Strong First Quarter Caps Year of Business Growth for Corcentric

CHERRY HILL, N.J., May 10, 2023 – Corcentric, a leading global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and mid-market companies, announced today that first quarter net revenue increased 20% compared to the prior year period, continuing the momentum from record growth in 2022.

“Our business growth is a direct result of our comprehensive leadership portfolio, which includes B2B technology, payment solutions, and advisory and managed services,” said Matt Clark, president and COO at Corcentric. “And with the recent incorporation of the latest technology advancements that harness the power of artificial intelligence, we continue to augment and expand our products and services on behalf of our most trusted partners – our customers.”

Corcentric leverages smarter services and technology across the Source-to-Pay (S2P) and Order-to-Cash (O2C) lifecycle allowing customers to optimize profitability by reducing costs, increasing efficiencies, and improving cash flow. And with real-time visibility into spend, smarter analytics, and accurate forecasting, customers can focus on strategic growth planning.

In February, Corcentric launched its transformative Intelligent Applications solution across its existing offering, enabling finance and procurement leaders to automate and simplify critical business processes. The service augments human capabilities with intelligent solutions to reduce workload and operational costs, while empowering faster, more informed business decisions.

“The foundation on which our business is built has been and always will be our people,” said Doug Clark, founder, CEO, and chairman, Corcentric. “We are fortunate that Corcentric has been able to gain the interest of some of the best and brightest people from many industries to further our strategic vision. Together as one cohesive team, we are bringing the highest quality products and services to market, and I am excited about what the rest of 2023 holds for Corcentric.”

Throughout the past year, Corcentric continued to attract distinguished talent and industry experts to the organization. The company added key individuals to its Executive Leadership Team with the appointments of Chuck Bernicker as CFO and Nancy Pearson as CMO, while Jeff Shanahan was named to the Corcentric Board of Directors. In addition, Corcentric’s overall global employee population grew by 14.5% since the beginning of 2022 to meet the demands of increased business.

Corcentric’s success was also recognized by the industry at large, as the company also solidified its leadership position in the payments space with noteworthy accolades in recent months:

• Corcentric was noted as a Leader in the 2023 ISG Provider Lens^TM Procurement BPO and Transformation Services Global Report.
• The company was named a Major Player in the IDC MarketScape: Worldwide SaaS and Cloud-enabled Procurement Applications 2023 Vendor Assessment.
• Everest Group recognized Corcentric as a Major Contender on its proprietary PEAK Matrix framework for assessing Finance and Accounting Outsourcing (FAO) in late 2022.
• IDC presented Corcentric with the 2022 SaaS Customer Satisfaction Award for Accounts
• Spend Matters named the company to its list of the 50 Procurement Providers to Know in 2022.