Corcentric Signs Definitive Purchase Agreement with Determine

Breaking News! Procurement and financial process automation solutions provider, Corcentric Inc. today announced it has signed a definitive purchase agreement with Determine, Inc., specialists in global SaaS Source-to-Pay and Enterprise Contract Lifecycle Management Cloud Platform solutions. The agreement is to acquire “substantially all the assets of Determine for cash of approximately $32 million,” a transaction which is expected to close in the second quarter of 2019 following the fulfilment of certain conditions.

Determine’s Cloud Platform provides procurement, legal and finance professionals with analytics of their supplier, contract, and financial performance to help companies identify savings, improve compliance, and mitigate risk. The platform integrates with major ERP or third-party systems, such as SAP, Oracle, Sage, QAD, and Microsoft, with full DocuSign integration; modular solutions can be configured to add more value beyond spend management.

Corcentric is a leading provider of procurement, accounts payable and accounts receivable solutions to help companies purchase, pay, and get paid more efficiently. It has been operating since 1996 and has more than 6,000 customers from the middle market to the Fortune 1000 across. Determine has more than 244 global customers spanning a wide spectrum of industries including financial services, insurance, pharmaceuticals, healthcare, retail, transportation, and manufacturing.

The combined businesses see opportunity in:

  • Revenue growth, including the up-selling of new products and services across the new combined company’s customer base
  • The creation of a one-stop shop providing access to the full spectrum of Procure-to-Pay solutions
  • Adding robust incremental service offerings on to the Determine Cloud Platform.

Matt Clark, President and COO of Corcentric said, “The acquisition of Determine is both synergistic and transformative for Corcentric … We believe blending Determine with Corcentric gives the newly-combined company an opportunity to deliver more value to our customers and prospects, and it increases our global market footprint so we will have the opportunity to serve an expanded base."

Patrick Stakenas, President and Chief Executive Officer of Determine said, “We are very excited about the opportunity to elevate the Determine Cloud Platform and consolidate the Determine team, technology and know-how with Corcentric. There is tremendous value that this new relationship will unlock for our customers, prospects and employees ...”

Visit Spend Matters tomorrow for a deeper look at the partnership and for further coverage later in the week.

Read more details here.

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