ECI Software Solutions is accelerating its growth trajectory with the establishment of a new Payments Division and the launch of two significant products: an accounts receivable/accounts payable automation suite and an embedded eCommerce AI agent. These developments come on the heels of new investments from Apax Partners and GIC earlier this year, signaling a robust commitment to enhancing the company’s fintech capabilities.
Appointed in October, Andres Ricaurte will lead the newly formed Payments Division. ECI asserts that payments have emerged as a strategic priority, necessitating increased investments aimed at helping clients optimize cash flow and bolster financial performance. The company’s platforms currently facilitate over $7 billion in annual payments, underscoring the significance of this new focus.
“Payments sit at the center of how small and mid-sized businesses operate,” Ricaurte stated. He emphasized the importance of integrating fintech directly into ECI’s platforms to enable clients to streamline cash flow and enhance operational agility, leveraging automation and actionable insights.
Following the division’s launch, ECI unveiled the NET1 Commerce Suite, a unified automation platform for accounts receivable and accounts payable targeting manufacturers who utilize software like Deacom, JobBOSS², and M1. The suite is designed to simplify financial operations, improve cash flow predictability, and offer small and medium-sized businesses real-time visibility into their financial activities. Ricaurte noted that clarity and control over cash flow are essential for the profitability of these businesses, setting the stage for AI-driven automation.
In addition to the NET1 Commerce Suite, ECI launched its embedded eCommerce AI Agent for the EvolutionX and Spruce platforms. This tool provides real-time business insights, features an AI-driven chat interface, auto-enriches product listings, and offers fraud detection capabilities through advanced pattern recognition. Chris Fisher, ECI’s vice president of global eCommerce, highlighted that many small teams lack the resources to implement advanced AI solutions typically reserved for larger enterprises. By embedding AI directly into their platforms, ECI enables users to streamline daily tasks and gain real-time insights more conveniently.
ECI describes the AI Agent as part of its “Practical AI” initiative, integrating the tool directly into merchants’ workflows without requiring external plugins. Early users have expressed positive feedback; Vicky Sollars from The Business Supplies Group Ltd. reported significant productivity gains, stating, “I managed to create 50 descriptions in just half an hour” using the AI tool, compared to the usual time of 20 minutes per description. On the fraud detection front, Clive Katz of Office Central commended the AI’s ability to identify suspicious orders and articulate the rationale behind its scoring, which has contributed to greater confidence in fraud analysis.
These product launches follow a series of earlier innovations from ECI. In September, the company introduced MobileTech AI Assist, touted as the first out-of-the-box AI-powered service tool for office technology technicians. Incorporated into the MobileTech app, this tool analyzes service ticket data and offers step-by-step repair workflows, aimed at increasing first-time fix rates while lowering labor costs. Earlier this year, ECI also presented AvidWarranty, an AI-driven digital warranty management platform tailored for homebuilders, and Bolt Enterprise, an end-to-end project and inventory management system for large trade contractors.
In February, Apax Partners increased its equity stake in ECI, becoming co-control owners alongside Leonard Green & Partners. GIC also made a substantial new investment to support ongoing growth. Apax first invested in ECI in 2017, facilitating product development, international expansion, and 27 acquisitions. ECI now serves 25,000 customers across 90 countries, employing 2,100 staff in 20 offices.
According to Jason Wright of Apax Partners, ECI has transformed into a leading SaaS provider, reflecting a five-fold expansion in EBITDA during the investment period. Trevor Gruenewald, CEO of ECI, stated that the increased funding will bolster the company’s core operations and expedite its mergers and acquisitions strategy.
Founded in 1999 as OfficeSupplies.com, ECI has diversified its offerings beyond eCommerce into software and ERP systems for small and mid-sized businesses, achieving growth through a total of 53 acquisitions. Today, ECI focuses on delivering cloud-based systems that integrate various operational aspects—from ERP and eCommerce to payments, inventory management, and customer relationships—with an increasing emphasis on embedded AI. Headquartered in Westlake, Texas, the company continues to position itself for future growth in an evolving technological landscape.
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