MERGERS & ACQUISITIONS
This article is an excerpt from our Procurement and Spend Management Insider Report. Coupa continued their growth by acquisition in October last year when they bought Aquiire, who are described as ‘the Leader in Real-Time Supplier Catalog Search’. This was followed up recently when they announced their intention to acquire contract lifecycle management (CLM) leader Exari in mid April.
With 14 acquisitions in total now, it will be interesting to see how Coupa integrates all this different technology into a unified platform.
The other big news from the past few months was that the proposed acquisition of Basware by Tradeshift, which first came to light in November 2018, was officially terminated at the end of February with this announcement: “Tradeshift has recently informed Basware that it will be unable to proceed given conditions in the capital markets.”
Despite the negotiation of a ‘standstill agreement’ between the two companies until November 2019, several people have speculated to us that they think this deal could still be revived. For now, both parties will press ahead with their growth plans independently.
The other notable deal in the sector, which was also announced in February, was the acquisition of Determine (formally Iasta, B-pack etc.) by procurement and financial process automation solutions provider, Corcentric.
Following some disappointing results last year, Determine was widely known to be ‘in play’ with speculation across the market focusing on who would buy the business rather than whether they would be bought. With a relatively small presence in Europe, it will be interesting to see what their plans are for growth in the region.
There are more details and analysis on all these deals from the excellent Spend Matters website.
MOVERS & SHAKERS
In terms of high profile moves, these have been relatively few and far between in the last couple of quarters. Dean Pathak, formerly of SAP Ariba, has joined fast-growing finance automation business Rimilia as Chief Revenue Officer joining CEO and former SAP Head of Cloud, Kevin Kimber.
Ragnar Lorentzen, formerly of the Procurement Leaders organisation, has joined supplier master data specialist HICX Solutions.
Lance Younger, high profile former Partner of Deloitte’s digital procurement practice left in January to join Inverto, a subsidiary of The Boston Consulting Group.
Dan Quinn, formerly leader of the Bravo Solutions Emirates business Tejari, left the company following the Jaggaer acquisition last year. He has recently joined Tradeshift to lead their business in the region.
Another former senior leader of BravoSolutions is Hannele Palge-Rossi who recently joined Risk Methods as their Nordic Region Executive. Hannele was previously leader of BravoSolutions’ Nordics operation.
Now Jaggaer of course, the business moved to strengthen their local team by appointing Hannu Tikkanen, formerly of Basware in Finland, as their Nordics Sales Director.
At the middle management and experienced SMEs level, several key players continue to be active in the hiring market, particularly SAP Ariba building on their growth with more recruitment into sales, delivery and implementation teams across EMEA.
Ivalua remain active in the UK in particular, as were Tradeshift in the latter part of 2018.
Smaller best of breed organisations are typically seeking to strengthen their sales capability but competition for proven performers with knowledge of technology value propositions for procurement is intense with several attractive roles open in the sector at the time of writing.