Accounts receivable automation agency Billtrust made its first acquisition since going public by way of a SPAC merger a 12 months in the past. The New Jersey-based firm bought collections administration firm iController for $58 million.
Belgium-based iController was based in 2017 and provides a SaaS product that gives credit score and collections professionals visibility into money circulate administration. Billtrust will purchase the iController staff, together with the corporate’s 566 Europe-based purchasers. iController workers will proceed working within the firm’s workplaces in Belgium The Netherlands.
“Buying an ideal firm like iController is per our progress plan of strategic international growth in focused methods to broaden our buyer footprint and supply prolonged worth to our present clients,” added Billtrust Founder and CEO Flint Lane.
Billtrust was based in 2001 and as we speak’s deal marks the corporate’s eighth acquisition.
Billtrust provides all kinds of merchandise, together with credit score, ecommerce, invoicing, funds, managed companies, coaching, and extra. The corporate additionally provides a collections device, which will likely be enhanced with iController’s collections product. Billtrust President Steve Pinado described iController as “a powerful strategic match,” saying that the corporate will assist Billtrust not solely broaden its bodily presence within the European market but additionally improve its collections capabilities.
In 2013, Billtrust launched its Enterprise Funds Community, a service that connects suppliers to accounts payable automation platforms consumers are utilizing to pay, in addition to to a community of third-party banks and ERPs. Earlier this 12 months, the corporate up to date the platform to now assist bi-directional trade of transactional knowledge and paperwork. The brand new launch now allows bill presentment to accounts payable portals.
Photograph by fauxels from Pexels