B2B Payments Firm Voxel Acquires Australia’s Troovo
The Spanish B2B payments company Voxel has acquired the Australian-based Troovo for an undisclosed amount. As PhocusWire reported on Thursday (Sept. 16), Voxel plans to incorporate Troovo’s Robotic Process Automation technology into its baVel payment platform, giving it GDS connectivity along with a decision engine for payment optimization.
Voxel said the integration means a “frictionless process is achievable, enabling better business outcomes,” adding that the platform will be able to handle the entire eBilling and payment cycle.
The company will keep Troovo’s offices in Sydney and Melbourne, while allowing it to expand into the Asia Pacific region. Voxel will continue working with Troovo customers, including Flight Centre, Webbeds and QBT.
“We have taken advantage of the pandemic to spend quality time thinking strategically and investing in technological innovation in order to emerge stronger from the crisis,” said Xavier Ginesta, chairman at Voxel. "The acquisition of Troovo, its technology and its patent are the spearhead of a strategic plan that not only makes baVel Pay's Payment Manager the most powerful B2B payment platform in the travel industry, but also one of the most complete in the market in general.”
In an interview with PYMNTS last year, Ginesta spoke about the importance of eBilling and ePayments for the travel industry. He said the hospitality industry has long been marked by growing booking volume, high margins and a relatively strong level of trust between stakeholders. “This made the need to optimize operational inefficiencies secondary,” he said.
Read more: How ePayments Can Ease B2B Friction in the Travel Industry
Ginesta added that the industry’s new reality will be marked by lower bookings, tighter margins, financial pressure on digital travel providers and the need to manage costs. “This new context provides a great opportunity window to re-engineer the old-fashioned ways the industry had been doing B2B payments in the past, which could have otherwise taken decades to change” — particularly when it comes to payments.