Paymerang acquires Aussie AI data platform
Chesterfield firm also buys assets of invoice automation company
Chesterfield County-based payment and invoice automation company Paymerang LLC has acquired Australian-based artificial intelligence data extraction and analysis platform Sypht and the assets of KwikTag, an invoice automation company, Paymerang announced Tuesday.
Paymerang acquired both from Tempe, Arizona-based tech firm enChoice Inc. Terms of the deals were not disclosed and the acquisitions were completed April 3.
KwikTag offers a cloud-based automation solution to clients across multiple industries and creates a fully-integrated Microsoft Dynamics document manager and workflow platform for accounting teams. Sypht developed an AI-powered data extraction platform. Sypht and KwikTag are software as a service-based products. KwikTag customers will receive immediate access to Paymerang’s payment automation software.
The acquisitions adds a proprietary AI platform and other products to Paymerang’s offerings, as well as giving the company an international presence in more than 25 companies, according to Paymerang.
Vienna-based private equity firm Aldrich Capital Partners invested $26 million in Paymerang in 2018 and another $10 million in 2021. Since 2018, Paymerang’s revenue has grown 40% annually and it has expanded its operations, new product development, sales and marketing.
“I’m excited to welcome the KwikTag and Sypht teams to the Paymerang family,” Paymerang CEO Nasser Chanda said in a statement. “Not only do we share the same values and passion for our customers, but our solutions and industry verticals are highly complementary.”
Founded in 2010, Paymerang announced plans to expand its operations to Southwest Virginia in August 2022, creating 50 jobs.
Before the acquisitions, Paymerang had 240 employees and now it will have 280.