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On Scanmarket sale, co-founder Ole Nielsen says goal was ‘staying true to our mission’

01/22/2019 By and

After Scanmarket announced last week that it had sold its e-sourcing business to an equity partner, co-founder Ole Nielsen spoke with Spend Matters UK/Europe Editor Nancy Clinton.

In a Q&A, Nielsen touches on the 1999 origins of the company (making one of the first online B2B marketplaces), he delves into the reasons behind the sale and displays the personal attention to detail that has made the sourcing provider known for its ease of use.

“For us,” he says, “sourcing is not just about finding the right supplier, under the right conditions, with the right quality of product, at the right price, although that’s important. What sits at our core, is the optimization of that process. The idea is to do all of that, but in an easier, more interactive way that is beneficial to both supplier and buyer, to deliver an all-round better experience.”

Scanmarket is turning 20 this year, and Nielsen and co-founder CEO Betina Nygaard decided to sell after receiving offers over the past three years. Nielsen said the siblings and business partners didn’t take the biggest offer but did make the best deal for their company, by partnering with the equity firm Verdane. Terms for the deal were not disclosed, but the co-founders reinvested in Scanmarket to get a 10% share so they could continue to lead development.

“We were more concerned with staying true to our mission of getting the right fit,” he says. “That’s why we chose to partner with Verdane; they were like-minded in our business plan and direction of the company.”

They have plans to grow the Denmark-based business and add to their solution’s capabilities, Nielsen says.

“Scanmarket has never professed to cover everything, unlike many e-procurement platforms,” he says. “Instead we remain fully focused on purely strategic sourcing, so we can do it really well.”

Read the full interview here: A New Journey For Scanmarket — What Lies Ahead.