Elite, a leading provider of financial management and business operations solutions to the world’s most successful law firms, announced its acquisition of Tranch, a leading B2B invoice automation and payments platform offering seamless invoice management and turnkey payment options for law firms and their clients.
Founded in 2021 by Philip Kelvin and Beau Allison, Tranch has set a new standard for law firms in the management of invoices and payments, enabling firms to streamline and automate their payment processes and increase cashflows through improved speed and efficiency in invoice delivery, billing and collections. Tranch’s electronic payment offerings include: “Pay Now” via a bank transfer managed through FedNow and the Real-Time Payment Network; “Pay by Card,” including virtual card terminals for billing teams; and “Pay Later,” which allows law firm clients to spread out their payments over time, providing greater flexibility to clients and Day 1 cashflow to law firms. Through its next-generation platform, Tranch provides a frictionless invoice-to-payments experience that allows law firms to reduce their cash collection cycle and handle more work without proportional staff increases to its finance teams, enhancing profitability.
“At Elite, our focus is on providing law firms the SaaS solutions they need to lead their business into the future with confidence, and help them gain operational efficiencies, optimize resource allocation and improve expense management,” said Mark Dorman. “Tranch is an innovative leader that is revolutionizing payment processes for law firms, and we look forward to welcoming Philip, Beau and the entire Tranch team to Elite. By embedding Tranch’s products within our portfolio of SaaS solutions, we will offer our customers greater choice and flexibility in managing their work-to-cash process, which will help law firms reduce payment delays, increase cashflows and, ultimately, boost profitability.”
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“Investments in technology and innovation by law firms have lagged historically in the area of financial operations, and our data reveals there are still significant inefficiencies that have not yet been solved from when an invoice is issued to payment, leaving a large opportunity for improvement across firms of all sizes,” said Philip Kelvin. “In 2024, Tranch more than tripled its payment volume with many of the largest global law firms, including Elite customers, to help facilitate easier and faster payments through automation and innovation. We are excited to join Elite as we scale our capabilities further and continue our rapid, product-led innovation.”
Elite’s acquisition of Tranch will enhance its ability to augment law firms’ financial and business management processes by delivering elevated, end-to-end visibility and management of revenue cycles to help firms accelerate growth.
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Source – prnewswire
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