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Corcentric Expands Globally with Acquisition of E-Billing Provider Netsend
Corcentric, a fast-growing provider of procurement and financial process automation solutions, today announced the acquisition of Netsend Ltd. Headquartered in London, Netsend offers electronic billing, invoicing, and document distribution services to the FTSE 100 and global blue-chip companies in over 50 different countries. The acquisition marks Corcentric’s expansion into the global e-billing market as a SaaS provider.
“Netsend has built a reputation of a first-class team that provides exceptional technology for business-critical document distribution services in more than 50 countries. This deal marks the first step in expanding globally – as we evaluate additional opportunities that could improve our business offerings and help us reach new markets,” said Matt Clark, president and COO, Corcentric. “This is truly an exciting time for the Netsend and Corcentric teams where our resources and expertise will be mutually beneficial for both companies.”
Netsend boasts an impressive reputation with companies from the onset, which starts with an average onboarding process of 17 days to be fully operational. The company’s customer base spans industries such as financial, technology, media, pharmaceutical, retail, energy, and manufacturing. Companies use Netsend to securely send over 1.5 million documents each month and are seeing a conversion rate of 80 percent from physical documents to e-delivery. Patrick Dodd-Noble and Lee Allen, founding directors, will continue to lead Netsend’s business.
“We’re a small company with big ideas. Corcentric provides us with the additional infrastructure and resources needed to grow at a rate we wouldn’t be able to do on our own,” commented Lee Allen, Managing Director, Netsend. “Corcentric is the perfect partner. They operate in the same space and understand many of the opportunities and constraints we face. We’re going to continue to hire and grow and are looking forward to delivering superior products and services to the benefit of our customers.”
Financial details of the transaction were not disclosed.