Corcentric Completes Acquisition of Determine, Inc.
Cherry Hill, NJ, April 10, 2019 – Corcentric, a fast-growing provider of procurement and financial process automation solutions, has completed its purchase of substantially all of the assets of Determine, Inc. (OTCQB: DTRM), a leader in global Source-to-Pay and Enterprise Contract Lifecycle Management solutions. The sale was approved by the Board of Directors of both companies, and Determine’s stockholders, and completed as 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,” commented Matt Clark, President and COO, Corcentric. “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.”
Corcentric’s procurement, accounts payable and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Determine provides industry-leading cloud solutions to maximize visibility and financial return from spend, supplier and contractual data.
The deal was advised by MidMarket Capital Advisors and Needham & Company, LLC. Wilson Sonsini Goodrich & Rosati and O’Melveny & Myers LLP acted as legal advisors.
Corcentric is a leading global provider of payments, procurement, accounts payable, and accounts receivable solutions to enterprise and middle-market companies. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit corcentric.com.