Corcentric pays $100M for B2B payments network Vendorin
Corcentric, the Cherry Hill-based provider of business financial management software, has acquired a business-to-business payments network for $100 million, it announced Tuesday.
The acquisition of Vendorin from Juvo Technologies was financed with cash, Corcentric said, but did not reveal further details. The transaction follows Bregal Sagemount’s investment in May 2020.
Mississippi-based Vendorin is a B2B integrated payments method using proprietary technology to allow buyers to enroll and pay suppliers via any payment method.
“We are in the midst of a broad secular shift from paper payments to electronic,” Corcentric President and Chief Operating Officer Matt Clark said in a prepared statement. “The majority of this spend takes place in the enterprise where a large percentage of their indirect spend still gets paid via paper check. 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.”
Corcentric was advised by BofA Securities and Kirkland & Ellis LLP. Vendorin was advised by U.S. Bancorp Investments and Morrison & Foerster LLP.