Today in B2B payments, accounts payable automation firm CPS finds a buyer. Plus, a new FinTech, OpenEnvoy, launches to combat B2B payments fraud, while PCMI collaborates on B2B payments automation, and OpenPayd launches an FX-as-a-Service solution.
REPAY Inks Deal For B2B AP Automation Firm CPS
Vertically integrated payment provider REPAY Holdings Corporation has inked a definitive deal to buy CPS Payment Services for as much as $93 million, with a payment of $78 million at closing, according to a Tuesday (Oct. 27) announcement. REPAY’s acquisition of CPS will be financed with cash on hand, while the transaction is anticipated to close in Q4 2020 “subject to certain customary closing conditions,” according to the announcement.
OpenEnvoy Launches To Provide B2B Invoice Auditing
To help businesses only pay for what they have agreed to buy, OpenEnvoy has been established to offer invoice auditing without intervention. The firm is focused on safeguarding businesses from being charged too much by vendors, according to a Tuesday (Oct. 27) announcement. OpenEnvoy contrasts invoices to originating proposals, purchase orders, estimates or bids. The accounts payable (AP) workforce is alerted when differences are discovered. Advanced workflow automation functions enable connection to the client’s back-office technology.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More