Corcentric Buys B2B Payments Network Vendorin For $100 Million
Corporate expense and revenue management company Corcentric has acquired Vendorin from Juvo Technologies for a $100 million purchase price. The purchase was financed with funds on hand after Bregal Sagemount’s investment last May, according to a Tuesday (Feb. 16) announcement.
“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, [accounts payable (AP)], and [accounts receivable (AR)] solutions,” Corcentric President and Chief Operating Officer Matt Clark said in the announcement.
Vendorin, which is headquartered in Mississippi, is a corporate payments network that makes it simple for purchasers to sign up and pay vendors through any form of payment, according to the announcement.
By harnessing its unique “Inroll” technology, Vendorin has been able to sign up many more vendors than financial institutions or traditional virtual card providers, the announcement stated.
Vendorin Chief Operating Officer Robert Johnson said in the announcement that the company fuels the AP workflows for companies in fuel, automotive, consumer products and banking, among other sectors.
“Integrating Corcentric’s AP- and AR-focused software and financing capabilities will be revolutionary and bring our payments program management to enterprise companies globally,” Johnson said in the announcement. “The market is eager for this type of holistic solution.”
The news comes as Corcentric rebranded three firms it had previously purchased under its own moniker, with the inclusion of Source One, Netsend and Determine, PYMNTS reported. The new version of Corcentric will seek to decrease operating costs and allow for new potential in enterprises.
The four firms coming together is a result of a years-long effort to bring together “organic business growth with targeted acquisitions to expand globally, reach new industries and become the first end-to-end provider of procurement, accounts payable, and accounts receivable solutions,” according to the report.