Paymerang, LLC, an innovator in accounts payable automation, announced the asset acquisition of KwikTag, an invoice automation provider for Microsoft Dynamics ERP systems, and the share acquisition of Sypht, an Australia-based AI data platform.
The acquisition was completed on April 3, 2023.
This is the second acquisition “completed by Paymerang since receiving an investment from Aldrich Capital in 2018, cementing a new growth avenue for the company.”
Nasser Chanda, CEO of Paymerang, said:
“I’m excited to welcome the KwikTag and Sypht teams to the Paymerang family. Not only do we share the same values and passion for our customers, but our solutions and industry verticals are highly complementary.”
KwikTag offers “a cloud-based AP automation solution to clients across multiple industries and was the first to create a fully integrated Microsoft Dynamics document management and workflow platform designed for accounting teams.”
Sypht is “an innovator in AI-powered data extraction and analytics.”
This acquisition fits squarely within Paymerang’s strategic roadmap:
- It adds products with deep domain expertise and native integrations in the Microsoft ERP ecosystem, with a valuable community of channel partners.
- It adds a proprietary AI platform, with modern APIs and multi-document capability, that will help Paymerang expand its solutions for the office of the CFO.
- It adds an international presence with users in over twenty-five countries.
Both companies are SaaS-based, which “will advance their integration into Paymerang.”
KwikTag customers will immediately “get access to Paymerang’s payment automation solution, gaining an instant boost to productivity.”
The combined solutions will enable customers to:
- Save AP departments thousands of hours annually, reducing the time needed to process and pay invoices from weeks to minutes.
- Achieve peace of mind around data accuracy, security, and visibility while reducing the risk of payment fraud.
- Improve data extraction and visibility into cash flow while minimizing manual data entry.
Brian Curry, President of the software division of enChoice, the selling company, said:
“Paymerang is the perfect home for the KwikTag and Sypht businesses. From the moment we met the Paymerang team, we knew that our employees and customers were going to be in excellent hands. We’re confident that the combined company will flourish!”
Since 2018, Paymerang has consistently “grown revenue at an annualized rate exceeding 40% while expanding company operations, new product development, sales, and marketing.”
The organization has “been consistently recognized as a top workplace and Inc. 5000 company.”
Paymerang is focused “on maintaining a fantastic workplace where people thrive, feel connected to a greater purpose, and have opportunities to grow within the business.”
The company seeks “to embody its core values of integrity, passion and positivity, simplicity, teamwork, customer focus, and grit in everything it does.”
The culture creates “a strong foundation for growth.”