A Wiltshire accounting software business has been acquired by a global digital finance firm.
Data Interconnect, which is based near Swindon, has developed a cloud-based platform called Corrivo, which helps users to digitise financial management processes, such as billing, collection, dispute and allocation.
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Nasdaq-listed US tech giant BlackLine, which has 11 offices worldwide and provides software for more than 4,200 companies, has now bought up the business for an undisclosed sum.
Tom Dodd-Noble, managing director of Data Interconnect, said: “BlackLine is a good home for Data Interconnect, which has been at the leading edge of invoice to cash solutions for 20 years. This deal will enhance both businesses and their customers.”
Bristol-based corporate finance avider Shaw and Co, which supported Data Interconnect during the sale, said the final deal was concluded in less than one month.
Jim Shaw, chief executive and founder of Shaw and Co, said: “Data Interconnect provides world-class eInvoicing software that we expect will complement BlackLine’s existing offering perfectly.”
BPE Solicitors provided legal advice to Data Interconnect on the deal. Adam Kean, head of corporate at the firm, said: “This deal required a very tight turnaround, but the team at BPE were delighted to play our part in securing a successful outcome for Data Interconnect. Congratulations to all involved.”
Founded in 1996, Data Interconnect has an office at the Shrivenham Hundred Business Park in Watchfield.