Afternoon Coffee: Corcentric Acquires Source One Management Services, Trump Throws ZTE a Lifeline

Hoda Bogdan/Adobe Stock

Procurement and financial process automation provider Corcentric announced Monday it had acquired Source One Management Services, a procurement services provider specializing in strategic sourcing and transformation projects, according to a press release. The deal brings Corcentric, which consolidated the AmeriQuest and Corcentric brands under one name in March, additional capabilities that will help the company expand its customer base beyond its procure-to-pay solutions.

"The acquisition of Source One was a natural fit for Corcentric and we are excited to add their sourcing and procurement expertise to our portfolio of procure-to-pay solutions," said Matt Clark, president and COO of Corcentric. "As companies look to gain more visibility into their spend and better manage cash flow, the acquisition of Source One gives us an opportunity to share our innovations with more customers while increasing value across finance and procurement."

ZTE’s Woes 

Although last week he imposed a seven-year export ban on Chinese smartphone maker ZTE, forcing the company to suspend operations, President Trump unexpectedly announced Sunday he is working with Chinese President Xi to help the company get back in business “fast,” according to Ars Technica. Trump is likely looking to gain concessions from China as he works to ease rising trade tensions with the country, as well as lobby for additional pressure on North Korea ahead of an upcoming summit in Singapore.

Flipkart IPO

Walmart may not be satisfied merely with claiming its largest-ever acquisition in Flipkart. As Reuters reports, the retailer disclosed in a Securities and Exchange Commission (SEC) filing Saturday that it may take Flipkart public within four years. The size of Walmart’s investment implies a valuation of nearly $21 billion for the Bengaluru-headquartered e-commerce copmany.

Consumer Confidence 

And finally an economic update: Consumer confidence held steady in May, the Wall Street Journal reports, as the University of Michigan index of consumer sentiment registered 98.8, unchanged from April.

Share on Procurious

Discuss this:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.