CALGARY, ALBERTA – September 14, 2017 - Cortex Business Solutions Inc. (TSXV: CBX), a network-as-a-service e-invoicing solutions provider, today announces their partnership with APVelocity, an affiliate of TCI Business Capital, to offer supply chain finance to Suppliers on the Cortex Trading Partner Network.
Cortex continues to relentlessly pursue additional value for customers on the Network. Through this partnership, as key industries continue to deal with the ongoing ebbs and flows of economic cycles, Cortex is able to provide an extension of services to help companies better manage cash flow.
In addition to the increased efficiencies Suppliers gain from being on the Cortex Network, APVelocity provides Suppliers with an all-in-one solution for e-payments, payment processing, and early pay to benefit their entire supply chain and improve their balance sheet. Buyers that use the Cortex Network will further improve their days payable outstanding and streamline their AP process, all without the need for bank or other funding sources and without incurring additional debt.
“When looking for partners, we look for companies that mirror the Cortex approach to business, which is to provide customers on the network with the most innovative, simple solutions that help them improve their business”, said Elena Dumitrascu, VP, Strategic Partnerships for Cortex. “APVelocity’s method of doing business aligns with ours at a core level; from their onboarding expertise, ability to reduce days sales outstanding for Suppliers, increase days payable outstanding for Buyers, and improve communication methods to reduce disputes & improve the relationship between Buyers and Suppliers. APVelocity is an incredible addition to the value the Cortex Network brings.”
This latest offering to customers on the Cortex Network builds upon the value already being delivered through improved data accuracy, greater visibility, better rejection handling, and multiple connection methods. By transacting on the network, Buyer and Supplier companies not only have access to their data anytime, anywhere that they have an internet connection, but they can now access the funds they need to build their business faster than ever before.
“At APVelocity, we believe in delivering customized supply chain financing solutions so that we can rapidly meet the working capital goals of both Buyers and Suppliers in ways that strengthen the entire supply chain. Our goals align with Cortex when it comes to providing innovative and simple solutions to Cortex customers that save time and resources by automating the invoicing and billing process,” said Santosh Kalkar, President of APVelocity. “One of our greatest strengths is ensuring a smooth onboarding process for our customers’ Suppliers. For existing Cortex users, we anticipate a seamless integration delivering immediate supply chain financing, as the bulk of onboarding has been completed.”
About Cortex Business Solutions
Cortex’s strategy is to revolutionize B2B document exchange by replacing traditional paper-based manual systems with automated e-invoicing. This positions companies with the scalability and flexibility needed to meet the demands of today’s business. Cortex offers a B2B network that enables electronic invoicing for buying and supplying organizations using flexible connection methods to leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses.
Cortex is currently delivering e-invoicing services to over 10,000 Trading Partners in Oil & Gas, Mining, and Sports & Entertainment industries, with a focused expansion into additional verticals.
For more information, please visit www.cortex.net
About APVelocity (Affiliate of TCI Business Capital)
Formed in 1994, TCI Business Capital provides exceptional business-to-business financing options throughout North America. As part of that effort, APVelocity is recognized for providing reliable, flexible, responsive, innovate products, customer service, and exemplary corporate citizenship in industries such as heavy construction, oilfield services, precision manufacturing, and renewable energy.
For more information, please visit http://apvelocity.com/
|Joel Leetzow||Henry Pham||Andrew Stewart|
|President and CEO||Interim CFO||Director, Marketing & Investor Relations|