Corcentric acquires B2B payments provider Vendorin for $100 mn
By Pavithra R
Corcentric, a global provider of business spend management and revenue management software and services for mid-market and Fortune 1000 businesses, has announced the acquisition of Vendorin from Juvo Technologies for $100 mn.
Hattiesburg based Vendorin is a B2B integrated payments network that enables easy enrollment and payment service of suppliers for buyers via any payment method. The firm by leveraging its proprietary “Inroll” technology, enrolls a larger percent of suppliers than banks or traditional virtual card providers, providing its blue chip customers with reduced costs, higher revenue, and stronger supplier relationships.
“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. 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,” said Matt Clark, President and COO at Corcentric.
Corcentric handles both sides of B2B spend between buyer and supplier customers. The addition of Vendorin with Corcentric’s strong supplier relationships is expected to enable the firm further monetize transactions through payminents, group purchasing and supply chain finance.
“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. 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,” said Robert Johnson, COO of Vendorin.
“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. 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 unrivalled offering that will help businesses globally modernize digital payment capabilities,” said Bryan Schroder, founder of Juvo Technologies.
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