Charlotte, NC; August 4, 2004 - DecisionPoint International, a boutique investment bank providing merger and acquisition services to middle-market services and technology clients, announced today that its local client, Profit Technologies, an international earnings enhancement firm, has acquired Revenew International, Inc., an accounts payable and contract compliance cost management firm located in Houston. The acquisition expands Profit Technologies procurement-to-payment Enterprise Cost Management solutions, improves its cost analytics tools and augments its contract compliance capabilities. Revenew will operate as a wholly-owned subsidiary of Profit Technologies.
“Accounts payable is a strategically important area for our earnings enhancement business, and the acquisition of Revenew International enables us to increase our presence in this space,” said Chris McKee, vice chairman at Profit Technologies. “Profit Technologies selected Revenew International because of the solidity of its services, software and systems and its premier client base.”
Accounts payable operations process millions of invoices annually. Despite technology and procedures designed to prevent payment errors, duplicate payments, overpayments, payments of credit invoices or payments to the wrong payee do occur. Though the number of occurrences is small on a percentage basis, the aggregate monies lost can be significant to even a moderately sized firm. Revenew International’s accounts payable offering, which is now a part of Profit Technologies’ overall Enterprise Cost Management solution, identifies, recovers and helps reduce these erroneous payments without disruption to client staff.
“The synergies of this acquisition benefit clients of both Profit Technologies and Revenew International,” said John Birks, president and CEO of Revenew International. “Profit Technologies expands its business and gains penetration into new market segments. Revenew International gains access to new market segments and, more importantly, now offers a greater depth and breadth of services to our customers.”
Revenew International also brings a robust contract compliance cost recovery solution to Profit Technologies. Bridging the gap between Accounts Payable and Supply Chain organizations, the contract compliance cost recovery capabilities provide clients industrial-strength best practices in the procurement-to-payment process. The combination of the accounts payable and contract compliance capabilities provides breadth and depth of results that can potentially double the total recoveries for a client, and is an important factor in Revenew’s past successes.
Revenew International’s accounts payable and contract compliance solutions will be integrated into Profit Technologies’ Enterprise Cost Management platform, expanding the firm’s ability to help clients verify, control and reduce their largest expenses.
“This acquisition supports our best-in-class service delivery model on a global basis and expands our offerings to clients of both companies,” said Chad Kennedy, executive managing director at Profit Technologies. “Furthermore, Profit Technologies will capitalize on Revenew’s technology, automation and tools to accelerate the continuing automation of our business and cost management practices.”
Profit Technologies plans to retain all current Revenew International staff and maintain its operations in Houston.
About Profit Technologies
Profit Technologies, headquartered in Davidson, NC, is an international earnings enhancement firm providing specialized profitability and performance improvement solutions to enterprises worldwide. Since its inception in 1973, Profit Technologies has successfully performed more than 700 engagements, producing more than $12 billion in revenue acceleration, alternative revenue source, cost recovery and cost reduction benefits for its clients. For more information visit Profit-Tech.com.
DecisionPoint is a global leader in M&A advisory services for middle-market technology companies in the services, software, and communication sectors. For additional information on DecisionPoint, visit www.DecisionPointINT.com.
For further information, contact: Doug Ellis, Managing Partner; (704) 916-9070; DEllis@DecisionPointINT.com.