Vendorin, based in Mississippi, provides clients with products for easier and cost-effective payments to their suppliers. Corcentric officials said in the Feb. 16 press announcement that the purchase will enable the Cherry Hill firm to boost payment services, supply chain finance, and group purchasing.
“We are in the midst of a broad secular shift from paper payments to electronic,” said Corcentric President and Chief Operating Officer Matt Clark. The majority of this spend takes place in the enterprise where a large percent of their indirect spend still gets paid via paper check.”
Officials from both companies anticipate that Vendorin’s remote-based payment network, combined with the billions of buyer-supplier transactions will help usher in a considerable shift to electronic payments, and at a time when tens of millions of Americans are telecommuting because of the pandemic and social distancing protocols.
“The market is eager for this type of holistic solution,” said Vendorin COO Robert Johnson.
Vendorin was advised by U.S. Bancorp Investments and Morrison & Foerster LLP, while Corcentric was advised by BofA Securities and Kirkland & Ellis LLP. Other details of the transaction were not made available.