Corcentric announced a new acquisition to help the company expand its reach into the corporate accounts payable space.
The firm said Thursday (Oct. 27) that it reached a deal to acquire eInvoicing provider InfoAccess.net, a move that pulls InfoAccess.net’s list of corporate clients under the Corcentric umbrella. According to the firms, InfoAccess.net currently serves several players on the Fortune 500 list that will now land with Corcentric and its accounts payable and invoice automation offerings.
The companies did not disclose financial details of the takeover, which was finalized on Oct. 11.
“InfoAccess.net strongly aligns with Corcentric’s strategy, cloud-focused solution suite and culture,” said Corcentric CEO and President Douglas Clark in a statement. “The acquisition of InfoAccess.net allows us to grow our roster of Fortune 500 customers, enabling Corcentric to further expand and improve its position in the competitive marketplace.”
InfoAccess.net was launched in 1999 and operates across more than 50 countries to streamline invoice management between buyer and supplier. In a separate statement, the firm’s president, Daniel Andrew, said the agreement to be bought out by Corcentric is part of the company’s effort to expand its product offering.
“When considering the needs of our customers and their suppliers, we knew we needed to offer a larger suite of solutions, aligned with ours, across the procure-to-pay lifecycle,” he said. “We looked for a partner who would provide continued world-class service to our current customers and prospects, as well as an expanded solution set that complements our technology.”
The takeover follows just weeks after Corcentric announced several partnerships to integrate the payments portion of the procure-to-pay process into its platform. The company has integrated FIS’ PayNetExchange solution to process ACH and can now issue Mastercard commercial cards via its collaboration with Comdata.
It also follows the takeover of Vendorin by Juvo earlier this month, another mark of consolidation in the procure-to-pay space.