The amount of the deal was not disclosed.
The acquisition complements Lavu’s restaurant management platform with Sourcery’s end-to-end payment automation solutions, from invoice intake, to approvals, to payment execution.
Founded in 2012 by Na’ama Moran and Peretz Partensky Sourcery has developed a technology platform that removes the need for pen and paper and transfers the accounts payable process to the cloud. Information is saved, coded, and categorized for future use, with the data accessible from anywhere at anytime. Payments are automated and sent through a secure, online billpay platform and invoices are processed quickly. It is a Y Combinator-backed startup.
Led by CEO Saleem S. Khatri, Lavu provides a mobile point-of-sale and payment processing system for restaurants and bars. Used in food service establishments in more than 90 countries, Lavu is a full-featured iPad-based POS system available in the Apple App Store.