Monday 11th February, 2019
Corcentric a US-based e-procurement frim has announced that it signed a definitive purchase agreement to acquire Determine. This transaction is expected to close within the second calendar quarter of 2019.
Determine is recognised as a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management solutions. The agreement dictates the acquisition of all the assets of Determine for cash of approximately USD 32 million, according to a press release.
New Jersey based Corcentric is a leading provider of procurement and finance solutions that transform how companies purchase, pay, and get paid. Its procurement, accounts payable and accounts receivable solutions empower companies to spend smarter, optimise cash flow, and drive profitability
Matt Clark, President and COO of Corcentric said, “The acquisition of Determine is both synergistic and transformative for Corcentric. 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 serve an expanded base."
The purchase agreement, which has been approved by the Board of Directors of both companies is conditioned upon the approval of Determine’s stockholders and other closing conditions.