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:
"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.