Fundtech Acquires Accountis to Enter the Electronic Invoice Presentment and Payment Business
Fundtech has acquired of Accountis, a supplier of electronic invoice presentment and payment (EIPP) systems. Adding EIPP capabilities to Fundtech’s existing product lines of payments, cash management and settlements systems, expands its end-to-end corporate banking systems, and adds to the company’s capabilities in enabling the emerging financial supply chain. Under the terms of the definitive agreement, Fundtech paid £3.8m in cash at closing and an additional amount of up to £2m in cash will be paid over the next three years based on the financial performance of Accountis. Accountis reported un-audited revenues of approximately £1m for the 12 months ended 31 December 2007. Accountis’ electronic financial document exchange and payment solutions automate the way companies interact with one another through their accounts payable and receivables departments. This can reduce the time and expense involved with processing, paying and reconciling invoices. The European Association of Corporate Treasurers has shown that e-invoicing is capable of saving corporations up to 80% by eliminating the paper invoice processing, printing and postage costs associated with traditional billing. In addition, suppliers are able to receive payments faster. In addition, Fundtech has also announced that 16 of its clients have gone live with single euro payments area (SEPA) Credit Transfers.