Reports late last week said Levvel, an IT consulting firm, reached a deal to acquire financial advisory and research group PayStream Advisors. In a statement, Levvel Payment Practice Lead Scott Harkey said the deal will help the advisory group gain stronger footing in the B2B payments space.
"Levvel has built a strong reputation for its deep insights into consumer payments, from product strategy and development to technical implementation," he said. "This acquisition strengthens our B2B payments capabilities, particularly in the core areas of accounts payable, procurement and expense management."
The executive added that, while Levvel will gain B2B payments expertise through the acquisition, the deal will also see PayStream Advisors' current clients gain access to Levvel's IT and consumer payments knowledge as well.
In a separate statement, PayStream Founder and Managing Director Henry Ijams pointed to the market transformation he's witnessed over time.
"In the last 15 years, we have witnessed a massive transformation in the financial technology market," he said. "Financial process automation has gone from disruptive to mission-critical for organizations across many industries."
"This acquisition will allow PayStream to maintain its unbiased research and consulting practice, while expanding its subject field to meet our audience's changing needs," he continued.