Bank of America Securities and Kirkland & Ellis advised Corcentric on the transaction. U.S. Bancorp Investments and Morrison & Foerster advised Vendorin on the transaction. Other financial terms were not disclosed, and the acquisition was financed with cash on hand following Bregal Sagemount’s investment in Corcentric in May 2020.
Corcentric is a provider of business spend management and revenue management software and services. Based out of Hattiesburg, MS, Vendorin is a B2B integrated payments network.
“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,” Matt Clark, president and chief operating officer of Corcentric, said. “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.”
“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,” Robert Johnson, chief operating officer of Vendorin, said. “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,” Bryan Schroder, founder of Juvo Technologies, said. “The combined technology and managed services are a natural synergy for Corcentric and the work they’re doing to help business[es] 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.”
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
Being a leader in today’s equipment finance industry takes a sense of purpose, advocating for oneself and being flexible. Amy Gross, executive vice president of the commercial vendor and government divisions at Key Equipment Finance, says being a parent while... read more
Believing in the leadership motto, “Learn more, inspire more, do more,” Ricardo E. (Ricky) Rios, chief operating officer of Commercial Equipment Finance, also models his life after it. Following his passion for self-development, Rios has taken Commercial Equipment Finance to... read more