Cherry Hill-based Corcentric Inc., a provider of procurement and financial process automation solutions, announced Monday it has agreed to acquire Determine Inc., a cloud platform solutions provider, for $32 million.
Corcentric said it currently serves more than 6,000 customers in multiple industries, including manufacturing, transportation, wholesale/distribution/ retail, health care and financial services.
“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,” Matt Clark, president and chief operating officer, Corcentric, said.
The deal is expected to close in the second quarter of 2019.
“We are very excited about the opportunity to elevate the determine cloud platform and consolidate the Determine team, technology and know-how with Corcentric. There is tremendous value that this new relationship will unlock for our customers, prospects and employees. We have worked very hard over the last few years to develop our innovative platform and we are eager to bring this robust solution to Corcentric’s customers as well as to a wider market though broader distribution opportunities,” Patrick Stakenas, CEO and president, Determine, said.
MidMarket Capital Advisors acted as the adviser and Wilson Sonsini Goodrich & Rosati acted as legal adviser to Corcentric. Needham & Company LLC acted as financial adviser and O’Melveny & Meyers LLP acted as legal adviser to Determine.