DocuPhase has acquired cloud-based electronic billing and payment solution provider Clearwater Payments for an unknown sum.

The acquired firm supports and processes millions of B2C and B2B payments for enterprise clients in insurance, banking, and utilities.

The deal comes close on the heels of DocuPhase’s acquisition of Treeno Software.

Since its takeover by private equity firm LoneTree Capital last June, DocuPhase has invested over $3m in technology and talent to bolster its product offering to help businesses automate their processes.

DocuPhase CEO Dan Gaertner called the latest deal gives a final piece that completes the company’s mission of offering a fully automated AP and A/R solution for its customers.

Gaertner said: “It is our mission to create an end-to-end accounting automation solution for our customers from the point of receiving an invoice, to intelligent scanning, data entry, and storage in their ERP system followed by completing the process with approval workflows resulting in fully automated electronic payments.”

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Clearwater Payments CEO David Kesler added: “We are extremely excited about our partnership with DocuPhase and LoneTree.  When we founded Clearwater, our primary objective was to provide our clients with best-of-class electronic bill payment products and services.

“This partnership allows us to not only continue that objective, but also enhances and improves our client experience with the addition of DocuPhase’s process automation and document management platform.”

Last week Australia-based EML Payments agreed to buy Ireland-headquartered fintech firm Sentenial in a cash and stock deal valued at €70m ($83.2m).