Jul 16 2021
PRESS RELEASE: Glantus acquires Technology Insight Corporation
GLANTUS ANNOUNCES ACQUISITION OF TECHNOLOGY INSIGHT CORPORATION (TIC), SOLIDIFYING POST-IPO GROWTH STRATEGY AND FURTHER EXPANDING INTO U.S. MARKET
Glantus, a provider of Accounts Payable automation and analytics solutions, has acquired Technology Insight Corporation and the business and certain assets of Technology Insight Europe Limited. Technology Insight Corporation has developed its own proprietary AP analytics solution, Datashark, that digitizes the recovery audit process.
This acquisition will provide an immediate boost to Glantus’ earnings per share and represents a major next step in our post-IPO growth strategy.
We’re delighted to be joined by the TIC team on this journey – this is the first acquisition of many that we will undertake following our successful IPO. Our goal is to become a leader in AP technology through a mix of strong organic growth and acquisition, and the addition of TIC is another key step in that exciting process.
- Maurice Healy, Founder & CEO, Glantus
The acquisition of TIC will provide presales, implementation, and technical support to the entire U.S. team, and will make the provision of Glantus services more effective and efficient. In addition, it provides Glantus with enhanced management and sales capability along with a greater geographic spread of customers in the US.
Karl Andersson, Founder and CEO of TIC, will remain within the enlarged Group as SVP of Acquisitions and Development.
We recognize that customers are increasingly looking at automation and AI to drive further efficiencies in their financial processes. With Glantus, we now have the advanced technology platform and the team behind us to deliver additional services to our customers.
- Karl Andersson, Founder & CEO, TIC
Customer Base, Revenue Impact, and Scale
TIC brings with it 35 global enterprise customers, making the joined consolidated enterprise customer base close to 100. TIC derives revenue from two streams: subscription and transactional.
TIC brings exciting additional resources to Glantus:
Technology Insight Corporation customers will see the benefits of Glantus automation and AI technology in enhancements to the services offerings later in 2021.