We’re back with yet another news roundup. This time around there’s only one news roundup today (more’s the pity), but that doesn’t mean there isn’t valuable news germane to your daily accounts payable and financial operations life. First off is SciQuest and Transcepta inking a new partnership deal, then we move to India for a little bit about MasterCard’s latest venture, and lastly is a three-for on the earnings news front: Apptricity, Top Image Systems, and PRGX all announced their earnings for the fourth-quarter of 2014 and the full year. Read on for the news!
SciQuest and Transcepta Form Strategic Partnership to Automate and Improve Quality of Invoice Capture
On March 4, SciQuest (NASDAQ: SQI),the North Carolina-based provider of automated, cloud-based spend management solutions, announced that it is partnering with Transcepta, a California-based provider of cloud-based e-invoicing solutions, to offer an automated e-invoicing capture program and offer it through SciQuest’s Accounts Payable (AP) Director Solution. According to the two companies, pairing Transcepta’s features with SciQuest’s solutions will allow end users— particularly those processing international invoices— to process electronic invoices faster using a standardized format in concert with SciQuest’s Digital Mailroom solution. Together, the partnership will eliminate manually scanning paper invoices, reduce total processing time, and in turn, allow more organizations to take greater advantage of early-payment discounts.
Axis Bank, MasterCard, Vayana Partner for B2B Invoicing
The Economic Times reported last week that Axis Bank partnered with MasterCard and Vayana Network for an eInvoicing and payment solution in India. There’s about $95 billion in business-to-business spend flowing through India, and most of that is—according to the article—processed through manual means. Axis Bank, through its partnership with MasterCard and the Vayana lending network, aims to change that, thus simplifying the payables workflow for Indian businesses. This is one of the newest pushes toward eInvoicing around the world, which makes it clear that the trend is for more automation accounts payable and not less. Read the full article at http://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-mastercard-vayana-partner-for-b2b-invoicing/articleshow/46505468.cms.
Apptricity Announces Impressive Results for 2014
Apptricity announced last week that its 2014 revenue was 20% higher than 2013 results, because of a combination of competitive replacement wins and a 95% contract-renewal rate. The mobile enterprise software solution provider has continued to see rapid adoption of its asset, inventory, work order, and expense management offerings—with a particular emphasis on its expense management product, which the solution provider says is in high demand right now.
This isn’t much of a surprise, given that a well-run mobile expense management solution can be extremely worthwhile for many enterprises. Business travel is still a significant part of many enterprise budgets, so a solution that works well on mobile devices, which can allow employees to file expenses on the go, can save time and money long-term. Read the full release at http://www.apptricity.com/press/apptricity-announces-impressive-results-for-2014/.
Top Image Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2014
Top Image Systems (NASDAQ: TISA) announced its fourth quarter 2014 and full year financial results last week, notching $10 million in revenue in the fourth quarter—an increase of 25% year over year. Overall, 2014 was a good year for Top Image in a number of ways: eGistics was acquired for $18 million, the TIS Americas headquarters was relocated to Plano, Texas, and recurring revenue comprised 54% of fourth-quarter revenues overall. Total revenues for all of 2014 were $35.9 million, a 23.4% growth over the $29.1 million achieved in 2013, which means the entirety of 2014 marked a growth year for the enterprise content management and document imaging solution provider. Read the full release at http://www.topimagesystems.com/news-a-events/press-releases/1089-top-image-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2014.
PRGX Global, Inc. Announces Fourth Quarter and Full Year 2014 Financial Results
Continuing the earnings theme is PRGX Global (NASDAQ: PRGX) also announcing their fourth quarter and full year results last week. Consolidated revenues dropped 11.2% for the accounts payable recovery solution provider, bringing fourth quarter revenues to $41.3 million (down from $46.5 million in 2013). The downward trend continues in the full-year results, with PRGX notching a 15.9% decline for the full year, ending at $164.2 million in revenue. Despite these declines, the solution provider has grown its business in Contact Compliance and Adjacent Services, adding new global clients and expanding the amount of client spend it has to audit. Read the full release at http://investors.prgx.com/releasedetail.cfm?ReleaseID=899446
