Paymerang Adds KwikTag and Sypht to AP Automation Fold

Paymerang has acquired two companies to complement its accounts payable (AP) automation offerings.

The Richmond, Virginia-based firm announced in a Tuesday (April 11) press release the asset acquisition of KwikTag, an invoice automation provider for Microsoft Dynamics ERP systems, and the share acquisition of Sypht, an Australian artificial intelligence (AI) data platform.

“I’m excited to welcome the KwikTag and Sypht teams to the Paymerang family,” Paymerang CEO Nasser Chanda said in the release. “Not only do we share the same values and passion for our customers, but our solutions and industry verticals are highly complementary.”

The combined solutions will let customers’ AP departments save thousands of hours per year, cutting down on the time it takes to process and pay invoices from weeks to minutes, according to the release.

It will also reduce the risk of fraud while improving data accuracy, security and visibility, and providing better visibility into data extraction and cash flow, the release stated.

In addition, the acquisition “adds a proprietary AI platform, with modern [application programming interfaces (APIs)] and multi-document capability, that will help Paymerang expand its solutions for the office of the CFO,” the company said in the release.

The acquisition comes at a time when companies are working to modernize their AP systems, a challenge that many firms list as their most important, according to PYMNTS’ research.

Companies cited several frustrations with outdated systems, such as the failure to keep clients informed of the progress of product shipments, customer complaints and payment statuses.

These pain points may be particularly vexing for online merchants, whose rapid growth since the pandemic began has caused 98% of sector executives to say their AP volumes are projected to increase in the next three years.

That rate of growth could be under threat, as 82% of online marketplaces said their business’s expansion would be at least somewhat or slightly held back if they could not deal with their expected growth in AP volume.

According to 54% of companies surveyed, automation is key to help meet this explosive volume growth, which has served as a root cause of poor vendor communication as online marketplaces with older AP systems struggle to handle their rapid growth.

“The potential benefits of modernizing through automation are clear,” PYMNTS wrote earlier this year, noting that “70% of marketplaces expect their vendor relationships to improve as they innovate their AP platforms, especially when it comes to payment processing speed, which can directly limit growth expectations.”

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