Juvo Technologies wants to extend its presence within the procure-to-pay space and announced an acquisition to help it do so.
Reports late last week said the technology firm has acquired Vendorin, a B2B payment technology and enterprise solutions company, to help Juvo build out a procure-to-pay platform.
“Juvo started out strictly as a telecom management company and eventually that evolved, and we’re more of a complete technology management now,” the firm’s CEO, John Schroder, said. “But within the telecom space, our clients are typically multi-location — dozens, if not hundreds, of locations — so they’ve got both IT-related needs and real accounting-related needs.”
The CEO added that the company has had to evolve with the complex needs of its corporate clients by adding financial solutions, mainly by collaborating with FinTech firms.
“Ultimately, Vendorin is a company that we had worked with for our customers, and then, we began to serve as a referral agent for them,” Schroder continued. “Over the past couple years, we felt that we’d gotten pretty knowledgeable, and we felt like they had a pretty good platform … that we could ultimately use to help existing customers and help us grow as well.”
Both companies are small, employing fewer than 50 staff members, according to reports. Schroder told reporters that the takeover of Vendorin will help Juvo automate much of the accounts payable process for its corporate clients.
Vendorin CEO and Chairman Doug Wilwerding has announced his retirement from the firm as a result of the acquisition, which closed late last month, according to reports.
Last year, Oildex announced the takeover of procure-to-pay company OpenInvoice to augment its B2B FinTech and automation solutions for the oil and gas sector.