P2P specialist BuyerQuest is acquired by ODP, a provider of business services and technology

BuyerQuest ODP Adobe Stock

The ODP Corporation, a B2B business services and products provider that is the parent company of Office Depot, on Thursday announced the acquisition of BuyerQuest Holdings Inc., a software provider known for its e-procurement and procure-to-pay (P2P) offerings.

In a press release announcing the acquisition, ODP said the deal will accelerate the company’s technology development while aiming to provide a cohesive platform integrating e-commerce, P2P and supply chain platforms to improve how businesses buy and sell.

For nine years, BuyerQuest has worked to deliver a streamlined e-commerce experience to procurement organizations around the world. The software allows customers to increase user adoption, drive contract compliance and save money in their buying processes.

BuyerQuest customers span many industries, like consumer packaged goods, hospitality, public sector, manufacturing and restaurants. The BuyerQuest platform provides capabilities in spend transparency, deep insights and advanced intelligence capabilities that allow customers to save money and focus on their strategic priorities.

It's unclear yet whether the firm intends to keep selling its standalone e-procurement solution or whether it will be integrated as part of ODP's B2B digital go-to-market strategy (similar to the e-procurement functionality that Amazon Business offers its business customers) — or both.

ODP’s acquisition of BuyerQuest comes on the heels of the company announcing it hired Prentis Wilson, formerly of Amazon Business, to focus on developing the company’s digital transformation capabilities. Wilson will be responsible for helping establish and scale a newly launched technology platform for B2B purchasing.

Wilson was most recently the president of Boxed.com, a wholesale technology start-up. He spent eight years working at Amazon, where he was part of the team that launched Amazon Business and grew its annual sales to over $10 billion.

“Digital disruption can be a buzz phrase, but ODP is making a smart move here by quickly standing up a true best-in-class e-procurement buying experience for its customers and shifting to a B2B platform strategy similar to Amazon Business,” said Pierre Mitchell, Managing director at the B2B research and advisory firm Azul Partners, Spend Matters' parent. “Combining this move with the hiring of Prentis Wilson, the key architect of Amazon Business, is a game-changing move for ODP if it can execute on this evolving digital B2B strategy.”

Gerry Smith, CEO of The ODP Corporation, said in the press release: “We are committed to delivering on our vision to be a leading B2B company. With the addition of BuyerQuest’s market-leading capabilities, and our recent announcement that Prentis Wilson has joined ODP, we are well on our way to fulfilling that vision. We are excited to welcome BuyerQuest into the ODP family as we accelerate our digital transformation.”

ODP, which took its new name in July after being known as Office Depot Inc., is as a provider of business services and supplies, products and digital workplace technology solutions to small, medium and large businesses. It uses an integrated B2B distribution platform that encompasses supply chain and distribution operations, dedicated sales professionals and technicians, online presence, and approximately 1,200 stores. Customers of ODP include Office Depot, OfficeMax, CompuCom and Grand & Toy.

BuyerQuest has long been a leading provider in Spend Matters’ SolutionMap. In the SolutionMap Fall 2020 update, the company scored as a Value Leader in the E-Procurement space. That means its solution has solid functionality, as scored by our analysts, and it has high marks from its customers.

Look for our PRO analyst coverage of the deal in coming days.

For more analysis about BuyerQuest, visit past Spend Matters’ coverage below:

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