Corcentric snaps up B2B payments provider Vendorin
The growing trend of integrating payments into expense management platforms is sparking a flurry of acquisitions. In the latest move, US-based business expense management platform, Corcentric has acquired B2B payments provider company, Vendorin from Juvo Technologies.
The deal was closed at $100 million while the other financial terms were not disclosed. According to Corcentric, which is privately held, the acquisition was funded by cash on hand from Bregal Sagemount’s investment in Corcentric back in May 2020.
Last week, Mastercard partnered with SAP Concur for expense and invoice management.
“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,” said Matt Clark, President and COO at Corcentric.
For this deal, according to the press release, “Vendorin was advised by U.S. Bancorp Investments and Morrison & Foerster LLP. Corcentric was advised by BofA Securities and Kirkland & Ellis LLP”.
Vendorin is a B2B integrated payments network that enables buyers to enrol onto their platform and pay via any payment method to their suppliers and uses its own proprietary technology called Inroll.
The press release also mentions that the addition of Vendorin for Corcentric, would help the latter with “strong supplier relationships enables the company to further monetize transactions through payminents, supply chain finance, and group purchasing’.