Paymerang acquires KwikTag and Sypht
Paymerang, LLC, a leading innovator in accounts payable automation, announced the asset acquisition of KwikTag, a provider of invoice automation for Microsoft Dynamics ERP systems, and the equity 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 path for the company.
“I am delighted to welcome the KwikTag and Sypht teams to the Paymerang family,” said Nasser Chanda, CEO of Paymerang. “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 customers 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 mining and analysis.
This acquisition fits perfectly into Paymerang’s strategic roadmap:
It adds products with deep domain expertise and built-in integrations to the Microsoft ERP ecosystem, with a valuable community of channel partners.
It adds a proprietary AI platform, with modern APIs and multi-document capabilities, which 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 further their integration into Paymerang. KwikTag customers will immediately gain access to Paymerang’s award-winning payment automation solution and get an instant boost to productivity.
The combined solutions will enable customers to:
Save AP departments thousands of hours annually and reduce the time needed to process and pay invoices from weeks to minutes.
Gain peace of mind around data accuracy, security and visibility while reducing the risk of payment fraud.
Improve data mining and cash flow visibility while minimizing manual data entry.
“Paymerang is the perfect home for the KwikTag and Sypht businesses,” said Brian Curry, president of the software division of enChoice, the selling company. “From the moment we met the Paymerang team, we knew our employees and customers were going to be in excellent hands. We are confident that the combined company will flourish!”
Since 2018, Paymerang has consistently increased revenue at an annual rate exceeding 40%, while expanding its business, new product development, sales and marketing. The organization has consistently been 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 in 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.
