Procurement solutions provider, Xeeva has reportedly acquired cloud-based e-procurement and vendor relationship management solution, ProcurePack, for an undisclosed amount. Procurepack is an e-sourcing tool developed by Source Web Solutions.
According to an ET report, the details of the acquisition were not disclosed but almost all the team members of Source Web will exit the company with the acquisition.
With this deal in place, Xeeva will now be able to offer end-to-end, procure-to-pay solutions to its users, the company said in an official statement.
Gurugram-based Source Web Solutions was founded in 2012 by Manesh Jain and Konark Singhal. It is an IT services company that offers products and services for supply chain automation.
Its flagship product, ProcurePack, is an e-sourcing tool that works with its users to implement industry-specific procurement processes which includes RFP management, vendor communication management, e-auction, and contract management solutions. It offers its services to both SMEs and corporates.
Commenting on the development, Dilip Dubey, CEO, Xeeva said, “The addition of ProcurePack and the technology it brings to Xeeva demonstrates the commitment we have in delivering comprehensive solutions for our clients. Strategically integrating enhanced e-procurement functionality further strengthens our portfolio and illustrates our competitiveness in the marketplace.”
Xeeva provides procurement and financial solutions to its users. According to its website, its technology is used in over 40 countries and is available in 18 languages. The company’s end-to-end technology suite includes sourcing, procure-to-pay, supplier collaboration, financial collaboration, and extended enterprise solutions.
In August 2016, integrated commerce solution provider Iksula acquired US-based Blisstering Solutions, a software development company. Earlier this month, software solutions provider Zybo Tracking Solutions received foreign equity investment from Grasshoppers, a Netherlands-based company.
This development was first reported by ET.
