Corcentric to purchase nearly all Determine assets for USD 32 mln

Monday 15 April 2019 10:16 CET | News

Corcentric, a provider of financial and procurement process automation solutions, has reportedly concluded the purchase of nearly all of the assets of Determine.

According to sources close to the development, the acquisition was agreed upon by the Board of Directors of both companies, and stockholders of Determine, and was concluded as an all-cash transaction worth USD 32 million

Determine offers an all-embracing cloud platform that assimilates with other technologies to aid companies with their financial performance and reducing operational risk.

Determine’s Cloud Platform integrates with ERP/third-party systems such as Microsoft, QAD, Sage, Oracle, and SAP. Also, modular solutions can be constituted to add extra as needed to offer additional value over spend management.

According to Matt Clark, COO at Corcentric, this acquisition empowers the joint entity to offer a holistic & broad set of capabilities including procurement consulting and strategic sourcing, a combined cloud platform for contract lifecycle management and source-to-pay, and financing and payment solutions to enhance working capital.

The transaction was guided by Needham & Company, and MidMarket Capital Advisors, while O’Melveny & Myers and Wilson Sonsini Goodrich & Rosati were the legal advisors.

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Keywords: Corcentric, Determine, procurement, acquisition, source-to-pay
Countries: World