Quadient has inked a definitive deal to purchase accounts payable (AP) automation technology company Beanworks, according to a Monday (March 22) announcement.
“The acquisition of Beanworks completes Quadient’s software vision communicated in early 2019 to create a true end-to-end cloud-based global business communications platform,” Quadient CEO Geoffrey Godet said in the announcement.
Vancouver, Canada-based Beanworks was established in 2012. The financial technology firm, which has a subscription revenue model, helps with the AP workflows of almost 800 clients.
“By combining our expertise with Quadient’s global reach, R&D firepower and investments in Artificial Intelligence (AI) technology, we will continue to live out our mission to support accounting teams everywhere,” Beanworks CEO Catherine Dahl said in the announcement.
Quadient says it has been shoring up its collection of smart hardware and software technologies in the last two years.
The Beanworks purchase contributes cloud-based AP automation functions to Quadient’s business communications management suite, which showcases Quadient Impress and Quadient Inspire, following the purchase of accounts receivable (AR) automation company YayPay last year.
Quadient says that the company is now “uniquely positioned” to handle the eInvoicing rules in Europe and the increasing demand for cash flow management offerings. It has an in-depth subscription AP/AR automation offering.
PYMNTS previously reported that YayPay was established in 2015 and works to bring together automated invoice delivery and collections management, credit assessment, payment and cash application offerings.
The service offers live reporting that is brought together with artificial intelligence (AI) to estimate future cash flow behavior, it was noted at the time.
YayPay Co-founder and CEO Anthony Venus said in a release at the time that the firm is “looking forward to expanding YayPay’s solution even further with Quadient’s global footprint” and to helping companies digitize their workflows.
Polls have found that roughly 50 percent of the documents handled through mailing equipment are connected to invoices. To that end, YayPay will especially help provide time for employees to engage in other tasks, decrease the risk of errors, and bolster overall client engagement.
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