CHERRY HILL, N.J., Feb. 16, 2021 /PRNewswire/ -- Corcentric, a leading provider of business spend management and revenue management software and services, today announced the acquisition of Vendorin from Juvo Technologies for a purchase price of $100 million. Other financial terms were not disclosed, and the acquisition was financed with cash on hand following Bregal Sagemount's investment in May 2020.
Based out of Hattiesburg, MS, Vendorin is a high growth B2B integrated payments network that makes it easy for buyers to enroll and pay their suppliers via any payment method. Leveraging its proprietary "Inroll" technology, Vendorin has been able to enroll a far larger percent of suppliers than banks or traditional virtual card providers, providing its blue-chip customers with substantially higher revenue, reduced costs, and stronger relationships with suppliers.
"We are in the midst of a broad secular shift from paper payments to electronic. The majority of this spend takes place in the enterprise where a large percent of their indirect spend still gets paid via paper check," said Matt Clark, President and COO at Corcentric. "Incumbent solutions have not had the right incentive nor technology to disrupt this status quo until Vendorin, and we have been impressed with how sought after this solution has become. As part of Corcentric, Vendorin will greatly enhance our payment and supply chain finance capabilities that are a key piece of our turn-key suite of Procurement, AP, and AR solutions."
Corcentric sits on both sides of billions of B2B spend between buyer and supplier customers. The addition of Vendorin paired with Corcentric's strong supplier relationships enables the company to further monetize transactions through payminents, supply chain finance, and group purchasing. Leveraging Corcentric's supplier network, there is a large opportunity to move payments to electronic forms and increase overall supplier acceptance, putting Corcentric customers in a position to pay and get paid in a simple and elegant transaction.
"We are proud to power the AP processes of some of the most influential names in banking, consumer products, automotive, fuel, and numerous other industries," added Robert Johnson, COO of Vendorin. "Integrating Corcentric's AP- and AR-focused software and financing capabilities will be revolutionary and bring our payments program management to enterprise companies globally. The market is eager for this type of holistic solution."
"The Vendorin team worked relentlessly over the last four years to build and innovate on a payments optimization solution that unlocks significant revenue opportunities for enterprises," concluded Bryan Schroder, founder of Juvo Technologies. "The combined technology and managed services are a natural synergy for Corcentric and the work they're doing to help business optimize the way they purchase, pay, and get paid. With Vendorin, Corcentric creates an unrivaled offering that will help businesses globally modernize digital payment capabilities."
Vendorin was advised by U.S. Bancorp Investments and Morrison & Foerster LLP. Corcentric was advised by BofA Securities and Kirkland & Ellis LLP.
Corcentric is a global provider of business spend management and revenue management software and services for mid-market and Fortune 1000 businesses. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit www.corcentric.com.
Vendorin is the integrated true payment network for the enterprise. Since 2007, Vendorin has been providing electronic payment enablement, acceptance, consolidation, and payment solutions.
Whether an organization is looking to fully automate their accounts payable and/or their accounts receivable processes with industry-leading electronic payment conversion and validation, Vendorin® provides custom-built and client-specific payment solutions through card rebates and network discounts. To learn more, please visit www.vendorin.com.
Contact: Andrew Jennings, [email protected]