Paymogy, which advises, owns and operates Software-as-a-Service (SaaS) businesses and startups in various industries, has invested in accounts payable (AP) automation platform provider Invoice Stream, a press release said Tuesday (April 20).
The two companies have also entered into a formal agreement where Paymogy will be an operating partner for the business and its founder Vaden Landers will be interim CEO.
Landers said the newly formed partnership would help to achieve some long-term goals.
“Eliminating paper from the bill presentment and payment process, and reducing the costs associated therewith, has long been on the minds of businesses of all shapes and sizes,” Landers said. “The COVID-19 pandemic has brought with it a heightened level of attention and focus to this topic with the CDC’s recommendation to discontinue the handling of paper.”
He added that Invoice Stream can be installed in a matter of hours without any implementation costs or IT resources, which will give a network where buyers and suppliers can do business in a paperless environment.
“I am excited to lead our execution against the significant opportunity to drive automation of an estimated 25 billion AP invoices in the US alone, most of which are handled manually according to published studies,” he said.
Scott Perkins, co-founder of Invoice Stream, said the investment from Paymogy came as Invoice Stream was attempting to make headway in the procure-to-pay (P2P) market.
“Our platform delivers best-in-class SaaS results in the areas of costs, productivity, quality and paper reduction,” he said. “With the recent addition of payment integration as a feature, Invoice Stream allows accounts payable departments to more effectively reduce their carbon footprint and make the transition from cost center to profit center.”
The P2P space needs a broad, simplistic way to go about making things efficient, according to CEO Jack Mulloy of procure-to-pay provider BuyerQuest, who said companies could be more aggressive in driving their top lines or reducing expenses. He said a more streamlined and unified Amazon-esque experience could help with the disjointed ways many companies go about things.
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