US-based payments technology firm BlueSnap has acquired Armatic, an accounts receivable and invoicing automation services provider.
The deal value was not revealed.
With this acquisition, BlueSnap aims to address the challenges in the global B2B payment processing market, which largely runs on paper invoices and cheques.
Armatic was integrated into BlueSnap’s All-in-One Payment Platform bolstering its digital invoice management capabilities. It will also enable the platform to offer B2B customers with automated account receivable and payments reconciliation integrated with Intaact, QuickBooks, Salesforce, and NetSuite accounting software.
Moreover, the customers can access a self-service portal for invoices and payment management.
BlueSnap CEO Ralph Dangelmaier said: “B2B organisations are looking to simplify how they bill their customers and to get paid more quickly while reducing costs.
“We had already integrated the Armatic platform into our solution and shared joint customers, so we expect to generate tremendous growth through the addition of the Armatic team.”
Armatic founder and CEO Thomas Cornelius said: “We share the same philosophy, offering an all-in-one solution to clients in each of our respective fields, combining these two systems – one on payments and the other on invoice and subscription management.
“Our offering will benefit existing and new customers by providing deep payment integrations into the invoice management process to create more efficiencies and a better workflow.”
BlueSnap All-in-One Payment Platform is designed to help B2B and B2C companies scale-up their businesses.
It utilises a virtual platform to support digital sales, subscriptions, invoice payments and manual orders. The platform will provide participant-businesses with access to 110 payment types, fraud prevention capabilities and business analytics.