In a news release, JAGGAER said it would acquire BravoSolution from Italmobiliare in a deal that will make the company the “largest independent, vertically focused spend management solutions company in the world.” According to JAGGAER, the takeover means its customer base will grow to 1,850.
The company operates a source-to-pay solution for its business customers, saying that the takeover will also expand its network of suppliers to 3.7 million. JAGGAER noted that BravoSolution’s offerings of source-to-pay tools align with the company; together, the firms will be able to strengthen their focus on developing industry-specialized tools, with focuses on the manufacturing, healthcare, construction and retail sectors, among others.
“The combination of BravoSolution and JAGGAER creates a powerhouse in the global spend management space and represents the execution of our strategy to build a Super Suite of fully integrated spend management solutions,” said JAGGAER CEO Robert Bonavito in a statement. “This acquisition enables the largest companies in the world to do business with a single partner and cover all of their spend management needs.
“We have best of breed, fully developed solutions for multiple vertical industries delivering value across the full spectrum of spend types. With our size, financial stability and expanded infrastructure we can further accelerate product innovation and bring customer value across a vast swath of geographies and industries,” he added.
The companies did not disclose financial terms of the takeover, which is subject to closing conditions.