Cherry Hill-based Corcentric, a provider of procurement and financial process automation solutions, announced Monday it has acquired Source One Management LLC, a tech-enabled procurement services provider.
Source One, based out of Willow Grove, Pennsylvania and Chicago, adds a Fortune 1000 client base to Corcentric’s roster.
“When Source One was founded, its mission was to be the best procurement services provider – quality and service being paramount in executing our work,” said Steven Belli, CEO of Source One. “Sharing our focus on innovation and customer service, Corcentric gives us an opportunity to expand our sourcing and procurement optimization services to more customers and across larger sets of spend data. We’re thrilled to be part of the team.”
Financial terms of the deal were not disclosed.
“The acquisition of Source One was a natural fit for Corcentric and we are excited to add their sourcing and procurement expertise to our portfolio of procure-to-pay solutions,” commented Matt Clark, president and chief operating officer of Corcentric. “As companies look to gain more visibility into their spend and better manage cash flow, the acquisition of Source One gives us an opportunity to share our innovations with more customers while increasing value across finance and procurement.”