San Francisco-based Avolent Inc. (www.avolent.com) completed its acquisition of electronic bill presentment and payment (EBPP) and customer care solutions provider Solant Inc. The acquisition was announced in October. Financial terms were not disclosed. The new company will retain the Avolent name.
"This is a very exciting time for us as a company and for the Internet billing industry in general," said Douglas S. Thompson, chairman and CEO of Avolent. "The new Avolent is uniquely positioned to deliver complete electronic billing, invoicing and interactive customer care solutions that enhance the interactions between businesses and their customers."
The expanded Avolent team will help the company to extend its market leadership and continue to meet the rapidly growing EBPP and EIPP (electronic invoice presentment and payment) needs of billers, bill publishers and service providers, Thompson added.
Headquarters of the new company will remain in San Francisco. Founded in 1995, Avolent (formerly Just in Time Solutions) provides solutions for EBPP, EIPP and interactive customer care.
Colorado-based Solant (formerly Novazen Inc.) was founded in 1997. Solant CEO John Hansen will remain with the newly formed company as vice chairman of strategy and corporate development. The rest of the new company's executive team will be a combination of current Avolent executives and Solant executives. The new company will employ approximately 250 people.
