What is aXpire (AXPR)?
The aXpire project is comprised of a number of business-to-business (B2B) software platforms as well as business-to-consumer (B2C) applications. Our focus is software for businesses that helps them automate outdated tasks, increasing efficiency and profitability.
This focus is shaped by having 15+ years of experience in the software development space through our sister company LSG, or Legal Solutions Group, a company that has been creating and servicing “household” names such as Coca-Cola, Nike, IBM, Intel, KFC, NFL and beyond with legal software solutions.
As a company, aXpire was created as an offshoot of LSG in 2017 when a large top 10 global hedge fund needed a specific software solution. It was decided to separate aXpire as a new company, which then won the contract to supply this large global hedge fund with a custom, tailor-made solution, beating established competitors that were also trying to win the bid.
Complex requirements drove the design process, and throughout 2017, the aXpire team, in concert with the client, went through a series of system iterations, user acceptance testing and refinement, to produce the Resolvr platform. After development, Resolvr started being licensed and used by the top 10 global hedge fund. This fund is still an aXpire client.
Since then, we’ve built out a number of new solutions, but most importantly Bilr (B2B), ExpenseCore (B2B) and PayBX (B2C). On the side of these there is also MatchBX, a freelance marketplace built on Ethereum, and CoinBX/DigitalShares, a tokenization platform. These two products do not currently have any focus, but could have efforts resumed in the future, or could see integration into other products and solutions we build.
What is the AXPR token?
Before delving into explaining what our products are and do, we have to cover the AXPR token. Our token is modeled off of Binance’s BNB token, with a buy-and-burn function as a core aspect of its features. The token started out with a supply of 350M, but this has gone down to ~345M with burns from Resolvr. For every sale of software and for every transaction fee in PayBX, we take 5% of the revenues and use it to buy, then burn, AXPR tokens from the open market (exchanges). With our recent transparency initiative announcement, we’re also committing to publishing the full details of these transactions.
In addition to the buy-and-burn, we also plan to integrate further token use into our B2B crypto payments application, PayBX. This could take the form of providing fee discounts to those storing AXPR within their wallet, and/or other benefits, relatively similar in style to our partner Ethos/Voyager’s use of their token within the Ethos platform(s). This hinges on the success of the PayBX app’s MVP launch, which will be available in the U.S. to start and on both iOS and Android mobile devices.
Without further ado, let’s dive into our various products…
What is Bilr?
Bilr is a legal billing software for law firms and solo attorneys, making it easy to track billable hours and create invoices. The hassle of timekeeping is often attributed as the main reason for lawyers leaving law practice. Bilr makes it all a little easier by integrating Microsoft’s Azure for NLP, or natural language processing. We enable lawyers to record time with their voice, whether they’re on the go, in the office, or really anywhere.
This isn’t the only benefit we provide as we also integrate machine learning to auto-scan invoices for errors and inconsistencies. Typically, senior lawyers at law firms will do this themselves, which both takes time and leaves room for error. With Bilr, we automate the process, catching all invoice errors and also reducing the amount of time spent on repeat manual tasks.
Our invoice error detection technology is informed by our sister company, LSG, which has worked on the client side of the equation for over 15+ years, helping companies such as top insurance firms scan their incoming legal invoices for errors. Through this work, LSG has saved its clients $1.2 billion dollars — a whopping number. The effect of this is $1.2 billion dollars in less fees to attorneys, however, so with Bilr we’re giving the chance for law firms to earn back this revenue by detecting their errors pre-submission.
You might think this is in conflict with LSG’s work, but it’s not. Both parties benefit from less invoice errors as it means less individuals needing to be involved in the review and processing of legal invoices, e.g. with services such as legal bill review often conducted by third-parties on behalf of enterprises. If the invoice is clean before it arrives to the client, then this wouldn’t be needed, saving everyone involved money.
In addition, Bilr is partnered with the LEDES Oversight Committee as their first commercial partner in the history of the organization. The LOC, as they’re called, create and maintain the LEDES and UTBMS standards which are widely used across the entire legal industry by big and small firms alike. As a part of our partnership, we’re offering an exclusive discount and extended trial period to members of the LOC.
The LOC is the first of many partners, also including LawPay, QuickBooks, Sage Intacct and beyond. These partnerships consist of integrating several third-party legal software applications into the Bilr system, making it easy for lawyers to use the tech stack which they prefer. With LawPay, for example, the integration makes it easy to create invoices within Bilr that can be paid with debit and credit cards, as well as ACH, all online. We’re also running a promotion with them until the end of September where LawPay’s monthly fees are waived for 6 months for all new signups through Bilr.
The product was developed and revealed in time for LegalTech 2020 in February, before COVID-19 hit, and since has been in additional heavy development. We were planning to launch fully after LegalTech 2020, but given the changed business environment as a result of the pandemic, combined with further requested features from leads, we decided to put our heads down and make it even better before launching it as a fully featured SaaS product. It’s launched in a limited capacity at the moment, meaning that prospective clients can request trials and sign up for demos, but we’re soon going to launch it as a full self-serve product, which should open up for growing and increasing sales at scale.
