Afternoon Coffee: Corcentric Gets $200 Million Investment; MBO Partners and Taxfyle Join Forces

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Corcentric, a provider of procurement and financial process automation solutions, announced it has secured a $200 million senior credit facility, which will mainly be used to support growth organically and with acquisitions in the U.S. and abroad.

“Securing this credit facility underlines our commitment to growing our business and pursuing the large market opportunity in front of us,” Mark Joyce, executive vice president and CFO at Corcentric, said in a statement. “We’re continually investing in further improving our technology and solutions, benefiting our customers as we help them to transform procurement, accounts payable and billing.”

The company said its services and technology focus on reducing operating costs for middle market and Fortune 1000 companies. In March, the company rebranded with AmeriQuest Business Services under the Corcentric name. It provides solutions to over 6,000 customers, the statement said.

“Our new credit facility represents a key step in the execution of our strategic plan under the Corcentric brand,” said Doug Clark, founder and CEO, Corcentric. “From our early days to today, our DNA continues to be about providing a competitive advantage to our customer by enabling them to free up working capital and reduce expenses.”

Gig Workforce + On-Demand Tax Help

MBO Partners, a business services platform for independent professionals and enterprises, has announced a partnership with Taxfyle.

Taxfyle, founded in 2015, describes itself as an on-demand workforce company that matches and connects customers to licensed certified public accountants and IRS-enrolled agents who perform tax and accounting work for them.

In the contingent workforce management domain, MBO Partners has typically been thought of as an independent contract worker classification and agent of record firm serving enterprises.  But the reality has been that MBO — which stands for My Business Office — provides a broad range of services and software tools for independent contract professionals. These include business management software as a service, liability insurance, contract review and administration, automated invoicing, payroll tax administration and, now, Taxfyle’s on-demand tax filing services.

“MBO sources some of the most talented independent professionals in the U.S.,” said Ricky Lavina, co-founder and CEO of Taxfyle, in a statement. “These individuals have complex tax situations and with Taxfyle they’ll be able to work with one of our 1,300 licensed professionals. They’ll be able to go from login to working with a live pro in as little as 60 seconds.”

And MBO (which was really a gig economy platform business before there was even a gig economy) continues to expand tools and services that can attract, engage and enable serious independent professionals — a workforce segment that MBO reports grew from 1.1 million in 2011 to 3.3 million in 2018.

Amazon Seeks Airport Stores

Amazon is looking to add its check-out free stores at U.S. airports, and it is evaluating facilities, Reuters reports. Here’s how Amazon Go works: Customers scan their smartphones when entering through a turnstile, then cameras see what they remove from the shelves, and when customers are done, they leave and Amazon charges their credit card on file.

Oil Prices Rise on OPEC Cuts

And finally, an update on oil prices: OPEC, Russia and other oil producers on Friday agreed to cut production for the first six months of 2019, sending oil prices higher, CNBC said.

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