Corcentric Completes Two Acquisitions to Expand Payment Services
Corcentric, a company that provides systems to manage payments for transportation and other businesses, has purchased substantially all of the assets of Determine Inc., a cloud-based payment software provider, for $32 million in cash.
The deal was completed April 10 after receiving approvals from directors of both companies and stockholders of Determine, a publicly owned business based in Carmel, Ind.
In February, Corcentric completed the acquisition of Netsend Ltd., a firm that provides electronic billing and document distribution services to customers in more than 50 countries. Netsend started in 1994 as a fax broadcast service and is based in London.
Netsend founding directors, Patrick Dodd-Noble and Lee Allen, continue to head the business, according to a statement issued by Corcentric at the time of the acquisition.
Corcentric was established in 1996 and recently merged operations with AmeriQuest Business Services to help create more brand awareness and recognition in the market.
Based in Cherry Hill, N.J., Corcentric provides procurement, accounts payable and receivables financing for more than 6,000 customers.
Matt Clark, president and chief operating officer of Corcentric, said the company is making acquisitions with the idea of expanding into new markets.
The deal to acquire Netsend, Clark said, “marks the first step in expanding globally,” while the purchase of Determine “enables us to further expand our portfolio of source-to-pay solutions for customers in the United States and Europe.” — Transport Topics
