Avolent

About Avolent

Founded in 1995 and headquartered in San Francisco, CA, Avolent established itself as a provider of web-based, self-service software for electronic billing and settlement processes. The company focused on transforming organizations' paper-based, manually intensive billing and payment operations into an integrated, self-service web environment designed to enhance customer satisfaction and drive operational efficiencies.

Avolent's business model centered on providing its software suite through various packages to cater to a broad market, from small-medium businesses to large corporations. Its product lineup included 'Express' for basic electronic bill presentment and payment, 'Standard' which added self-service settlement capabilities, and 'Enterprise' for large-scale deployments. These solutions were offered primarily through a Software-as-a-Service (SaaS) model, enabling both B2B and B2C clients to manage electronic invoicing and payments. Revenue was generated on a per-invoice pricing structure, which covered all operating costs for processing and delivering invoices and payments. The company served a diverse client base across industries such as healthcare, financial services, insurance, manufacturing, and communications, with notable customers including Hewlett-Packard, Office Depot, and Penske Leasing.

Throughout its history, Avolent achieved several milestones, including the acquisition of financial software firm Solant in January 2001. The company secured significant venture capital, with one funding round, a Series C in October 2006, raising $9 million. On January 1, 2009, Avolent was acquired by Genpact, a global professional services firm. The acquisition was a strategic move for Genpact to integrate Avolent's platform-based billing and settlement services into its own finance and accounting offerings, aiming to provide a more comprehensive order-to-cash process solution for its clients.