CPO Rising’s P2P Technology Round-Up returns today with another assortment of B2B payment and P2P solution-provider news and updates from the past month. If you are a sourcing, procurement, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Thoma Bravo to Acquire Lexmark’s Enterprise Software Business
Big news from the beginning of the month, as Thoma Bravo, a private equity firm, based out of Chicago, has come to an agreement with Lexmark International Inc., a manufacturer of laser printers and imaging products, to acquire Lexmark’s entire enterprise software business. The agreement, which is expected to close in Q3, 2017, includes Lexmark’s three primary software businesses, Kofax, Readsoft, and Perceptive Software. Perceptive Software, which develops and markets enterprise content management (ECM) applications, is being sold to Hyland Software, which is already an existing company within Thoma Bravo’s portfolio and is also an ECM solution provider. The Kofax and Readsoft businesses will be united into a single company under the Kofax brand. In November of 2016, Lexmark was acquired by Apex Technology and PAG Asia Capital for $3.6 billion USD, and has been looking to shed its enterprise software business to focus on growing the imaging business in China and the Asia-Pacific region.
Visa Enhances Transactional Visibility for Amazon Business Customers
In case you missed it, Visa recently announced that its network now allows participating issuers to provide their US commercial account holders with a comprehensive view of their Amazon Business purchases. This enhanced data functionality will first be made available to three Visa clients, Bank of America Merrill Lynch, Citi, and PNC Bank. And it will allow for better tracking and reconciling of online purchases made with Visa commercial cards. Amazon Business allows businesses and their Visa account holders to make purchases and includes some valuable benefits. Businesses will now be able to search, compare, and buy products from a variety of suppliers. They will also have the ability to track multiple shipments and purchases on a single account, which should help simplify the process and eliminate the problems of dealing with multiple suppliers and invoices. This information should help organizations with reconciliation and audit.
Basware Strengthens P2P Suite with New Strategic Sourcing Offering
On May 9, Basware, the Finland-based provider of procure-to-pay (P2P) and e-invoicing solutions, announced a new strategic sourcing offering and can now provide customers options for the whole Source-to-Pay (S2P) suite of offerings. The entire S2P process includes an e-sourcing solution, with eRFx and eAuction tools, and is augmented with Supply Base Management and Contract Management tools. The added value of strategic sourcing can provide a more holistic S2P process for customers. Organizations that complete transactions with suppliers over the Basware Network will be able to keep supplier and contract information up-to-date and it will allow for more open communication to better manage the relationship.
AvidXchange and Vroozi Partner on Deploying P2P Solution
AvidXchange, a leading provider of Accounts Payable and payment automation solutions, and Vroozi, a cloud-based business purchasing platform based in Los Angeles, announced on May 9 a new partnership that will deliver to clients a complete P2P tool that includes invoicing. The partnership includes the early-stage development of an integrated P2P offering that will allow companies to automate and link the procurement process with invoice payments for mid-market customers.
Bottomline Reports Strong Growth for its Electronic Payment Network
On May 2, Bottomline Technologies announced strong growth for its electronic payment network, Paymode-X. The cloud-based business payment, invoice, and digital banking solution provider reported that with more than 365,000 businesses in the network, Paymode-X is processing more than $200b in annual spend. Some of the recent innovations have included creating an integrated payables offering between Paymode-X Visa Payables Solutions for banks and integrating Paymode-X with Mastercard In Control for Commercial Payments. Bottomline has also leveraged predictive analytics in their Intelligent Engagement Model to help increase vendor adoption and cash rebates.
Kyriba Gains Rapid Adoption Among Top NetSuite Solution Providers
Kyriba Corp., a leader in cloud-based treasury, cash, and risk management solutions, has been making strong gains among NetSuite solution providers such as RSM US, Capgemini, Clustin, and NetSoft. Kyriba’s solutions seamlessly integrate with NetSuite and provides its NetSuite users with finance functionality. This includes, strategic cash management, increased payments security, bank reconciliation, and automated financial management processing.
Payline Data Announces Acquisition of AcceptOn
On April 27, Payline Data, the Chicago-based payments company informed us that it has acquired another payments software company, AcceptOn. AcceptOn had previously provided vendor-agnostic technology that allowed merchants to accept multiple online payment methods and collect critical data across the merchant’s different sales channels. With the acquisition, Payline’s different payment experiences, which includes ISP, FSP, PayFac, and value-added services, will now be aligned in a single environment. This will allow for greater control and drive value to Payline’s users.