Today we announced the acquisition of Invoice Connection (press release here), a competitor in the outsourced billing space. Billtrust and Invoice Connection have been competitors for several years. Despite the rivalry, there has always been a mutual respect for each other. We felt that the combination of our companies made strategic sense. More specifically, here's some of our thinking.
- If I were to ask you "Who are the nationwide powerhouses are in the payroll space?" you would likely say ADP or Paychex. If I were to ask you the same question but substitute in "the billing space" you would have trouble coming up with an answer. Our vision for Billtrust is to become the nationwide powerhouse in billing solutions and acquisitions like this get us closer to our goal.
- Billtrust is the number one provider of billing services in the wholesale distribution space. Invoice Connection was number two. Having a large number of customers in an industry allows us even more opportunity to provide our customers with exciting new products and services. We have an exciting new product that we’ll be announcing early next year that we think will be a big hit with our wholesale distribution customers (consider this the first initial tease of things to come).
Unfortunately, as most people know, most mergers fail (see here). We go into this knowing we have to perform exceptionally well to make this a success. We need to go the extra mile for all of our new customers but also continue to perform at a very high level for our existing customers. We’re confident that we can do this.