CSI Acquires AP Invoice Processing Automation Company IPS
BONITA SPRINGS, Florida., October 18, 2022 /PRNewswire-PRWeb/ — Edenred yesterday announced the acquisition of IPS through its corporate payment subsidiary Corporate Spending Innovations (CSI).
Edenred CSI and IPS, two industry leaders in endpoint automation with established integrations into many ERPs, will provide an integrated end-to-end solution. With synergies in key verticals such as advertising/media, property management and banking partnerships, this acquisition strengthens Edenred CSI’s value proposition by expanding along the procure-to-pay value chain and integrating its digital payments platform with a turnkey invoice automation solution.
IPS, a pioneer in cloud-based document automation, offers a complete invoice automation solution from invoice capture to approval in a secure cloud-based environment. Superior IPS technology achieves an industry-leading 99.95% data accuracy rate. With a strong focus on technology, backed by unparalleled customer service and quality, IPS has become a global market leader serving many of the world’s most recognized brands.
Edenred CSI fully digitizes accounts payable by automating all B2B payment methods and offering an expanded ecosystem with over 350 ERP integrations, maintaining its leading position in business-to-business payment automation. The acquisition of IPS enables Edenred CSI to expand along the value chain with a best-in-class invoice automation solution as part of a comprehensive end-to-end integrated invoice-to-payment offering.
David DiskCEO and President of Edenred CSI, said: “The acquisition of IPS allows us to expand into new growth opportunities in the corporate payments market. IPS’ innovative automated invoice processing solution will further integrate with Edenred CSI’s digital platform. The combined expertise and market knowledge of Edenred CSI and IPS will offer existing and new customers a complete and integrated bill-to-pay solution. Edenred CSI has a long-standing relationship with IPS, and we are delighted to offer a market-leading solution.”
Greg BartelCEO and President of IPS, said, “The integration of IPS and Edenred CSI will create a 100% digital end-to-end process that will reduce billing exceptions while dramatically increasing direct payment processing. Our combined experience in transforming manual AP processes into digital ones will be leveraged throughout the bill-to-pay process. We believe that our major common verticals will benefit significantly from this merger. »
Edenred CSI is headquartered in Bonita Springs, Floridaand the head office of IPS is located at New Jersey. All offices will continue to operate from their current locations.
About Edenred Corporate Spending Innovations
Edenred Corporate Spending Innovations (CSI) provides cloud-based payment solutions to leading global brands through highly secure corporate payment solutions including CSI Paysystems, CSI Travel and global fleet fuel cards. Edenred CSI customers can automate 100% of B2B payments, including virtual card, proprietary B2B payment network, ACH, check or foreign exchange with cross-border payments settled in local currency. Edenred CSI is a certified Mastercard processor and has obtained Visa Ready for Business Solutions certification.
Corporate Spending Innovations is part of Edenred, a leading digital platform for services and payments and the daily companion of people at work. Edenred connects more than 50 million users and 2 million merchant partners in 45 countries via more than 900,000 corporate customers.
Edenred offers specific payment solutions for food (like meal benefits), incentives (like gift cards, employee engagement platforms), mobility (like multi-energy solutions, maintenance, toll , parking and commuters) and corporate payments (such as in the form of virtual cards).
True to the Group’s raison d’être, “Enriching connections. For good.”, these solutions improve the well-being and purchasing power of users. They improve the attractiveness and efficiency of businesses and boost the job market and the local economy. They also promote access to healthier food, more environmentally friendly products and smoother mobility.
Edenred’s 10,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day.
In 2021, thanks to its global technology assets, the Group managed nearly €30 billion in business volume, mainly achieved through mobile applications, online platforms and cards.
Edenred is listed on the Euronext Paris stock exchange and is part of the following indices: CAC Next 20, CAC Large 60, Euronext 100, CAC 40 ESG, FTSE4Good and MSCI Europe.
IPS is a leading provider of cloud-based solutions that transform end-to-end accounts payable and invoice processing. The IPS platform combines intelligent data capture, robotic process automation, digital workflows, mobile, invoice analysis, vendor management, and integration with any ERP application or downstream system. Here are some of the reasons why IPS processes more than $100 billion of accounts payable spent annually, has created over a billion digital records over the past decade and is the market leader in accounts payable.
Lisa GrunerCorporate Spending Innovations, 978-314-0753, [email protected]
SOURCE Innovations in Business Spending