Corcentric Strengths, Domain Expertise, and Key Differentiators
Corcentric, as a prominent provider of procurement and finance solutions, revolutionizes the management of purchasing, payments, and receivables for companies. Its comprehensive suite of solutions in procurement, accounts payable, and accounts receivable empowers businesses to enhance spending efficiency, optimize cash flow, and boost overall profitability.
Corcentric Recent Developments
In November 2023, Corcentric partnered with Riteload, a broker-free freight matching platform. The collaboration brings Managed payment services to carriers and shippers on Riteload's platform, ensuring swift and efficient payment cycles. Corcentric's Payments Solution facilitates electronic payments, streamlining billing, collections, and remittances, thereby optimizing cash flow. The partnership reflects Corcentric's commitment to enhancing efficiency and transparency in the trucking industry.
In February 2022, Corcentric Capital Equipment Solutions (CCES) formed an equipment finance funding agreement with Customers Commercial Finance, LLC. This collaboration enhances Corcentric's financial capabilities, providing tailored financing solutions for diverse industries. The partnership underscores CCES's commitment to expanding its financial network and supporting clients' unique financing needs. Customers Commercial Finance joins Corcentric's esteemed National Funding Network Partners.
In September 2022, Corcentric partnered with ProMach to integrate payment digitization services, streamlining processes and enhancing efficiency. The collaboration aims to improve cash flow visibility and reduce errors, aligning with the growing trend of CFOs accelerating digitization efforts for balance sheet improvement. ProMach sees Corcentric's Payments solution as a secure platform to deliver high-performance services to suppliers.
In April 2021, Corcentric opted for Wolters Kluwer's eOriginal solution to enable compliant end-to-end electronic equipment lease finance transactions. Acquired by Wolters Kluwer's Governance, Risk, and Compliance division in December 2020, eOriginal provides purpose-built digital lending solutions, including electronic signatures, collateral authentication, and an electronic vault. The suite of eOriginal services is set to assist Corcentric's customers in simplifying and securing the historically complex process of electronic equipment lease finance transactions.
In May 2020, Corcentric attracted an $80 million investment from Bregal Sagemount, a New York-based private equity firm. This funding is earmarked for supporting Corcentric's endeavors in product innovation and solution integration as part of its global expansion strategy, with a focus on assisting businesses in enhancing cost management and achieving greater spending efficiency.
Corcentric Mergers and Acquisitions (M&A) Activities
In February 2021, Corcentric finalized the acquisition of Vendorin from Juvo Technologies for a purchase price of $100 million. The financial details beyond the purchase price were not disclosed, and the acquisition was funded using available cash, following Bregal Sagemount's investment in May 2020.
Corcentric Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Corcentric applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Corcentric and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Corcentric Platform customers.
Corcentric Overview
200 Lake Drive East, Suite 200
Cherry Hill, NJ, 8002, United States
1 800-608-0809
https://www.corcentric.com/
Ownership: - x
Number of Employees: 500
Functional Markets: ERP Financial, Procurement,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Manufacturing, Media, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Corcentric Key Enterprise and Cloud Applications
Corcentric Platform
Corcentric Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Corcentric Revenue Breakdown By Type, $M:
Corcentric Enterprise Applications Revenues By Functional Markets, $M:
Corcentric Enterprise Applications Revenues By Verticals, $M:
Corcentric Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Corcentric Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Corcentric Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Corcentric Customers
No. of Corcentric Customers: 6000
No. of Corcentric Enterprise Applications Customers: 6000
No. of Corcentric Cloud Customers: x
No. of Corcentric Cloud Subscribers: x
UNIVI, a player in French healthcare and social services, has implemented Corcentric's Procure-to-Pay solution. Formed in 2019 by leading retirement institutions, UNIVI focuses on caring for vulnerable individuals. With the establishment of the Procurement Department, UNIVI aims to streamline and digitize its processes.
In pursuit of its strategic expansion, Mr. Bricolage, a renowned DIY retail leader in France, has adopted Corcentric's modular SaaS Procurement Solution. Over the past four years, the Mr. Bricolage Group has grown to prominence in the home and garden DIY sector, with aspirations to reach 1000 retail outlets by 2028. This move towards digital transformation in procure-to-pay processes reflects the company's commitment to optimizing efficiency and bolstering the growth and performance of its extensive store network through the implementation of the Corcentric Procurement Solution.
Corcentric has cultivated a client base of 6,000, featuring prominent entities like Dalmer, DOT, LAWSON Products, UMRH, and others.
Corcentric Market Opportunities, M&A and Geo Expansions
In a recent announcement, Corcentric appointed Ed Benack as Chief Customer Officer, Manish Jaiswal as Chief Product Officer, and Brent Kinman as Senior Vice President of North American Sales.
In April 2021, Corcentric, led by Sean Regan, expanded its Global Alliance Partner Program. The initiative offers clients access to third-party services and enables strategic partners to leverage Corcentric's leading solutions for procurement, accounts payable automation, integrated payments, and more, fostering mutual business growth.
In March 2020, Corcentric introduced the Global Alliance Program, offering private equity, advisory, system integrator, technology, and reseller partners enhanced access to source-to-pay and order-to-cash solutions for global enterprises.
Corcentric Risks and Challenges
In January 2021, Corcentric rebranded Determine, Netsend, and Source One to unify under the Corcentric name. This strategic move enhances Corcentric's position as a comprehensive provider of procurement, accounts payable, and accounts receivable solutions. The inclusion of Source One, Netsend, and Determine bolsters Corcentric's capabilities in e-billing, source-to-pay, contract lifecycle management, procurement, and financial process automation.
Corcentric Ecosystem, Partners, Resellers and SI
In April 2021, Corcentric entered into a strategic partnership with Beroe, a supplier risk and compliance provider. This collaboration integrates Beroe's Know Your Supplier (KYS) into the Corcentric Platform, allowing users to effortlessly link supplier profiles with leading third-party risk data providers without the need for individual agreements. Corcentric Supplier Management customers gain access to comprehensive supplier risk data, covering financial, reputational, sustainability, and cyber risk information, through Beroe's KYS.
Corcentric Cloud Infrastructure Insights
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- Corcentric Public Cloud and Infrastructure (IaaS)
- Corcentric Platform (PaaS)
- Corcentric Application Delivery
- Corcentric Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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