Fintech Acquires iControl, Expands Retail Product Portfolio
The company noted that the acquisition also strengthens its position in the alcoholic beverage market.
Financial Information Technologies (Fintech) recently announced its asset acquisition of iControl Systems USA, a third-party technology solution offering alcohol invoice payments and scan-based trading.
Fintech stated that the acquisition broadens the adoption of its flagship product, PaymentSource, and expands the company’s retail product portfolio.
With this acquisition, Fintech now serves over 240,000 alcohol-licensed hospitality and retail establishments through PaymentSource for alcohol invoice payment automation and data integration. This represents over 1,100,000 business-to-business connections that depend on Fintech for seamless payment submission and collection technology associated with alcohol deliveries.
This acquisition also added to Fintech’s product portfolio, serving retailers and suppliers outside of alcohol, with scan-based trading software. This well-established and proven product empowers retailers to materially reduce inventory holding costs, strengthen operational cash flow, gain insight into inventory movement down to the Universal Product Code (UPC), optimize labor efficiency and achieve significant cost savings beyond the alcohol category.
Their supplier partners benefit by using retailer point-of-sale (POS) data to save time, simplify inventory management and ensure more effective ordering. With visibility into customer location-level sales, suppliers can reduce out-of-stock items and boost revenue. Invoicing upon scanned purchase minimizes discrepancies, improves timely payments and expedites reconciliation.
Fintech’s data capabilities also eliminate the need for managing multiple electronic data interchange (EDI) formats and simplifies transactions for non-EDI-capable suppliers.
“Our dedication remains steadfast in providing excellence in the products and support we extend to our clients, enabling them to successfully manage and grow their businesses,” said Tad Phelps, CEO for Fintech. “This acquisition serves as another testament towards our commitment to expand Fintech’s solutions portfolio for the retail and hospitality industries and supplier partners.”
“We are excited to join forces with Fintech. After thorough consideration and assessment, it became evident that aligning with Fintech was the optimal choice,” said Matt Gutermuth, CEO of iControl. “Ultimately, we are confident that uniting these two companies will prove advantageous for both clients and employees.”
The iControl assets acquisition closed in December 2023, and marks Fintech’s fifth M&A transaction since 2019 as the company continues to focus on expanding its technology product offerings for clients.
