Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, B2B Payments, 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!
FinTech Influencer Series Discussion
Ardent’s FinTech Influencer Series highlights innovative voices in the world of Accounts Payable (“AP”) automation. Read the latest discussion with Chen Amit, Co-Founder and CEO of Tipalti by clicking here.
Corcentric Completes Acquisition of Determine Inc. for $32 Million
Last month, Corcentric, the New Jersey-based provider of financial process automation and procure-to-pay (P2P) solutions, announced that it has completed its purchase of Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud. The sale was approved by the Board of Directors at both companies as well as Determine’s stockholders, and completed as an all-cash transaction for $32 million. As we wrote about when we first heard the news (click here), this acquisition enables the combined organization to provide a holistic and broad set of capabilities encompassing strategic sourcing and procurement consulting, a unified cloud platform for source-to-pay and contract lifecycle management, and comprehensive payment and financing solutions to improve working capital. The deal was advised by MidMarket Capital Advisors and Needham & Company, LLC. Wilson Sonsini Goodrich & Rosati and O’Melveny & Myers LLP acted as legal advisors.
Taulia Partners with Google Cloud for Invoicing
Taulia, the San Francisco-based provider of working capital solutions, has announced a new partnership with Google Cloud to launch an AI-powered invoicing solution. The solution, which will launch at Google Cloud Next ’19 event, will utilize cognitive invoicing to enable businesses to successfully process invoices in any file format from their suppliers. The solution leverages the optical character recognition (OCR) capabilities of Google Cloud’s Document Understanding AI to read and interpret unstructured supplier invoice data in Taulia’s global invoicing platform. Exception are handled on a collaborative basis, and in the cloud, so corrections can be made by both buyers and suppliers. Google Cloud will offer its Document Understanding technology in collaboration with Taulia to enable customers to unlock valuable insights from their documents.
Ivalua Now Offers “Quick Deployment Package” for P2P Solution
In a bid to re-engineer the expression, “PDQ,” Ivalua, the California and Paris-based spend management solutions provider, recently announced the general availability of a quick deployment package for its P2P solution, enabling customers to employ best practices through its P2P platform in a fraction of the time. Ivalua leadership touts a rollout timeline of between eight and 12 weeks, owing to its supposed ability to integrate with most back end systems. As a result, users have quicker access to an intuitive, consumer-like buying experience and suppliers can onboard and become enabled faster.
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