Corcentric: a true Source-to-Pay provider, now making its mark in Europe

In Europe we know the name ‘Determine’ much better than we know ‘Corcentric.’ It was a significant announcement for the procurement world when in early 2019 Corcentric, a reputable, still family-owned procurement and financial process automation provider from North America announced it was to acquire the source-to-pay and enterprise Contract Lifecycle Management cloud platform, ‘Determine’ (which we covered in depth here). The two, with complementary strengths across S2P, AP, Payments and Trade Financing definitely represent a complete Source-to-(actually)-Pay solution, which few can raise their hands to offering.

This isn’t recent news for many, especially in terms of Corcentric’s payment solutions. However, it’s a relatively ‘new’ name and solution to the European market who aren’t Determine customers. Last month, I spent an informative hour with Matt Clark, President and COO of Corcentric and Gérard Dahan, SVP EMEA, Determine, after their UK company update briefing at a relaxed social evening in London.

The Payments aspect to Corcentric’s platform goes further than you’d expect. It was the CEO, Doug Clark’s foundation stone for Corcentric; removing friction in commercial relationships, enabling suppliers of all sizes to be competitive. Corcentric takes a credit position within the payment transaction, acting as the loan intermediary between supplier and buying organisation. This effectively means that buyer and supplier can continue to trade with each other when there isn’t common alignment.

Matt Clark speaks proudly of the company’s roots, something his father began in 1996, which has grown profitably every single year since inception. “We’ve been a player under the radar until now. Given our recent acquisitions, Netsend and Determine, we’re a true source-to-pay provider with our own consulting and category management services via the SourceOne acquisition to augment success with our clients. We’re ready to spread the word.” (There’s a great video interview of Doug Clark here).

2020 will be a big year for the company. Corcentric will be unifying on a single platform this year, the Determine platform; there’s a double-down on R&D via their recent formation of their Business Innovation Lab, which is headed up by Julien Nadaud, a Frenchman in Atlanta, currently working on AI and ML developments for the technology. There’s a lot to come from this vendor in 2020 and I’m sure we will see their profile grow geographically and through the S2P territory.

Read about Corcentric here and more in-depth analysis on them in PRO and SolutionMap subscriptions.

 

 

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