Procurement and financial process automation firm Corcentric announced a new credit facility that it secured as it prepares to invest in expansion. A press release issued Tuesday (Dec. 4) said Corcentric secured a $200 million credit facility in the form of an asset-based loan revolver from Bank of America and JPMorgan Chase, as well as a term loan from TCW Asset Management Company.
“Securing this credit facility underlines our commitment to growing our business and pursuing the large market opportunity in front of us,” said Corcentric Executive Vice President and Chief Financial Officer Mark Joyce in a statement. “We’re continually investing in further improving our technology and solutions, benefiting our customers as we help them to transform procurement, accounts payable and billing.”
In another statement, the firm’s Founder and CEO Doug Clark said the financing will enable the firm to execute its growth strategy, which will include acquisitions “in the U.S. and abroad,” though the company did not elaborate on its mergers and acquisitions (M&A) plans.
The financing follows the company’s rebranding with AmeriQuest Business Services, uniting operations under the Corcentric name.
Corcentric President and COO Matt Clark spoke with PYMNTS’ Karen Webster earlier this year about some of the shifts the company has seen in the B2B payments landscape, particularly when it comes to the intersection of various business financial processes.
“In recent times, we’ve seen a convergence of procurement and finance,” he said during the interview in May. “This is really leading to what I think is a more holistic strategy when it comes to working with your supply base.”
At the time, Corcentric had just announced the acquisition of Source One Management Services to integrate its strategic sourcing and procurement tools into Corcentric’s existing suite of procurement and accounts payable tools.
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