JPMorgan Chase buys Xign Corp.

JPMorgan Chase & Co. acquired Xign Corp., a provider of business-to-business on-demand financial settlement solutions.
Under the agreement, JPMorgan bought the Pleasanton, Calif.-based company—which will be known as JPMorgan Xign Corp.—and the company’s technology, services and order-to-pay domain expertise.
The terms of the deal were not disclosed.
New York-based JPMorgan has worked with Xign to offer its order-to-pay solution set since October 2003, enablings customers to automate electronic purchase order delivery, invoicing and payments across Xign’s global settlement network of more than 40,000 suppliers.
JPMorgan said that the acquisition will add to its existing suite of payables solutions and will enable organizations to convert their activities from paper to electronic processes.