NASHVILLE, Tenn., April 20, 2021 /PRNewswire/ -- Paymogy, LLC, a firm that advises, owns and operates SaaS businesses and start-ups across a variety of industries, announced today it had completed an investment in cloud-based Accounts Payable automation platform provider, Invoice Stream, Inc. (www.invoice-stream.com). Commensurate with closing the investment the two companies also entered into a formal Management Agreement whereby Paymogy will serve as Operating Partner for the business, with Paymogy Founder, Vaden Landers, stepping into the role of interim CEO.
Commenting on the newly formed Partnership Vaden Landers said, "Eliminating paper from the bill presentment and payment process, and reducing the costs associated therewith, has long been on the minds of businesses of all shapes and sizes. The Covid-19 pandemic has brought with it a heightened level of attention and focus to this topic with the CDC's recommendation to discontinue the handling of paper. Invoice Stream can be installed in hours with no implementation costs or IT resources, providing a network through which Buyers & Suppliers are able to conduct business in a fully paperless environment." Landers concluded, "I am excited to lead our execution against the significant opportunity to drive automation of an estimated 25 billion AP invoices in the US alone, most of which are handled manually according to published studies."
Scott Perkins, Co-Founder of Invoice Stream remarked, "We are thrilled to have the veteran fintech team at Paymogy make a significant investment in Invoice Stream and take the lead in operating the business as we seek to disrupt the procure-to-pay (P2P) market. The founders at Invoice Stream are AP practitioners with broad fortune 500 experience and have implemented many of the P2P solution sets available in the market today. Our platform delivers best-in-class SaaS results in the areas of costs, productivity, quality, & paper reduction. With the recent addition of payment integration as a feature, Invoice Stream allows Accounts Payable departments to more effectively reduce their carbon footprint and make the transition from cost center to profit center."
The Company also announced it has hired Efthymios Gkaitatzis to lead Corporate Development as it enters the launch and expansion phase of the business. Efthymios holds a Masters of Science in International Business from the University of London, and a B.S. in Business Administration & Management from the American College of Thessaloniki and Concordia University in Irvine, CA. He brings more than 13 years of International Business and Sales experience and has consistently exceeded growth targets throughout the course of his career working in FinTech start-up's as well as Fortune 500 companies. Commenting on his appointment Mr. Gkaitatzis said, "Invoice Stream is an easy to use, customer driven platform that increases workflow, is environmentally conscious, and provides for working capital optimization for the clients and markets we serve. I'm thrilled to lead our corporate development efforts to bring this solution to market to help businesses focus on what they are inspired to do – provide top-quality products and services to their customers while letting Invoice Stream take the hassle out of their accounts payable process."
About Paymogy, LLC
Paymogy, LLC invests in, owns, operates and offers strategic advisory support to SaaS based Payment Facilitators, SaaS companies, ISVs, and investors in software platform companies who seek to implement, enhance and/or evolve their growth and value creation strategy. Having spent a combined 50+ years starting, growing and successfully exiting businesses in the Fintech sector, Paymogy has served thousands of clients and participated in more than 100 M&A transactions.
For more information, please visit www.paymogy.com.
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SOURCE Paymogy, LLC