B2B payments and virtual card company Optal is shrinking the industry thanks to its acquisition of peer Invapay.
The companies said Tuesday (Mar. 7) that Optal will acquire Invapay in an effort to strengthen its position in the B2B payments space. Invapay focuses on helping commercial cards to gain traction in the corporate payments arena by facilitating supplier acceptance of cards.
“The acquisition of Invapay enables Optal to deliver a one-stop-shop for corporate B2B payables needs,” said Optal CEO Rob Bishop in a statement. “Combined with our existing highly successful virtual payment solutions including virtual account numbers or VANs, Invapay completes our product offering, enabling us to offer genuine ‘pay anyone, anywhere’ capabilities.”
“Solving payment acceptance issues and optimizing working capital for customers is crucial for successful payments solutions in the procurement industry and Invapay are the leaders in this space,” the CEO continued. “We’re delighted that the Invapay team are joining us to continue our remarkable growth.”
The companies said that Invapay’s team will remain intact, as will its CEO, Sid Vasili. Financial details of the deal were not disclosed, and the takeover is subject to approval by the U.K.’s Financial Conduct Authority.
“The Invapay and Optal businesses are a great fit,” Vasili said. “This transaction will ensure that the Invapay business has the resources and capabilities to meet our global growth aspirations. People talk about ‘procure-to-pay,’ but no one really manages the ‘pay’ part very effectively. The team at Optal share our vision for solving that problem.”