Accounts receivable automation agency Billtrust made its first acquisition since going public by way of a SPAC merger a yr in the past. The New Jersey-based firm bought collections administration firm iController for $58 million.
Belgium-based iController was based in 2017 and affords a SaaS product that gives credit score and collections professionals visibility into money movement administration. Billtrust will purchase the iController group, together with the corporate’s 566 Europe-based purchasers. iController workers will proceed working within the firm’s workplaces in Belgium The Netherlands.
“Acquiring a great company like iController is consistent with our growth plan of strategic global expansion in targeted ways to broaden our customer footprint and provide extended value to our current customers,” 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 affords all kinds of merchandise, together with credit score, ecommerce, invoicing, funds, managed companies, coaching, and extra. The firm additionally affords a collections device, which can be enhanced with iController’s collections product. Billtrust President Steve Pinado described iController as “a strong strategic fit,” 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 Business Payments Network, a service that connects suppliers to accounts payable automation platforms patrons are utilizing to pay, in addition to to a community of third-party banks and ERPs. Earlier this yr, the corporate up to date the platform to now assist bi-directional change of transactional knowledge and paperwork. The new launch now allows bill presentment to accounts payable portals.
Photo by fauxels from Pexels