Corcentric has announced that it has acquired B2B integrated payments network Vendorin for a purchase price of $100m.
The company acquired the Vendorin from Juvo Technologies, which purchased the payments firm in 2016.
The remaining financial terms of the transaction were not disclosed. This is Corcentric fourth acquisition since 2018.
Vendorin is based in the US state of Mississippi and uses its ‘Inroll’ technology to help buyers enrol and pay their suppliers using any payment method.
Corcentric president and COO Matt Clark said: “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.”
Vendorin COO Robert Johnson said: “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.”
Corcentric funded the transaction using available cash on hand.