Symbeo partners with Amazon Business to expand reach

PORTLAND, Ore., July 9, 2024 (GLOBE NEWSWIRE) — Symbeo, Inc., a CorVel company, has partnered with Amazon Business App Center to deliver its RapidInvoice, an AI-enabled optical character recognition (OCR) product. The partnership is a significant step toward the mid-market and small business segments as more and more businesses are drawn to e-commerce platforms like Amazon’s B2B marketplace. The move allows customers to leverage wholesale pricing on goods and services, with the added benefit of integrated payment reconciliation with financial systems, promising a future of increased efficiency and cost-effectiveness.

Symbeo RapidInvoice is an Accounts Payable (AP) automation solution for Amazon Business customers that provides document receipt, tracking, sorting, and classification, and AI-powered OCR for improved financial reporting and reconciliation. Customers will experience easy setup in five business days, eliminate waste, improve visibility into purchasing power, and proactively manage cash flow to meet current and future financial needs.

“At Symbeo, we will continue to transform the future of payments. This partnership will enable our joint customers to benefit from cutting-edge AP automation technology with the convenience of Amazon Business. This collaboration with Amazon Business reflects our commitment to delivering successful AP automation with innovative technology and strategic partnerships. By simplifying procurement processes and providing the convenience of one-stop shopping, this partnership enables businesses of all sizes to increase efficiency and maximize their return on investment.” – Tomika Russell, President, Symbeo

For nearly three decades, customers have trusted Symbeo to deliver successful AP automation. Our experience in leveraging cutting-edge technology, streamlined processes, and customer engagement has helped us drive sustainable growth and unlock purpose beyond payments. This trust is the foundation of our partnership with Amazon Business and the driving force behind launching RapidInvoice on their platform.

About Symbeo
Symbeo helps companies around the world build efficiency between payers and payees in business-to-business corporate accounts receivable (AP) transactions with true AP automation. As an industry leader for over 25 years, we remove the burden of the manual invoicing process by navigating emerging technologies including AI, machine learning, and intelligent OCR solutions to optimize the P2P ecosystem from invoice receipt to payment. By leveraging the power of automation, we create a paperless environment that helps our customers achieve their sustainability goals and unlock purpose beyond accounts receivable. Learn more at symbeo.com or call us at 888.722.6663.

About CorVel
CorVel Corp. applies technology, including artificial intelligence, machine learning and natural language processing, to improve the management of care episodes and related healthcare costs. We work with employers, third-party administrators, insurance companies and government agencies to manage workers’ compensation, health, auto and workers’ compensation services. Our diverse set of solutions combines our integrated technologies with a human touch. CorVel’s customized services, delivered locally, are supported by a national team that supports our partners and their customers and patients.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
All statements contained in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections regarding the Company, the beliefs of management, certain assumptions made by the Company and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements regarding the Company’s managed care services and the Company’s continued investment in these and other innovative technologies and statements regarding the Company’s workers’ compensation service offerings. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition will be greater than our initial assessment.

The risks and uncertainties referred to above include, but are not limited to, those described in this press release and in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2023, September 30, 2023 and December 31, 2023. The forward-looking statements contained in this press release speak only as of the date hereof. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason.

Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com