Corcentric Acquires B2B Payments Firm to Ease Supplier Expenditures
Corcentric has acquired Vendorin from Juvo Technologies for a purchase price of $100 million.
Vendorin is an integrated payments network that makes it easy for buyers to enroll and pay their suppliers via any payment method. Leveraging its proprietary “Inroll” technology, Vendorin has been able to enroll a far larger percent of suppliers than banks or traditional virtual card providers, providing its blue-chip customers with substantially higher revenue, reduced costs and stronger relationships with suppliers, the company says.
Other than the purchase price, financial terms were not disclosed and the acquisition was financed with cash on hand following Bregal Sagemount’s investment in May 2020, according to an announcement.
“We are in the midst of a broad secular shift from paper payments to electronic. The majority of this spend takes place in the enterprise where a large percent of their indirect spend still gets paid via paper check,” says Corcentric President and Chief Operating Officer Matt Clark. “Incumbent solutions have not had the right incentive nor technology to disrupt this status quo until Vendorin, and we have been impressed with how sought after this solution has become. As part of Corcentric, Vendorin will greatly enhance our payment and supply chain finance capabilities that are a key piece of our turn-key suite of procurement, AP and AR solutions.”
The addition of Vendorin paired with Corcentric’s supplier relationships enables the company to further monetize transactions through payments, supply chain finance and group purchasing. Leveraging Corcentric’s supplier network, there is a large opportunity to move payments to electronic forms and increase overall supplier acceptance, putting Corcentric customers in a position to pay and get paid in a simple transaction, the company says.
“We are proud to power the AP processes of some of the most influential names in banking, consumer products, automotive, fuel, and numerous other industries,” says Robert Johnson, Vendorin chief operating officer. “Integrating Corcentric’s AP- and AR-focused software and financing capabilities will be revolutionary and bring our payments program management to enterprise companies globally. The market is eager for this type of holistic solution.”
“The Vendorin team worked relentlessly over the last four years to build and innovate on a payments optimization solution that unlocks significant revenue opportunities for enterprises,” says Bryan Schroder, Juvo Technologies founder. “The combined technology and managed services are a natural synergy for Corcentric and the work they’re doing to help business optimize the way they purchase, pay and get paid. With Vendorin, Corcentric creates an unrivaled offering that will help businesses globally modernize digital payment capabilities.”