A Sydney software development house has been acquired by global software vendor Coupa, which is used in 40 countries and by the likes of Salesforce and NEC.
InvoiceSmash, based in St Leonards, will see its e-invoicing application integrated into Coupa’s cloud platform, which also boasts Deloitte and KPMG as channel partners in Australia. Terms of the deal were not disclosed.
The Sydney firm’s founder and owner, Mark Burch, founded InvoiceSmash five years ago. The idea was to streamline e-invoicing by developing a third-party product available to customers of MYOB, Xero and Saasu. Burch previously ran his own software consultancy, and also had a stint as a developer at Microsoft until 2009.
InvoiceSmash converts invoices from suppliers into a format compatible with a company’s accounts payable system. The system is also designed to take into account changes to a supplier’s invoice format and connects to MYOB AccountRight Desktop, AccountRight Live, Xero and Saasu.
While e-invoicing is far from new, Burch focused on converting the electronic files, rather than optical character recognition (OCR) features. “The problem with OCR is that it always requires human oversight. Ultimately that’s very expensive,” he said.
Burch claimed InvoiceSmash was a cheaper alternative to enterprise-class electronic data interchange systems for ad-hoc transactions.
The Australian technology will make its way to Coupa’s customers by the end of 2015. InvoiceSmash's five Sydney staff will all move to Coupa.
The Coupa platform includes accounts payable, sourcing, procurement, e-invoicing, and travel and expense management.
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