Corcentric has completed its purchase of substantially all of the assets of Determine. The sale was approved by both companies’ board of directors and Determine’s stockholders. The acquisition was an all-cash transaction for $32 million.
“This acquisition is significant for Corcentric as it enables us to further expand our portfolio of source-to-pay solutions for customers in the United States and Europe,” says Matt Clark, Corcentric president and chief operating officer.
“Determine provides a comprehensive cloud platform that seamlessly integrates with other technologies to help companies improve financial performance and reduce operational risk. This acquisition enables the combined organization to provide a holistic and broad set of capabilities encompassing strategic sourcing and procurement consulting, a unified cloud platform for source-to-pay and contract lifecycle management, and comprehensive payment and financing solutions to improve working capital,” Clark says.
Corcentric’s procurement, accounts payable and accounts receivable solutions empower companies to spend smarter, optimize cash flow and drive profitability, the company says. Determine provides cloud solutions to maximize visibility and financial return from spend, supplier and contractual data.