Visa has announced an agreement to acquire Fraedom, a Software-as-a-Service technology company providing payments and transaction management solutions for financial institutions and their corporate customers.

Fraedom has been a partner to Visa for nearly ten years and its technology underlines Visa IntelliLink Spend Management, a core platform for Visa’s commercial and small-business clients. Visa stated that the acquirement will expand and strengthen its suite of solutions to meet the needs of an ever-changing B2B payments industry.

Vicky Bindra, global head of products and solutions at Visa, stated: “Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools.

“This strategic acquisition allows Visa to offer a more comprehensive business solution to our corporate clients that is innovative, global, highly configurable and intuitive for their employees.”

Fraedom offers transaction products and services, including expense management and accounts payable solutions. The company boasts a seamless mobile-first experience that allows its clients to complete complex tasks safely and efficiently.

Kyle Ferguson, CEO of Fraedom, added: “We couldn’t be more excited to join the Visa family. The combination of Visa’s leadership, reach and deep knowledge of digital payments, coupled with our expertise in the B2B market for our growing customer base, will allow us to better service businesses around the world with fast, secure and robust commercial payments solutions.”

The acquisition is expected to be completed by the end of Q1 of 2018.