The banking software vendor Fundtech Ltd. has moved into the corporate payments market by purchasing the U.K. electronic invoicing company Accountis Ltd.
Fundtech, a Jersey City company, announced the $7.4 million cash deal Thursday. Additional payments of up to $3.9 million may be made during the next three years if Accountis meets certain performance targets.
Fundtech offers various banking and payments applications for businesses. Accountis sells an automated financial document exchange and payment product that links companies' accounts receivable systems.
Reuven Ben Menachem, the chief executive officer of Fundtech, said in a press release that the purchase "is an important step in Fundtech's growth plan as we leverage new technology to expand our market leadership to encompass the financial supply chain."
