Eaton Enterprises became efcom’s first customer in the Middle East region. As a global technology company, Eaton uses efcom’s software solutions to map inter-company factoring operations. It involves the pre-financing of receivables within the Eaton Group. Intercompany factoring is used, first of all, to ease the working capital financing of group companies, and also to centralize potential liquidity, credit, and currency risks. The popularity of this group-based factoring option has continued to grow in recent years.
“We are pleased that with Eaton Enterprises we are now also able to serve a customer in the Arab region. Eaton is a recognized company that is active worldwide – and with whom we are already very successful in other locations,” emphasizes Arnulf Romann, efcom’s CEO.
“By focusing on the Middle East, Eaton is doing what we are also aiming to do – namely, to expand and consolidate our presence in that region,” adds Federico Avellán-Borgmeyer, Chief Partner Officer at efcom. “This is an important step for us as a provider of smart cloud factoring solutions, which are interesting for established companies and market entrants. Incidentally, we also offer solutions for Islamic factoring.”
efcom is a leading provider of factoring software solutions. Founded and headquartered at the heart of Europe’s financial capital near Frankfurt/Main over 20 years ago, it now serves, along with its participations and partners, nearly 50 fine and renowned financial institutions such as Deutsche Bank-Postbank, HSBC, BNP Paribas, Unicredit, BBVA, Eurofactor, Raiffeisenbank, Allianz-Bank, NovaKBM, FinTechs, large corporations and many more. During 2022, efcom’s clients will achieve a factoring volume in excess of 200 billion Euros with over 100 million invoices and over 1 million buyers and sellers. Learn more at www.efcom.de/en
Eaton is an intelligent energy management company dedicated to improving the quality of life and protecting the environment for people everywhere. Founded in 1911, Eaton has been listed on the NYSE for nearly a century. In 2021, the company had sales of $19.6 billion and served customers in more than 170 countries. Eaton employs 98,000 people worldwide. www.eaton.com
Source: efcom’s press release from December 22, 2022