CSI acquires invoice processing AP automation company IPS
BONITA SPRINGS, Fla., Oct. 18, 2022 /PRNewswire-PRWeb/ -- Edenred announced yesterday the acquisition of IPS through its corporate payment subsidiary Corporate Spending Innovations (CSI).
Edenred CSI and IPS, both industry leaders in AP automation with established integrations across many ERPs, will provide an end-to-end integrated solution. With synergies in large market core verticals including advertising/media, property management, and banking partnerships, this acquisition enhances 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 comprehensive invoice automation solution from invoice capture to approval within a secure cloud-based environment. IPS' superior technology achieves an industry-leading 99.95% data accuracy rate. With a strong focus on technology, backed by unsurpassed 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 featuring an expanded ecosystem with more than 350 ERP integrations, sustaining its leadership position in business-to-business payment automation. The acquisition of IPS enables Edenred CSI to extend along the value chain with a best-in-class invoice automation solution as part of a complete end-to-end integrated invoice-to-pay offering.
David Disque, CEO and President of Edenred CSI said, "The acquisition of IPS allows us to expand into additional corporate payment market growth opportunities. IPS' innovative automated invoice processing solution will integrate even further with Edenred CSI's digital platform. The combined expertise and market knowledge of Edenred CSI and IPS will offer both existing and new clients a comprehensive and integrated invoice-to-pay solution. Edenred CSI has a long-standing relationship with IPS, and we're thrilled to come together with a market-leading solution."
Greg Bartels, CEO and President of IPS said, "The integration of IPS and Edenred CSI will create a 100% end-to-end digital process that will reduce invoice exceptions while significantly increasing straight through payment processing. Our combined experience transforming manual AP processes into digital will be leveraged across the entire invoice to pay process. We believe our shared core vertical segments will benefit significantly from this merger."
Edenred CSI is headquartered in Bonita Springs, FL, and IPS' corporate headquarters are in 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 world-leading 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 payables, including virtual card, proprietary B2B Payments 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 approval.
About Edenred
Corporate Spending Innovations is part of Edenred, a leading digital platform for services and payments and the everyday companion for people at work. Edenred connects over 50 million users and 2 million partner merchants in 45 countries via more than 900,000 corporate clients.
Edenred offers specific-purpose payment solutions for food (such as meal benefits), incentives (such as gift cards, employee engagement platforms), mobility (such as multi-energy, maintenance, toll, parking and commuter solutions) and corporate payments (such as virtual cards).
True to the Group's purpose, "Enrich connections. For good.", these solutions enhance users' well-being and purchasing power. They improve companies' attractiveness and efficiency and vitalize the employment market and the local economy. They also foster access to healthier food, more environmentally friendly products and softer 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 close to €30 billion in business volume, primarily carried out via mobile applications, online platforms, and cards.
Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC Next 20, CAC Large 60, Euronext 100, CAC 40 ESG, FTSE4Good and MSCI Europe.
About IPS
IPS is a leading provider of cloud-based solutions that transform accounts payable and invoice processing end-to-end. The IPS platform combines intelligent data capture, robotic process automation, digital workflows, mobile, invoice analytics, supplier management and integration with any ERP application or downstream system. These are some of the reasons that IPS processes more than $100 billion in accounts payable spend each year, has created over 1 billion digital records over the past decade, and is the market leader in media payables.
Media Contact
Lisa Gruner, Corporate Spending Innovations, 978-314-0753, [email protected]
SOURCE Corporate Spending Innovations
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