TranscendAP, Inc., a specialist in accounts payable (AP) automation solutions, announced that it is operating as a newly formed company. Formerly a business unit of Optima Global Solutions, TranscendAP has supported an array of mid-market to large enterprises since 2018, automating all aspects of their AP operations with its software.
The new TranscendAP and its namesake technology platform will build on the proven success of delivering AP automation solutions. The latest version of TranscendAP integrates artificial intelligence, machine learning, and extensive functionality that drives team efficiency and cost effectiveness.
“We are excited about the launch of TranscendAP as a new company,” said Jeff Weinstein, Co-Founder and Chief Executive Officer of TranscendAP, Inc. “Building on the hard work of our team, innovative technology, and diverse customer base, the market opportunity for TranscendAP is vast, especially as we innovate around AI, machine learning, and advance workflow functionality across our platform.”
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An experienced executive and entrepreneur, Jeff Weinstein has led many enterprise software companies in varied stages of development including startups, turnarounds, high growth firms, and publicly traded corporations. He has worked in the areas of AI and machine learning, HR compliance, human capital management, data security, e-commerce, and customer relationship management. Prior to launching TranscendAP, Jeff was President and CEO of RightAnswers, President at Calamu, and Chief Growth Officer at Traliant.
Founded in 2001, Optima Global Solutions provides IT services and consulting resources to help progressive organizations automate their internal business processes, most notably accounts payable (AP) operations. The company’s software, TranscendAP has been trusted by enterprises to support all aspects of the invoice-to-pay lifecycle. Through this success, Optima Global Solutions teamed with Jeff to launch TranscendAP as a new venture to focus on addressing the growing needs of the AP automation market.
According to Gartner’s Market Guide for Accounts Payable Invoice Automation (APIA) Solutions, the analyst firm forecasts that the spend on the APIA and supplier e-invoicing software markets will be nearly $1.75 billion through 2026, up from approximately $925 million in 2021, at a compound annual growth rate (CAGR) of 14%.
“While the Generative AI infrastructure momentum continues, the next phase has begun; AI applications focused on specific use cases to get business results,” said Steve Kimball, Managing Director of the Chasm Group. “TranscendAP’s AI/ML platform for the AP Automation market offers finance departments the opportunity to capitalize on that movement.”
The TranscendAP platform provides a fully-configurable and robust invoice-to-pay platform to manage all aspects of AP operations. It includes intelligent, AI-driven document capture, automated 2, 3, & 4-way PO matching, sophisticated exception handling and escalation, real-time ERP Integration, and a self-service supplier portal.
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