CPO Rising’s Technology Round-Up Series focuses on the world of Accounts Payable and P2P this week, including several acquisitions and partnership announcements.
SignUp Software and SK Global Software Deepen Partnership and Value for Microsoft Dynamics Customers
DOVER, Del. — SignUp Software, a leading AP invoice automation solution for Microsoft Dynamics 365 Finance and Operations, and Dynamics 365 Business Central, announced a renewed and deeper partnership with SK Global Software to deliver industry-based integrated AP automation and treasure management solutions to Microsoft Dynamics partners and customers globally.
According to Michael Medipor, CEO of SignUp Software North America, “The North American market has been one of the strongest engines of growth for ExFlow AP Automation over the past few years. The shift to remote work has amplified the need for accounts payable automation in North America. Today, we see that businesses in North America are looking for the same type of business process automation solutions we’ve previously experienced in markets across the globe,” he said.
“With our investments in extending and deepening our partnership with SK Global, we have further strengthened our support for our new and existing ExFlow customers. We are poised to help our customers realize business outcomes faster as they automate their business processes today and well into the future.”
Read the full announcement here.
Rillion Launches in United States as it Rebrands from Palette Software
CHICAGO — Rillion, a global SaaS solutions provider, announced its launch in the United States. Formerly Palette Software, Rillion has 3,000 customers and 340,000 users across 50 countries. The solution captures invoice data, processes invoices, matches purchase orders, offers searchable archives, and allows complex approval workflows to boost productivity in finance and accounts payable departments.
According to Paul Mullis, President of Americas of Rillion, “By launching Rillion in the United States, we can help small-, medium-, and large-sized companies save time and money by minimizing manual work, while also providing greater transparency to eliminate bottlenecks in payments and invoice systems,” he said.
“Palette Software has been around for nearly 30 years, putting in countless hours and effort into testing and refining the software to ensure it meets the needs of finance teams across the world, and we can now bring that to the U.S. with multiple solutions as Rillion.”
The company states that Rillion currently works across nearly all industries, from agriculture to construction to retail and more. In addition, Rillion is expanding access to small and medium businesses with Rillion One, formerly Centsoft. Rillion One quickly and easily automates the flow of incoming invoices, making it ideal for a company that may not have a fully dedicated finance department but still has automation and accounts payable needs.
Bob Cohen, Vice President of Research at Ardent Partners, said, “Ardent Partners’ 2022 research shows that digital transformation has become the end goal for more AP and finance leaders in the United States and around the world than ever before. Rillion, with its proven workflow, PO-matching, and ERP integration capabilities, along with its ability to support the straight-through processing of invoices, is entering this market at an ideal time and we expect it to make an impact quickly.”
Read the full announcement here.
Thoma Bravo Completes Acquisition of Bottomline
PORTSMOUTH, N.H. and SAN FRANCISCO — Bottomline Technologies, a leading provider of financial technology that makes complex business payments simple, smart, and secure, announced the completion of its acquisition by Thoma Bravo, a leading software investment firm, in an all-cash transaction valued at approximately $2.6 billion.
The company states that the completion of the transaction enables Bottomline to capitalize on the benefits of the partnership by leveraging Thoma Bravo’s operating capabilities, capital resources, and technology industry expertise to further expand the reach and value proposition of its diverse portfolio of leading products that intelligently digitize the way businesses pay and get paid.
According to Craig Saks, CEO for Bottomline, “As a fintech and payments industry executive for the past 20 years, I have long admired Bottomline’s success and its ability to innovate ahead of the evolving B2B payments market,” he said.
“The future for Bottomline is bright, and I am honored to have the opportunity to lead the talented team that has built the company into an industry leader. I look forward to working together with Thoma Bravo as we deliver on Bottomline’s commitment to remove complexity from business payments and processes for existing and future customers and channel partners around the world,” Saks adds.
Read the full announcement here.
Kofax Acquires Tungsten Corporation
IRVINE, Calif. — Kofax®, a leading supplier of intelligent automation software for digital workflow transformation, announced it has acquired Tungsten Corporation, a global B2B e-invoicing network that facilitates and streamlines complex invoice-to-pay processes.
The company stated that combined, Kofax and Tungsten will support organizations at every level of maturity in their journey towards true e-Invoicing, with a cloud platform of solutions for direct supplier onboarding, e-invoice exchange, interoperability, scanned and OCR paper invoices, machine-readable PDF invoices, PDF data extraction, and payment processing.
According to Reynolds C. Bish, Chief Executive Officer at Kofax, “Our SaaS solutions automate the processing of over 60 million invoices for more than 11,000 organizations around the globe. Adding Tungsten’s e-invoicing and other capabilities will provide more comprehensive and higher-value invoice processing and accounts payable automation solutions to our customers,” he said.
“We’re excited to welcome Tungsten and its employees into the Kofax family, as we lean into addressing growing enterprise needs for e-invoicing compliance driven by government directives rapidly coming into effect throughout the world.”
Read the full announcement here.
SpendHQ Joins Forces with Per Angusta
ATLANTA — SpendHQ, a procurement spend analytics platform leader, announced a merger with France-based Per Angusta, a platform leader in procurement performance management, establishing an exciting new company. Partnering in the acquisition is Charlotte-based Pamlico Capital with its infusion of $65 million in funding to complete the transaction and provide support for SpendHQ’s future growth initiatives.
SpendHQ stated that the union creates the market’s most advanced platform to drive procurement operations excellence, on a global scale. The combined organization is revolutionizing the procurement technology landscape by providing the first of its kind platform — a closed-loop procurement system.
According to SpendHQ CEO Scott Macfee, “This is an exciting leap for procurement technology. Both of our organizations have a rich procurement history and a disciplined, customer-centric approach to building solutions,” he said. “Our joining forces is a direct result of both customer and market feedback.
“Together, we’ll enable our customers to bridge the gap from spend analytics and opportunity identification to the execution and realization of their strategic objectives, whether bottom-line savings or non-financial goals such as diversity and sustainability,” Macfee adds.
Read the full announcement and analysis here.
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