The future of Bilr is quite exciting as it may expand far beyond being a tool specific to lawyers, but also for tax accountants, freelancers, construction workers and more, who all send invoices for their work. In addition, Bilr also plugs into our other products, namely Resolvr and ExpenseCore, as a way for vendors to submit invoices to the clients using those system. An example would be the top 10 global hedge fund, or anchor client, using Resolvr. Their vendors (depending on size) can use an instance of the Bilr application to submit invoices directly into the client’s review and approve workflow.
What is ExpenseCore?
ExpenseCore is a brand new aXpire product. It’s an expense management software and an alternative/competitor to NetSuite and Concur, but with a more streamlined approach. We focus on the core aspects of expense management, namely invoice processing and expense reporting.
By offering an easier-to-use and less bloated expense management alternative clients don’t pay for features that they don’t need, as is unfortunately often the case with the aforementioned competitor products.
As a core aspect of what the product does, excuse the pun, it converts invoices and documents (e.g. K1 forms, capital calls) into digital data for review and processing within the system. For businesses currently doing business over email with paper, spreadsheets and PDFs, ExpenseCore can generate massive savings by reducing/reallocating staff as well as invoice errors and overbilling.
This is achieved by creating training sets for our machine learning component of vendor invoice and document formats, after which it will be able to detect and recognize the relevant data to plug into the system. Instead of having what is essentially human staff to do data entry of invoices, expense reports and beyond into an accounts payable system, ExpenseCore automates the process entirely, even suggesting reductions/adjustments if error(s) are found in parsed invoices or expense reports.
An invoice can be sent over email, and ExpenseCore would automatically pull it into the system, parsing it into digital data, before reviewing and suggesting edits/approvals/rejections, leaving only the need to “approve” for reviewers. In certain instances, exceptions might occur that require manual review, e.g. when an invoice has an unrecognizable format which the system has not yet been trained for (but then can be for future invoices of the same format), or when rules have been set up to require manual review, e.g. “invoices over $250,000 require manual review and approval”.
The net effect is large savings by replacing the need for vast amounts of invoice and expense processing staff (and thereby salaries) with machine learning and our ExpenseCore end-to-end AP automation system.
ExpenseCore also plugs into our other products, primarily Resolvr, deploying invoice parsing, review and processing for hedge funds and private equity firms, even suggesting the expense allocation between funds based on pre-set rules within the system.
The software is well underway and is currently at a PoC/MVP stage, ready to be marketed while still undergoing additional developments and changes. The product will likely not launch for SaaS in the initial period of its lifecycle given it’s more enterprise nature, but we plan to do so eventually.
What is Resolvr?
Resolvr is an expense allocation and spend management software for hedge funds and private equity firms, reducing the burden of paper, spreadsheets and PDFs in processing expenses for funds. As you might’ve gathered by now, a lot of our products deal with “business process automation”, which essentially means the automation of these inefficient processes that require humans to be involved but where robotic processes could be used instead.
The SEC recently announced that expense allocation is an area of special interest to them, and that it was exceedingly important for private advisers (i.e. hedge funds and private equity) to do it properly. Since then, several firms have been fined massive amounts due to misallocation (with fines often reaching tens of millions in USD), essentially meaning that they charge the wrong fund for an expense. This can easily happen when you have paper, spreadsheets and PDFs, with different versions, lost emails and so on.
It might surprise you to learn that most funds actually run their operations off of spreadsheets. This is a massive compliance risk, not to mention a security risk. Resolvr replaces all of these processes with a single platform and dashboard while incorporating an audit trail of all actions and allocations. Every reviewer gets a “queue” of their work for the day, leaving nothing to chance or any guesswork in what they need to do. In addition, reviewers can collaborate, leaving on-platform notes for invoices and forwarding it to others (e.g. a superior, or someone with relevant expertise for a specific expense).
In short, Resolvr helps improve compliance, reduces the amount of staff required for expense allocation, apportionment and processing (and thereby reduces cost), as well as makes the entire process much, much faster.
Resolvr integrates with a number of third-party applications, e.g. Geneva, and will also launch with SaaS functionality in the not-too-distant future, with self-serve trial signups and subscriptions.
Recently, we’ve been adding a lot more functionality to the platform as requested by our anchor client hedge fund.
What is PayBX?
PayBX is a cryptocurrency wallet and payments application for the everyday crypto user. It enables users to spend cryptocurrencies with their pre-existing cards via API, meaning that there’s no need for an additional card in their wallet. Instead, PayBX detects when a payment has been made, and if activated, sells an equivalent amount of crypto stored within their PayBX wallet into FIAT which is then deposited into the user’s bank account.
The application will launch in the U.S. to start, on both iOS and Android devices, with international expansion and additional features on the cards for the future, e.g. DeFi integration to earn interest on your balance, auto-purchases set up at different intervals, and beyond.
There is currently no public release date for the product, but we will provide an update with this in the near future. Stay tuned!