Cherry Hill-based AmeriQuest Business Services announced Monday that its cloud-based financial process automation solutions subsidiary has made an acquisition.
AmeriQuest said in a news release that Corcentric Collective Business Systems Inc., based in McLean, Virginia, has purchased substantially all the assets of cloud-based e-invoicing services company InfoAccess.net, based in Cleveland.
The subsidiary’s purchase will mean the addition of 12 to 15 jobs to the company’s 80 employees in Cherry Hill through 2017, according to an AmeriQuest spokesman.
Corcentric is attempting to grow its revenue in key markets, and the deal should strengthen its market position and broaden its offerings, AmeriQuest said.
“InfoAccess.net strongly aligns with Corcentric’s strategy, cloud-focused solution suite and culture,” Corcentric CEO and President Douglas Clark said in a prepared statement. “The acquisition of InfoAccess.net allows us to grow our roster of Fortune 500 customers, enabling Corcentric to further expand and improve its position in the competitive marketplace.”
The transaction was completed earlier this month. Financial terms were not disclosed.