Cherry Hill-based Corcentric, a provider of procurement and financial process automation solutions, announced Wednesday it has completed it acquisition of Determine Inc., a cloud platform solutions provider based in Carmel, Indiana, for $32 million.
The sale was approved by both company’s board of directors and Determine stockholders, they said.
“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,” Matt Clark, president and chief operating officer, Corcentric, said.
“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 life cycle management, and comprehensive payment and financing solutions to improve working capital.”
MidMarket Capital Advisors and Needham & Company LLC and Wilson Sonsini Goodrich & Rosati and O’Melveny & Myers LLP advised the deal.
Other terms of the deal were not disclosed.
