Corcentric, a provider of procurement and financial process automation solutions, completed its purchase of substantially all of the assets of Determine, a provider of global source-to-pay and enterprise contract lifecycle management solutions.
The sale was approved by the board of directors of both companies and Determine’s stockholders and was completed as an all-cash transaction for $32 million.
“This acquisition is significant for Corcentric as it enables us to further expand our portfolio of source-to-pay solutions for customers in the United States and Europe,” said Matt Clark, president and chief operating officer, Corcentric. “Determine provides a comprehensive cloud platform that seamlessly integrates with other technologies to help companies improve financial performance and reduce operational risk. This acquisition enables the combined organization to provide a holistic and broad set of capabilities encompassing strategic sourcing and procurement consulting, a unified cloud platform for source-to-pay and contract lifecycle management, and comprehensive payment and financing solutions to improve working capital.”
Corcentric’s procurement, accounts payable and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability.
The Determine Cloud Platform provides procurement, legal, and finance professionals analytics of their supplier, contract and financial performance.
The deal was advised by MidMarket Capital Advisors and Needham & Company. Wilson Sonsini Goodrich & Rosati and O’Melveny & Myers acted as legal advisors.
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