Edenred expands its Corporate Payment invoice automation capabilities in the United States, with the acquisition of IPS
Edenred, a leading digital services and payments platform and daily companion for people at work, announceD today the acquisition of IPS, a leading invoice automation providerthrough its corporate payment subsidiary Edenred ITUC.
Eis the acquisition improved Edenred Value CSIa proposal by developing along the procure-to-pay value chain and integration a turnkey invoice automation solution to his digital platform. By combining Suppliers’ invoice Processing and Payment automating, Edenred CSI customers will have access to an integrated end-to-end the solution which further simplifies and streamlines the management of the entire accounts payable process.
Edenred CSI today announces the acquisition of IPS. Founded in 1991, IPS pioneered the use of cloud-based document automation and today offers a complete invoice automation solution, from invoice capture to approval, delivered in a secure cloud-based environment. Leveraging an efficient platform and superior technology, IPS has achieved an industry-leading data accuracy rate of 99.95%. With more than $100 billion in accounts payable spend processed each year, IPS is a global market leader serving many of the world’s most recognized brands through its strong focus on technology, backed by customer service and a unparalleled quality. Based in New Jersey, IPS has c. 50 employees.
Since its acquisition in 2018, Edenred CSI has continuously developed advanced solutions for the under-tapped corporate payment market in North America. Thanks to constant investment in its platform, Edenred CSI covers all means of payment and has an extensive ecosystem with more than 350 ERP integrations, reinforcing Edenred CSI’s position as a leader in business-to-business payment automation. The acquisition of IPS enables Edenred CSI to expand across the value chain with a best-in-class invoice automation solution as part of a complete end-to-end integrated bill-to-pay offering. Edenred CSI plans to strengthen its position in the key verticals of its customers and to be present in new ones.
Gilles CococoliCEO, Payment solutions and new markets at Edenred, said: “With the acquisition of IPS, with who we have been collaborate since 2015, Edenred CSI Reaffirms Its Ambitions to Further Penetrate the North American Business Payments Marketwhile expanding along the procure-to-pay value chain. IPS’ Efficient Platform and Innovation Driven Automated Invoice Processing Solution will be easily to integrate with Edenred ITUCit is digital platform to offer existing and new customers a complete bill-to-pay solutionunlocking additional growth opportunities. We welcomee the The IPS team at Edenred and look forward to Continuee first transformation of the US corporate payments market”.
Greg Bartels, Founder and President of IPS, said: “The integration of IPS and Edenred CSI will create a 100% end-to-end digital 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 across the bill–at–payment process. We believe that our main common vertical segmentssuch as media and property management, goes considerably benefit to of this merger.”
Edenred is a leading digital services and payments platform and the daily companion of people at work, connecting more than 52 million users and 2 million merchant partners in 45 countries through 950,000 enterprise 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 purpose of the Group, “Enrich connections. For real.”, 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 40 ESG, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good and MSCI Europe.
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