Adobe Stock The Ireland-based AP automation and analytics firm Glantus has acquired the Boston-based AP analytics specialist Technology Insight Corp. (TIC) in a deal worth up to $9.3 million that extends Glantus into the US market, according to a press release.
The transaction includes some of TIC’s Europe assets and its AP-analytics specialty software called Datashark, which helps with recovery audits. Glantus gains 35 customers, making its total customer base close to 100, the press release said.
In May, Glantus announced a funding round of $14 million and went public, listing on the London Stock Exchange.
Glantus Founder and CEO Maurice Healy said acquiring Technology Insight Corp. is part of an overall growth strategy for the company.
“We’re delighted to be joined by the TIC team,” Healy said in the release. “This is the first acquisition of many that we will undertake following our successful IPO. Our goal is to become a leader in AP technology through a mix of strong organic growth and acquisition.”
Karl Andersson, Founder and CEO of TIC, will be the SVP of Acquisitions and Development, the release said.
“We recognize that customers are increasingly looking at automation and AI to drive further efficiencies in their financial processes,” Andersson said in the release. “With Glantus, we now have the advanced technology platform and the team behind us to deliver additional services to our customers.”
Spend Matters did a PRO Vendor Analysis of Glantus this year, highlighting how it can work across different ERPs and other systems, writing:
“Glantus' value proposition is based on the integration of data from all transactional systems that are related to the AP process, regardless of the complexity of the system landscape. Glantus then cleans, enriches and classifies all the data for the ultimate purpose of the AP process — the validation and approval of the invoice for payment.”
PRO recap: ESG series begins, Raindrop
This week, Spend Matters PRO Analyst Bertrand Maltaverne kicked off our summer ESG and sustainability series with a look at the environmental, social and governance issues as well as the ROI for using the ESG technology that’s being adopted by businesses. See our index of ESG coverage that’s coming up this month and next.
And our PRO Analyst Nikhil Gaur wrote a Vendor Analysis on Raindrop, a source-to-contract and payables specialist that hopes to become a source-to-pay suite provider.
Our PRO subscribers can read the full articles, but all readers can see the lengthy intros that frame the issues being discussed. This week:
Read more about a PRO membership.
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