Accounts receivable automation agency Billtrust made its first acquisition since going public through 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 gives a SaaS product that gives credit score and collections professionals visibility into money circulation administration. Billtrust will purchase the iController crew, together with the corporate’s 566 Europe-based shoppers. iController staff will proceed working within the firm’s places of work in Belgium The Netherlands.
“Buying an awesome firm like iController is according to our development plan of strategic world growth in focused methods to broaden our buyer footprint and supply prolonged worth to our present prospects,” added Billtrust Founder and CEO Flint Lane.
Billtrust was based in 2001 and immediately’s deal marks the corporate’s eighth acquisition.
Billtrust gives all kinds of merchandise, together with credit score, ecommerce, invoicing, funds, managed providers, coaching, and extra. The corporate additionally gives a collections software, which can 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 increase its bodily presence within the European market but in addition improve its collections capabilities.
In 2013, Billtrust launched its Enterprise Funds Community, 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 help bi-directional alternate of transactional knowledge and paperwork. The brand new launch now allows bill presentment to accounts payable portals.
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