Edenred CSI, a corporate payment subsidiary of digital payments company Edenred, has purchased invoice automation firm IPS for an undisclosed sum.
Established in 1991, IPS offers cloud-driven document automation solutions that range from invoice capture to approval.
The US-based firm currently employs 50 people.
The latest deal allows Edenred to enhance its corporate payment invoice automation offerings in the US.
It also helps Edenred CSI to strengthen its procure-to-pay capabilities and integrate an invoice automation tool to its digital platform.
Customers of Edenred CSI will be able to gain access to an improved solution that simplifies and consolidates accounts payable process management through the unification of suppliers’ invoice processing and payment automation.
Edenred COO of payment solutions and new markets Gilles Coccoli said: “With the acquisition of IPS, with which we have been collaborating since 2015, Edenred CSI reaffirms its ambitions in further penetrating the North American corporate payment market, while expanding along the procure-to-pay value chain.
“IPS’ efficient platform and innovation-driven automated invoice processing solution will easily integrate with Edenred CSI’s digital platform to offer both existing and new clients a comprehensive invoice-to-pay solution, unlocking additional growth opportunities.”
So far, Edenred CSI has undertaken over 350 enterprise resource planning (ERP) integrations, which has augmented its place in business-to-business payment automation sector, noted the company.
IPS founder and president Greg Bartels said: “The integration of IPS and Edenred CSI will create a 100% end-to-end digital process that will reduce invoice exceptions while significantly increasing straight through payment processing.
“Our combined experience transforming manual AP processes into digital will be leveraged across the entire invoice-to-pay process.
“We believe our shared core vertical segments, such as Media and Property Management, will significantly benefit from this merger.”