PaymentsJournal: Corcentric Acquires B2B Payments Provider Vendorin
This announcement is posted in Cision PR Newswire about an acquisition by Corcentric, the New Jersey-based mature fintech that specializes in business spend management and revenue management software and services for mid-and large market corporations. The company has acquired Vendorin, an AP specialist that was owned by Juvo Technologies, a Mississippi-based technology company.
This is yet another indicator of the convergence of the cash cycle space as APIs, acquisitions and partnerships have been creating easier end-to-end experiences for organizations seeking to digitize their financial operations. We have this as a consistent trend for the past couple of years and recently provided members with the latest updates in the space, whereby pandemic policies have pushed corporates to further explore these types of efficiencies.
“Based out of Hattiesburg, MS, Vendorin is a high growth B2B 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….’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,’ said Matt Clark, President and COO at Corcentric. ‘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.’”
Corcentric is more well-known for their procure-to-pay focus, with procurement, e-invoicing and receivables management the core offerings, so this acquisition strengthens their overall corporate cash cycle solution set, including the incorporation of flexible trade payment terms such as supply chain finance. We have been advising members of CEP as to the importance of digitizing e-invoices as the catalyst for gaining more flexibility across financial operations, allowing for better trade finance decisions as they become available, which is a case-by-case situation for most companies. Look for more of this type convergence in the coming year.
“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,” added Robert Johnson, COO of Vendorin. “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.”
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group