Corcentric Company Profile

Background

Overview

Corcentric, founded in 1996, is a leading global provider of B2B commerce solutions, specializing in procurement, finance, payments, accounts payable (AP), accounts receivable (AR), and fleet management services for enterprise and middle-market companies. The company is headquartered in Cherry Hill, New Jersey, and has expanded its presence through strategic acquisitions and organic growth.

Mission and Vision

Corcentric's mission is to empower businesses to optimize their procurement and financial processes, enabling them to focus on value creation while improving working capital. The company's vision is to be a trusted partner in delivering tailored solutions that address the unique challenges faced by procurement and finance professionals.

Primary Area of Focus

Corcentric focuses on providing comprehensive solutions across the source-to-settle and order-to-cash continuum, including:

Source-to-Pay

Order-to-Cash

Accounts Payable Automation

Accounts Receivable Automation

Fleet Procurement and Management

Industry Significance

With over 450,000 buyers and 1.4 million suppliers on its proprietary B2B payments network, Corcentric processes more than $100 billion in transaction volume annually, positioning itself as a significant player in the B2B commerce solutions industry.

Key Strategic Focus

Core Objectives

Optimize procurement and financial processes for clients

Enhance working capital management

Drive value creation through tailored solutions

Specific Areas of Specialization

Accounts Payable Automation

Accounts Receivable Automation

Procure-to-Pay Solutions

Order-to-Cash Solutions

Fleet Procurement and Management

Key Technologies Utilized

Cloud-based software platforms

Artificial Intelligence (AI) for intelligent applications

Integrated payment solutions

Primary Markets Targeted

Enterprise companies

Middle-market businesses

Various industries, including healthcare, logistics, and manufacturing

Financials and Funding

Funding History

Corcentric has raised a total of $346.2 million across multiple funding rounds, including:

Series A (May 2018): Amount undisclosed

Series B (May 2020): $80 million led by Bregal Sagemount

Debt Financing (November 2018): Amount undisclosed

Recent Funding Round

In May 2020, Corcentric secured an $80 million Series B funding round led by Bregal Sagemount, a prominent growth equity firm. This investment aimed to support the company's expansion and strategic initiatives.

Notable Investors

Bregal Sagemount

Bank of America

JPMorgan Chase

Utilization of Capital

The capital raised has been utilized for:

Strategic acquisitions

Product development

Market expansion

Operational scaling

Pipeline Development

Key Pipeline Candidates

Corcentric has expanded its service offerings through strategic acquisitions, including:

Source One Management Services (2018): Enhanced sourcing and procurement advisory capabilities

Determine, Inc. (2019): Strengthened source-to-pay solutions

Netsend (2019): Advanced electronic invoicing and payment solutions

Vendorin (2020): Integrated B2B payments network

Stages of Development

These acquisitions have been integrated into Corcentric's portfolio, enhancing its comprehensive suite of solutions.

Target Conditions

The acquisitions aim to address challenges in procurement, accounts payable, accounts receivable, and fleet management.

Anticipated Milestones

The integration of these acquisitions is expected to:

Expand Corcentric's market presence

Enhance product offerings

Drive revenue growth

Technological Platform and Innovation

Proprietary Technologies

Intelligent AP Automation: Utilizes AI to streamline accounts payable processes

Gopher Intelligent Assistant: An AI-powered tool for procurement and finance professionals

Significant Scientific Methods

Machine Learning Algorithms: Employed in intelligent applications to improve decision-making

Data Analytics: Used to provide insights into procurement and financial processes

Leadership Team

Executive Profiles

Douglas W. Clark: Founder, Chairman, and CEO

Founded Corcentric in 1996

Led the company through multiple acquisitions

Serves on various industry boards

Matt Clark: President and COO

Joined Corcentric in 2017

Guided the company through significant growth and acquisitions

Active in industry groups and advisory councils

Leadership Changes

In 2017, Matt Clark was appointed President and COO, succeeding his father, Douglas W. Clark, who continues as CEO.

Competitor Profile

Market Insights and Dynamics

The B2B commerce solutions market is characterized by:

Rapid technological advancements

Increasing demand for automation in procurement and finance

Competitive pressures from both established players and new entrants

Competitor Analysis

Key competitors include:

AvidXchange: Specializes in AP automation solutions

Bill: Offers comprehensive spend management platforms

MineralTree: Provides AP and payment automation services

Strategic Collaborations and Partnerships

Corcentric has formed strategic partnerships to enhance its offerings, including:

Workato: To expand integration capabilities for procurement and finance teams

Operational Insights

Corcentric differentiates itself through:

A comprehensive suite of solutions

Strong customer focus

Continuous innovation

Strategic Opportunities and Future Directions

Corcentric aims to:

Expand its global footprint

Enhance product offerings through innovation

Pursue strategic acquisitions to strengthen market position

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