Spanish payments firm Voxel acquires Troovo
The Spanish B2B payments firm, Voxel, has announced that it has acquired the Australian-based company Troovo though the financial details surrounding the acquisition have not yet been revealed.
Following this acquisition, it is expected that the Robotic Process Automation technology of Troovo would be integrated into the baVel payments platform of Voxel which would help to make better business decisions and streamline the payments process. This payment optimization is expected to lead to frictionless payments on the platform which would be able to handle the entire ebilling and epayments cycle. The company has been focussing on the travel industry and the payments related to this industry for a long. Though the pandemic had been a big blow to the travel and associated industry, it has also been a blessing in disguise as it has made the industry more open to the idea of digital payments which has been helpful for companies like Voxel.
“We have taken advantage of the pandemic to spend quality time thinking strategically and investing in technological innovation to emerge stronger from the crisis,” said Xavier Ginesta, chairman at Voxel. “The acquisition of Troovo, it’s the technology and its patent is the spearhead of a strategic plan that not only makes baVel Pay’s Payment Manager the most powerful B2B payment platform in the travel industry but also one of the most complete in the market in general.”
It is expected that Voxel would retain the Sydney and Melbourne offices of Troovo and would also be viewing this acquisition as a means of entry into the Asia Pacific region as it continues to do business with the existing Troovo customers. The company is hopeful that despite the slowdown in the travel industry and with growth, increasing margins and high bookings no longer assured, it would continue to be able to work on tighter margins and lower bookings and use digital technology to its advantage to overcome these challenges in the long run. It also hopes that this acquisition would give it the edge to streamline the billing and payment processes which would lead to increased savings for the company.
The payments industry has been seeing a lot of growth in volumes over the last few months and it has also been seeing a lot of competition between big and small companies for a share of the pie. Digital payments are the way ahead for the industry as they are easy to maintain and upgrade for the payment companies while their ease of use has helped drive the demand from the users providing a win-win situation for all.