BlueSnap has acquired Armatic, a provider of accounts receivable and invoicing automation solutions. No financial terms were disclosed. BlueSnap’s backers include Great Hill Partners and Parthenon Capital Partners.
BOSTON, Oct. 28, 2019 /PRNewswire/ — BlueSnap, a global payments technology company listed among Inc Magazine’s fastest growing privately held companies, announced today that it has acquired Armatic, a leader in accounts receivable and invoicing automation. With this acquisition, BlueSnap will provide B2B companies an efficient quote-to-payment solution aimed at increasing sales and reducing costs.
The global B2B payment processing market represents $127 trillion in volume, with $26 trillion in the US alone, and has not fully modernized, still relies predominantly on paper invoices and checks. B2B companies are also becoming increasingly global, providing digital-first borderless products and services, which further compounds their invoicing and payment challenges.
“Today marks a major milestone for BlueSnap. B2B organizations are looking to simplify how they bill their customers and to get paid more quickly while reducing costs,” commented Ralph Dangelmaier, CEO of BlueSnap. “We had already integrated the Armatic platform into our solution and shared joint customers, so we expect to generate tremendous growth through the addition of the Armatic team.”
By bringing Armatic into its platform, BlueSnap provides a comprehensive solution which offers customers:
Global digital invoice management with the ability to issue one-time or recurring invoices and manage subscription plans
Automated account receivable and payments reconciliation integrated with the major accounting ERP and CRM software including NetSuite, Intaact, QuickBooks and Salesforce
Self-service portal to facilitate customer autonomy when managing invoices and payments supported by powerful workflows and task automation
“We’re thrilled to join Bluesnap and continue helping companies with all aspects of their global invoice management,” said Thomas Cornelius, founder, and CEO of Armatic and Chairman of Brainware Ventures. “We share the same philosophy, offering an all-in-one solution to clients in each of our respective fields, combining these two systems – one on payments and the other on invoice and subscription management. Our offering will benefit existing and new customers by providing deep payment integrations into the invoice management process to create more efficiencies and a better workflow.”
BlueSnap’s acquisition of Armatic follows its award “Best B2B Payments Company” by FinTech Breakthrough, an independent organization that recognizes the top companies, technologies, and products in the FinTech market today. The terms of the acquisition will not be disclosed. For more information, visit home.bluesnap.com or contact the representative below.
BlueSnap provides an All-in-One Payment Platform designed to increase sales and reduce costs for B2B and B2C businesses. Our Platform supports online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal. With a single integration to our Platform, businesses can accept any payment with ease. The Platform includes access to 110 payment types, including popular eWallets, built-in world-class fraud prevention to protect sales and detailed analytics to help businesses grow. Based in Waltham, MA, BlueSnap is backed by world-class private equity investors including Great Hill Partners and Parthenon Capital Partners. Learn more at home.bluesnap.com.