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The deal will provide accountants and bookkeepers with a fully integrated end-to-end accounts receivables system, the company says.
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Paycepaid acquires Australian Debt Recoveries
03 April 2023
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Paycepaid has acquired long-time receivables firm Australian Debt Recoveries (ADR) in a multimillion-dollar deal that expands the company’s account receivables capability.
Paycepaid chief executive and founder Bill Mali said he was excited by the deal and the prospects the merger had for his firm.
“We are pleased with the structure of this deal and look forward to integrating 100 per cent of ADR staff into our existing team,” said Mr Mali.
“Compassion and empathy are crucial to our business, particularly as we enter an economic downturn.
“We want to help Australian households fix their debt, so by bringing in ADR’s in-person team, we can bring in an added human touch to our current systems.”
Paycepaid said the acquisition would ensure an end-to-end account receivables system for its clients by incorporating ADR’s staff.
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The firm said companies were looking to its technology to ensure their debt collection strategies reduced the financial stress and anxiety for late-paying customers struggling with increasing cost-of-living pressures and rising interest rates.
Paycepaid’s customisable system and automated communications platform allowed businesses to reach clients on their preferred channels while its full integration into existing accounting services Xero, MYOB, Stripe, and Monoova provided customers with several quick payment options.
Paycepaid chairman Derek Kidley said the acquisition of ADR would strengthen the firm’s growth outlook.
“ADR is a complementary business with a blue chip customer base,” said Mr Kidley.
“The combined business offers a mix of traditional and digital debt collection approaches, and in doing so provides exciting growth opportunities for Paycepaid.
“Given the challenging economic environment we believe the new business is well positioned to increase its footprint in the market.”
Owner-director of ADR, Julian Bosman, said the merger provided greater technological resources for the firm and would create an ideal receivables system for clients.
“In an environment of increasing tech innovation, the resources available from Paycepaid to lead our business into the future are enticing and exciting,” said Mr Bosman.
“In the challenging area of debt collection, this will bring benefits to the consumer in a new era of compassion.
“As inflation, interest rates and subdued economic activity bite, the market collection space will only increase along with the need for credit and robust risk protection. This strategic tie-up creates a unique end-to-end, full-service solution.”
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