Corcentric Unifies Former Acquisitions Under Its Own Name

Business spend management provider Corcentric has rebranded three companies it had previously acquired under its own moniker, including source-to-pay provider Determine, eBilling provider Netsend and Source One, which works in strategic sourcing, according to a Monday (Jan. 25) press release.

The new version of Corcentric, according to the release, will aim to reduce operating costs and allow for new potential in enterprises.

The four companies coming together is the result of a years-long effort to combine “organic business growth with targeted acquisitions to expand globally, reach new industries and become the first end-to-end provider of procurement, accounts payable, and accounts receivable solutions,” according to the release.

The acquisition of Netsend, Determine and Source One will allow Corcentric a broader set of skills, with new capabilities for eBilling, source-to-pay and enterprise contract lifecycle management, procurement and financial process automation.

“Our value proposition has remained the same, and now, as one Corcentric, we are able to provide solutions that enable frictionless commerce between B2B buyers and sellers, enable businesses to reduce costs, get more spend under management, and make buying, paying, and getting paid easy, efficient, and fast,” President and COO Matt Clark said in the release.

Corcentric received a strategic investment of $80 million in May last year from Bregal Sagement, a private equity firm, to go toward product innovation and solution integration efforts.

Clark spoke with PYMNTS in 2019 on the importance of quick, efficient invoicing.

He said a chief issue was micromanagement, or when an executive has to manually go through all the invoices before sending them out. That can lead to friction and issues with speed in the payments process.

He said the relations between buyers and suppliers had improved in the digital age, becoming more collaborative. Where larger companies would dictate things through leverage in the old days, now information can flow in a more bi-directional manner between parties and make transparency better for everyone.