Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announces the acquisition of TermSync™, a Madison, Wisconsin-based company that offers a cloud-based accounts receivable (AR) automation platform.
Esker's Accounts Receivable solution is the first software as a service (SaaS) solution to automate the sending and archiving of electronic and paper invoices — the latter through the use of Esker Mail Services, a worldwide network of mail production facilities. By allowing invoices to be delivered according to any format preference and from any ERP/business application, Esker enables suppliers to implement e-invoicing immediately while their customers can adapt at their own pace.
Once the invoice is delivered, TermSync provides easy-to-use tools for B2B companies that allow post-sale customer interactions (AR and customer support) to be streamlined, automated and modernized as much as possible. TermSync's product solutions are designed to benefit both vendors and their business customers alike. Vendors use TermSync to manage their entire receivables workflow, much like a sales team uses a CRM solution to manage the sales activities. Their customers are given access to a portal called Invoice Assist, where they can make free online payments, view invoice information, ask questions, apply credits and more. Companies using TermSync benefit in a number of ways including:
Improved customer relations — 72% of people prefer an online self-service 24/7 option compared to email or phone support alone
Increased administrative efficiency — the average AR rep can manage over twice as many customer accounts when using AR automation
Faster customer payments — the average TermSync client achieves a 29% reduction in DSO after only six months of use
A Mutually Beneficial Acquisition
Esker believes the acquisition of TermSync will not only complement and enhance its existing AR solution offering in the U.S., but provide significant opportunities for future growth. "We're very excited by this acquisition and what it means for companies seeking to modernize the whole of their AR processes," said Steve Smith, U.S. Chief Operating Officer at Esker. "TermSync brings a number of sophisticated capabilities to the table, from collections forecasting to dispute resolution, which we are confident will add a more dynamic dimension to our current AR solution offering."
"It was clear to me from the first day we started talking with Esker that this would be a great fit," said Mark Wilson, founder and CEO at TermSync. "Our products obviously complement each other in an area that is ripe for innovation and disruption, but it goes beyond that. The people, culture and vision are also aligned. I look forward to what the future will bring for all involved."
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