive step for Opus, which will now benefit from having an owner that can focus more of its resources into developing innovative technologies to enhance its product offerings and stay current or ahead of the market. We will continue to follow this story as more information becomes available.
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