CPO Rising’s Technology Round-Up series continues this week with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
Aramark Expands Global Reach with Launch of Avendra International
PHILADELPHIA — Aramark announced the launch of Avendra International to enhance the company’s position as a leading global strategic procurement and supply chain services provider to a wide range of interests including hotels, hospitality and leisure resorts, healthcare, and educational institutions worldwide.
The company stated that the new organization will combine Avendra’s North American business with Aramark’s global supply chain footprint in 15 countries and the resources of Pelican Procurement Services, Expert Cost Control, Trinity Purchasing, and First Choice Purchasing to form Avendra International.
According to Autumn Bayles, senior vice president of global supply chain and group purchasing organizations, “With the new organization, we are expanding our reach and capabilities to serve clients worldwide while maintaining the same exceptional service and local expertise that our clients have come to expect,” she said.
“We understand that every business is unique, with distinct goals and challenges. Avendra International offers integrated resources, local expertise, cutting-edge technology, and the leverage of our global procurement network to provide exceptional service and economics for our clients.”
The new organization is positioned to grow with an infrastructure and training team that is already supporting initiatives in new geographies, such as Asia, Europe, and South America.
Read the full announcement here.
Airbase Releases AI-Powered Touchless AP System
SAN FRANCISCO — Airbase, a leading procure-to-pay solution for mid-market and larger organizations, announced the launch of its of AI-powered Touchless AP system.
The company stated that Airbase’s new Touchless AP system addresses the frustrations of manual, time-consuming processes by fully automating the entire AP lifecycle — from vendor onboarding to reconciliation — freeing finance teams to focus on business growth.
According to Thejo Kote, founder and CEO of Airbase, “One of my founding principles at Airbase has been to rigorously apply the most advanced technology in building our procure-to-pay solution,” he said.
“But we don’t leverage technology for its own sake. Our goal is to use these advancements to help finance teams streamline the complex and risk-filled AP process, allowing them to focus on higher-value strategic work.”
Airbase’s AI-powered touchless AP system is built for every step of the AP process with minimal human intervention. Key features include:
- Rapid AI-Driven Automation: Automatically processes invoices, handles approvals, and schedules payments — reducing errors and ensuring compliance.
- Real-Time Fraud Detection: Monitors multiple data points to detect and prevent fraudulent activities.
- Enhanced Vendor Management: Simplifies vendor onboarding with automated tax and bank account validation, OFAC checks and secure payment processing.
- Comprehensive Spend Analytics: Provides rich insights into spending patterns, helping businesses make informed financial decisions.
Read the full announcement here.
Esker and Bridgepoint Announce a Proposed Cash Public Tender Offer for the Esker Shares Made by Bridgepoint
Esker SA and Boréal Bidco SAS, a company controlled by Bridgepoint Group Plc (“Bridgepoint”), have entered into a tender offer agreement which sets out the terms and conditions of the proposed acquisition of the Esker shares by Bridgepoint, in association with General Atlantic and the management shareholders of the company, through Boréal Bidco, a French-law special purpose vehicle, by way of a cash tender offer at a price of €262 (US$290) per share.
The Offer, which would be filed with a price of €262 per Esker share, values 100% of the company’s share capital at approximately 1,621 million euros on a fully diluted basis. This price would reflect a premium of 30.1% over the unaffected share price of €201.4 on 8 August 2024 (i.e., the date prior to the first market rumors) and a premium of 37.2%, 43.6%, and 62.4%, respectively, over the volume weighted average share prices over 3, 6 and 12 months prior to that date.
According to Jean-Michel Bérard, founder and CEO of Esker, “We are delighted to announce this next strategic step with Bridgepoint and General Atlantic. Their deep understanding of our ‘Office of the CFO’ market and their focus on growth were key factors in our choice,” he said.
“Working with French teams who share our values of profitable growth, employee motivation and technological innovation will enable us to strengthen our position and accelerate our development.”
This project would enable Esker, a key player in the automation of source-to-pay and order-to-cash management cycles, to accelerate its development strategy by benefiting from the necessary flexibility and support of Bridgepoint and General Atlantic.
Read the full announcement here.
Invoiv.com Launches to Optimize SMB Cash Flow
PORTLAND, ME — Invoiv.com, a cutting-edge SaaS platform designed specifically for small- and medium-sized businesses (SMBs), announced its launch to track, manage, and optimize SMB’s cash flow. The company stated that the platform offers comprehensive accounts payable (AP) and accounts receivable (AR) solutions, along with online invoice generation tools embedded with payment links, ensuring businesses get paid faster than ever before.
The company stated that Invoiv.com is poised to transform how SMBs handle their finances by offering a streamlined, user-friendly experience that integrates seamlessly with existing business workflows. The platform’s robust dashboard provides full visibility into cash flow, allowing businesses to make informed decisions and stay ahead of financial challenges.
According to Bill Cooper, founder of Invoiv.com, “We built Invoiv.com to empower small and medium businesses by giving them the tools they need to manage their finances more effectively,” he said.
“Our platform not only simplifies invoicing but also accelerates the payment process, ensuring that SMBs have the cash flow they need to grow and succeed.”
Read the full announcement here.
American Express and Boost Payment Solutions Partner on Virtual Card Payments to Suppliers
NEW YORK — American Express announced a new offering by Boost Payment Solutions, a global leader in B2B payments, to provide commercial virtual card processing services to U.S. merchants who accept American Express.
The company stated that qualified American Express merchants will now have access to Boost Intercept®, Boost’s patented straight-through processing (STP) solution, at no additional cost. This collaboration will enable suppliers to streamline acceptance of American Express virtual cards and minimize the challenges associated with manual processing of virtual cards.
According to Colleen Taylor, president, Merchant Services – U.S. at American Express, “American Express is always working to increase support for our network of merchants, as backing businesses has been core to our strategy for decades. We invest in proprietary supplier capabilities, as well as partnerships to improve supplier experiences,” she said.
“That’s why we’re excited to partner with Boost to extend the benefits of straight-through processing, as virtual card transactions are on the rise. This collaboration benefits businesses on both sides of a B2B transaction because the process needs to work seamlessly for everyone involved.”
Read the full announcement here.
