The transaction closed Feb. 2, HighRadius said in a Sunday (Feb. 11) press release.
“We would like to welcome Cforia customers to the HighRadius family,” Urvish Vashi, chief operating officer at HighRadius, said in the release. “This combination allows us to bring more resources and support to their operations.”
This combination brings together two order-to-cash automation companies and offers autonomous finance capabilities to 100 Cforia customers, according to the release.
HighRadius provides autonomous finance software for order-to-cash, treasury and record-to-report, the release said. The company’s cloud-based autonomous software is used by more than 800 companies.
With tools like artificial intelligence, robotic process automation, natural language processing and connected workspaces, the HighRadius platform helps businesses reduce days sales outstanding, optimize working capital, reduce bad debt, shorten month-end close times and boost productivity, per the release.
Cforia supplies billing and collections automation software, the release said. Its automated order-to-cash platform is designed to make B2B transactions simple.
“With over 20 years of history, Cforia brings additional capabilities and a diverse set of clients to HighRadius,” the press release said. “For Cforia customers, HighRadius is committed to continuing to provide the highest level of service.”
PYMNTS Intelligence has found that nine out of 10 chief financial officers (CFOs) want more accounts receivable (AR) automation to solve delays in receiving payments, errors and discrepancies in invoicing, and other problems.
Sixty-seven percent of the CFOs surveyed said their firms probably need more automation in AR, while 27% said they definitely need more, according to “Accounts Receivable Automation Smooths Order-to-Cash Continuum,” a PYMNTS Intelligence and Corcentric collaboration.
To address their current challenges and stay competitive, CFOs and financial leaders are tapping unified software-as-a-service (SaaS) solutions for AR, Murray Sharp, vice president of partnerships, channel sales and business development at Billtrust, told PYMNTS in an interview posted in October.
“A complete, collaborative suite of AR software minimizes the challenges caused by disjointed software systems — as well as by manual data entry, errors, wasted time and immature AR processes,” Sharp said.
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