TranscendAP, Inc., a specialist in accounts payable automation solutions is operating as a newly formed company. Formerly a business unit of Optima Global Solutions, TranscendAP has supported an array of mid-market to large enterprises since 2018. Specifically, it automates all aspects of their AP operations with its software.

The new TranscendAP and its namesake technology platform will build on the proven success of delivering AP automation solutions. The latest version of TranscendAP integrates artificial intelligence, machine learning, and extensive functionality that drives team efficiency and cost effectiveness.

“We are excited about the launch of TranscendAP as a new company,” said Jeff Weinstein, co-founder and CEO of TranscendAP, Inc.

“Building on the hard work of our team, innovative technology, and diverse customer base, the market opportunity for TranscendAP is vast, especially as we innovate around AI, machine learning, and advance workflow functionality across our platform.”

It is forecast that spend on the APIA and supplier e-invoicing software markets will be nearly $1.75nm until 2026. This is up from approximately $925m in 2021, a compound annual growth rate (CAGR) of 14%.

“While the Generative AI infrastructure momentum continues, the next phase has begun. AI applications focused on specific use cases to get business results,” said Steve Kimball, Managing Director of the Chasm Group.

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“TranscendAP’s AI/ML platform for the AP Automation market offers finance departments the opportunity to capitalise on that movement.”

The TranscendAP platform provides a fully-configurable and robust invoice-to-pay platform to manage all aspects of AP operations. It includes intelligent, AI-driven document capture, automated 2, 3, & 4-way PO matching, sophisticated exception handling and escalation, real-time ERP Integration, and a self-service supplier portal.