US-based Billtrust, a B2B accounts receivable (AR) automation and integrated payments provider, has announced the acquisition of Belgium-based all-in-one platform for credit management, iController, for $58M (approx €49.9M) in cash.
Speaking on the development, Billtrust Founder & CEO, Flint Lane, says, “Acquiring a great company like iController is consistent with our growth plan of strategic global expansion in targeted ways to broaden our customer footprint and provide extended value to our current customers.”
The credit management platform
In the past, credit management was done using ERP software which had some limitations. There was no overview and a lot of manual work had to be done making it inefficient. This is where founder and CEO of iController Peter Janssens set out to build a modern credit management platform.
Founded in 2007, iController is a SaaS scale-up with headquarters in Ghent, Belgium, and offices in Amsterdam, Manchester, and Frankfurt. The company is empowering the credit controller to follow up on unpaid invoices, helping credit management teams to have a set-up and procedures, and allowing financial directors a clear overview at all times.
Speaking on the development, Janssens says, “Joining the Billtrust family will help us more rapidly scale our business and increase the level of resources we can deploy to better serve our growing customer base. Our shared values and aspirations make this an ideal combination for iController.”
What to expect from this acquisition?
With this acquisition, iController’s team will continue to operate from its offices in Ghent, Belgium, and Amsterdam, expanding Billtrust’s strategic presence in the region.
Billtrust’s President Steve Pinado says, “We are pleased to welcome Peter Janssens and the entire iController team to Billtrust. With 566 European customers, iController is a powerful resource for credit and collections professionals and a strong strategic fit for Billtrust, expanding our physical presence in the European market while enhancing our global collections capabilities.”
Founded in 2001 by Flint Lane, Billtrust is a provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce.
According to the company, accounts receivable (AR) is broken and relies on conventional processes that are outdated, inefficient, manual, and largely paper-based. This is where Billtrust steps in to provide solutions such as credit decisioning and monitoring, online ordering, invoicing, cash application, and collections.
The company’s solutions provide services to sectors including financial institutions, enterprise resource planning (ERP) systems, and accounts payable (AP) software platforms.
Billtrust claims that its customers use the platform to transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments, in order to accelerate revenue, generate cost savings, and provide a better user experience.
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