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!
Tipalti Partners with Three Financial Management Providers
Tipalti, a global payables automation platform with headquarters in San Mateo, California, this week announced new financial management partnerships to extend Tipalti’s solutions and modernize organizations’ finance operations. The new partners include Big Bang ERP, a consulting firm with a focus on cloud business applications, Procurify, a spend management platform, and Tesorio, a cash flow management company. Big Bang ERP and Tipalti will look to helps organizations focus on growth rather than repetitive manual processes, spreadsheet management, and other non-value-added activities. The Procurify-Tipalti partnership allows our users to have a more seamless experience from purchase requisition to supplier payments. Tesorio will combine its AR forecasting and cash management with Tipalti’s AP automation to help customers get real-time answers into cash questions which should help companies optimize cash flow.
MineralTree Closes $50 Million in Growth Financing
Earlier this week, MineralTree, a Massachusetts-based ePayables and payment automation provider for the mid-market, announced it has closed a $50 million growth equity investment led by Great Hill Partners, a leading Boston-based private equity firm, with participation from existing investors .406 Ventures and Eight Roads Ventures. The funding will help MineralTree accelerate growth and expand its opportunities in AP automation for the mid-market. The company, which had 80% revenue growth in 2018, will look to build on that momentum. This year, MineralTree plans to add new capabilities to its flagship Invoice-to-Pay solution, enhancing the user experience, and expanding integrations with new accounting systems.
AppZen Launches New Spend Audit Platform Powered by AI
AppZen, a California-based solution provider that utilizes artificial intelligence (AI) to automate expense report audits, is expanding its platform to include real-time audit of supplier invoices. By utilizing its AI-powered audit capabilities to invoices and contracts, AppZen can now instantly read supplier agreements, like contracts and MSAs as well as invoices submitted to AP and other payable transactions. The platform will extract the key pieces of information around pricing and service requirements to make sure they are fully being enforced upon the submission of an invoice. By catching potential errors, the AppZen AI technology should identify significant savings for customers.
