Billtrust, a cloud-based B2B payment cycle management solution provider, has acquired business credit information firm Credit2B.
Credit2B, formerly Bernard Sands, provides many apparel, footwear and accessories vendor clients with credit information and recommendations — also known as credit checks — on a number of retailers they sell to. That information helps vendors decide whether or not to ship to the retailers.
Financial terms of the transaction were not disclosed.
In a letter from Credit2B president Shyarsh Desai and Billtrust founder and chief executive officer Flint Lane that was obtained by WWD, the plan is to continue to operate the credit information provider as an independent subsidiary. The letter also indicated that the combined firm would be looking at how to integrate the platforms.
Billtrust’s cloud-based system is known as Quantum. The company’s headquarters is in Hamilton, N.J. The company letter to employees said that company is “backed by a group of highly successful growth investors.” Billtrust last May said it completed a $50 million funding round led by Riverwood Capital Management. At the time, the company said it would use the investment to “strategically grow into adjacent markets, continue to innovate the products and services available in [its] Quantum Payment Cycle Management solution and expand [its] global footprint.” Lane added, “Billtrust’s mission is to not only accelerate, but to help clients grow cash flow.”
According to the same letter, the “deal was formulated over a two-plus-year period during which both firms carefully evaluated the benefits of combining strengths, starting with an initial meeting where there was an immediate realization of a common vision.”