India-based invoice financing platform KredX announced it has acquired U.S.-based management software company Hummingbill.
Reports Thursday (Mar. 2) said the Indian startup, which launched in 2015, is looking to strengthen its position in the accounts receivables (AR) side of its corporate clients through the acquisition of Hummingbill, which offers invoice management and AR solutions.
“With the acquisition of Hummingbill, we are combining what we built in the last two years with KredX’s invoice discounting platform to provide Indian SMBs an even more complete discounting and technology solution to address their regular cash flow gaps,” said Hummingbill founder and CEO Adam Walker in a statement.
Hummingbill’s staff will be absorbed by KredX, and the U.S. company’s 500 merchant customers will also land under the KredX umbrella.
“Adam and Hummingbill are a welcome addition to Team TredX,“ said KredX cofounder and CEO Manish Kumar in another statement. “Adam and his team have built an amazing product that helps companies in tracking their receivables. These receivables, in turn, can be an input to the KredX's receivables discounting offering.“
KredX partners with accounting companies and banks to ensure its services are compliant with regulations, reports noted. Prime Venture Partners and Sequoia Capital are existing investors in the firm. Financial details of the takeover were not reported or disclosed by the companies.