The acquisition adds Grath’s reconciliation and regulatory compliance software and infrastructure to AutoRek’s solutions that automate reconciliation and financial control processes for organizations across the financial sector, AutoRek said in a Monday (Aug. 3) press release.
In addition, the acquisition adds Grath’s client bases in the United States and the United Arab Emirates to AutoRek’s expanding international presence that includes more than 100 clients in 15 countries, according to the release.
The combination of AutoRek and Grath offers customers a single partner that can meet a broader range of needs across the reconciliation cycle, including data ingestion, matching, controls, risk and compliance management, the release said.
The combined product portfolio offers customers a choice of an enterprise private cloud in the form of AutoRek’s core platform, a multi-tenant software-as-a-service (SaaS) platform in the form of Grath’s reconciliation platform or an embedded AI infrastructure in the form of Grath’s managed reconciliation inference engine, Topa, per the release.
AutoRek CEO Chris Livesey said in the release: “By bringing together AutoRek’s enterprise control capabilities with Grath’s AI innovation, customers gain more choice in how they deploy and more confidence in the controls that underpin it.”
Grath CEO Matt Povey said in the release: “Whether customers want a dedicated deployment, a SaaS solution live in hours, or embedded agentic infrastructure, they can now adopt any model within a single governed framework.”
The PYMNTS Intelligence report “The One-Stop Bill Pay Playbook” found manual reconciliation of customers’ bill payments to be the most common headache payment executives face when their customers go to pay their bills.
Another PYMNTS Intelligence report, “Financial Services Pull Ahead in the Enterprise AI Race,” found that the financial services sector has deeply embedded artificial intelligence into revenue recognition, credit scoringand sales forecasting. Revenue recognition is the industry’s most adopted use case of AI, with 65% adoption.
AutoRek announced in June that it expanded its U.S. presence to meet the growing demand for reconciliation solutions. The company added a new office in Miami and two senior sales executives to its U.S. team that already included a presence in New York.
