Procurements and accounts payable solution provider Corcentric is expanding through the acquisition of source-to-pay company Determine, the firms announced in a press release Monday (Feb. 11).
In a deal worth about $32 million, Corcentric will acquire Determine and integrate its services into the Corcentric offering, which includes accounts payable and accounts receivable solutions. Determine links businesses to cloud-based spend management and analysis tools, including supplier and contract performance analysis. The company’s platform integrates with existing ERP and other third-party platforms, and integrates DocuSign functionality, the company noted.
Corcentric said the addition of Determine will add up-selling opportunities that will promote revenue growth, while offering business clients a single solution for an array of procure-to-pay tools and services.
“The acquisition of Determine is both synergistic and transformative for Corcentric,” said Corcentric president and Chief Operating Officer Matt Clark in a statement. “We’ve followed the Determine Cloud Platform development for some time and are excited by the prospect of adding its robust capabilities, along with the collective Determine team’s business experience, to the Corcentric family. 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.”
Determine currently services 244 customers across an array of industries, the press release noted. Corcentric expects to finalize the takeover in the second quarter of 2019, pending approval of Determine shareholders.
“There is tremendous value that this new relationship will unlock for our customers, prospects and employees,” added Determine President and Chief Executive Officer Patrick Stakenas in another statement. “We have worked very hard over the last few years to develop our innovative platform and we are eager to bring this robust solution to Corcentric’s customers as well as to a wide market through broader distribution opportunities.”