Tuesday 23rd April, 2019
Corcentric has completed its purchase of substantially all of the assets of Determine Inc a leader in global Source-to-Pay and Enterprise Contract Lifecycle Management solutions. The sale 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,” commented Matt Clark, President and COO, 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 organisation 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.”
The transaction was guided by Needham & Company, and MidMarket Capital Advisors, while O’Melveny & Myers and Wilson Sonsini Goodrich & Rosati were the legal advisors.
In February, Corcentric completed the acquisition of Netsend Ltd a firm that provides electronic billing and document distribution services to customers in more than 50 countries. Netsend started in 1994 as a fax broadcast service and is based in London.