Oxygen Finance has tannounced the acquisition of Satago. The transaction will see the businesses working together to offer comprehensive early payment, finance and cash flow solutions for both large buying organisations and suppliers of all sizes, including SMEs.
Oxygen provides the capability for large public and private sector organisations to pay suppliers ahead of contracted terms in return for a discount against their invoices. Satago provides cloud-based technology that integrates with an SMEs existing accounting software, giving it the same level of credit control as larger businesses. By automating and managing communication with debtors, it helps clients to generate invoice reminders, visualise credit risk and formulate policies and limits, all with the aim of improving cash flow.
Ben Jackson, CEO of Oxygen Finance, commented: “Satago’s offering is hugely complementary to Oxygen, accelerating our growth and enabling clients to interact with their suppliers through automation that would have been inconceivable just a few years ago. Oxygen’s early payment solutions for large buyers, which enables them to pay suppliers ahead of contracted terms, is the perfect partner for Satago’s proven business model of giving SME suppliers the tools in their native accounting applications to improve receivables management.“
Steven Renwick, CEO and founder of Satago, added: “Satago is a natural fit for Oxygen. Our accounts receivable technology and supplier-focused single invoice finance facility is neatly complemented by Oxygen’s early payment technology. We are really excited to combine the businesses to do more to help UK SMEs get paid even faster and improve their cash flow.”