Two firms specializing in procurement and spend management solutions are being combined as Simfoni has acquired Xeeva.
The deal brings together Simfoni’s solutions for procurement intelligence, eSourcing and tail spend management and Xeeva’s artificial intelligence (AI)-powered spend management and procurement technology, the companies said in a Monday (Nov. 28) press release.
“Combining forces with Xeeva represents a very rare and unique opportunity to leverage a highly complementary and synergistic solution provider to scale our operational infrastructure and extend competencies in a way that further differentiates our Composable Procurement concept,” Simfoni Chairman Chirag Shah said in the release.
Among the benefits Xeeva will add to Simfoni’s suite of pay-as-you-go solutions are AI-based data enrichment, payments automation management and additional scope and scale around tail spend management, according to the press release.
The acquisition will contribute to the build-out of Simfoni’s operational and support capabilities, increase the power of the solutions for clients, and create economies of both scale and scope, the release said.
“I am very excited to be part of such a value-enhancing situation that offers fantastic career potential for Xeeva staff and to be able to offer Xeeva customers heightened levels of customer service and an expansion of technology options,” Xeeva CEO Nina Vellayan said in the release.
PYMNTS research has found that chief financial officers (CFOs) and other financial professionals are examining how automating their supply chains could help break down some of their organizations’ cash flow barriers.
Looking at how automation in various parts of the supply chain or spend management process may benefit their firms should be a top priority for company executives and accounts payable (AP) teams, according to the “Corporate Spend Playbook,” a PYMNTS and Airbase collaboration.
About one-third of U.K. and U.S. businesses plan to upgrade their spend management and expense controls, according to the report.
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