Billtrust, a provider of accounts receivable software based in Lawrenceville, New Jersey, has acquired Order2Cash, an electronic invoicing and payments company headquartered in Amsterdam.
The acquisition comes on the heels of Billtrust’s purchase last October of iController, an AI cash flow forecasting company based in Ghent, Belgium, and will expand the company’s European and global footprint as well as Billtrust’s Business Payments Network.
The deal comes at a time when organizations are coming under greater pressure to digitize their accounts receivable processes to increase cash flow, especially amid surging inflation. The acquisition expands the ability for both companies’ customers to gain access to a broader variety of SaaS modules and a global B2B payments network. Order2Cash has connections with over 70 B2B and B2G e-invoicing networks and that will broaden the Billtrust BPN reach to provide secure e-invoicing across multiple markets. Billtrust’s BPN allows accounts payable and receivable systems to exchange invoices, payments and remittance data through over 170 AP portals.
Financial terms of the deal were not disclosed. “This strategic acquisition aligns perfectly with our growth plan of expanding globally with companies that offer complementary expertise, shared values and local market presence,” said Billtrust president Steve Pinado in a statement Tuesday. “Our EU team now exceeds 100 members, serving more than 700 customers, and is accelerating our global expansion.”
The Order2Cash team will continue to operate from Netherlands locations in Amsterdam and Joure, as well as offices in Krakow, Poland and New York City. “Billtrust brings us an exciting opportunity to leverage our joint commercial and industry experience and offer all customers greater access to a global marketplace,” said Order2Cash CEO Frank Hoekstra in a statement. “Our coming together ensures that we can continue to provide the speed and quality of service needed to operate in today’s digital landscape.”
