Expansion of EIPP market in the heavy equipment industry; combined offering brings more value and services to clients.
HAMILTON, NJ. – (February 25, 2016) – Billtrust, the leader in Payment Cycle Management, today announced the acquisition of C-TABS, a California-based SaaS data management solutions provider specializing in the heavy equipment, food services, education, manufacturing and financial industries.
The acquisition brings together Billtrust’s Payment Cycle Management solution, which automates and accelerates the invoice-to-cash process, with C-TABS electronic invoice presentment and payment (EIPP) solutions. The combination of these two market leaders will mean richer solutions for their respective clients.
“Billtrust’s growth strategy is to expand our core offering into profitable, adjacent markets to those we already serve,” said Flint Lane, Billtrust CEO. “C-TABS EIPP and AP workflow technology is complementary to ours, and they have a strong reputation and client base in the equipment industry. We look forward to working with the talented team at C-TABS to strengthen our offering in that market and to continue our trajectory of growth.”
Billtrust and C-TABS share a vision of eliminating paper and labor-intensive processes from the invoice-to-cash process, allowing their clients to focus on their core business. During the integration period, C-TABS will continue to focus on the heavy equipment industry and maintaining support and services to its current clients.
“This is an exciting opportunity for C-TABS to provide expanded services and resources to our clients. We are looking forward to driving immediate and meaningful value to our clients, partners and employees,” said Steve King, C-TABS President and Founder.
This is Billtrust’s sixth acquisition. Last year, they secured a $25M investment from Goldman Sachs and Bain Capital Ventures to drive expansion into new markets as well as increase marketing activity to achieve both organic and inorganic growth.
“We are very happy to welcome C-TABS to the Billtrust family,” Lane said. “By combining our technologies and workforce talent, we are in a position to offer both Billtrust and C-TABS clients best-in-class technology, expanded services and greater opportunity to drive value in their businesses.”
Billtrust is the premier provider of Payment Cycle Management solutions, helping businesses accelerate invoice-to-cash. By integrating the three key areas of the payment cycle: invoice presentment, invoice payment, and cash application, Billtrust is committed to delivering a flexible solution to improve buyer satisfaction and DSO. Billtrust’s invoice-to-cash solution processes over $250 billion in receivables for leading companies including Kraft Foods, Under Armour, Estes Express and CDW.
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