Corcentric, a leading provider of financial and procurement process automation solutions, has reportedly concluded the purchase of nearly all of the assets of Determine, Inc., the world’s leading provider of Enterprise Contract Lifecycle Management and Source-to-Pay solutions.
According to sources close to the development, the acquisition was agreed upon by the Board of Directors of both the firms, and stockholders of Determine, and was concluded as an all-cash transaction worth $32 million.
Matt Clark, Chief Operating Officer and President, Corcentric, was quoted stating that this acquisition is pivotal for Corcentric as it allows the company to further enlarge its portfolio of source-to-pay solutions for the U.S. & European customers.
Determine offers an all-embracing cloud platform that impeccably assimilates with other technologies to aid firms in enhancing financial performance and reducing operational risk, Clark said.
Clark elaborated that 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 comprehensive financing and payment solutions to enhance working capital.
According to sources familiar with the development, the transaction was guided by Needham & Company, LLC and MidMarket Capital Advisors, while O’Melveny & Myers LLP and Wilson Sonsini Goodrich & Rosati were the legal advisors.
For the record, Corcentric is a foremost provider of finance and procurement solutions which changes the way firms pay, buy, and get paid. Corcentric’s payable, procurement, and accounts receivable solutions enable organizations to spend smarter, drive profitability, and optimize cash flow.
Reportedly, Determine’s Cloud Platform seamlessly integrates with top 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. Company’s unified master database & business process methodology allows users to make well informed & smarter decisions.