Acquisition places Simfoni in the 'Global Top 10' for AI-driven Spend Management solutions
SAN FRANCISCO, Nov. 28, 2022 /PRNewswire-PRWeb/ -- Simfoni, the next-generation digital solutions provider for procurement intelligence, eSourcing and tail spend management, today announced that it has acquired Michigan-based Xeeva, a fellow leader in AI-powered spend management and procurement technology solutions. This will be Simfoni's second strategic acquisition in 2022, as the company continues to leverage synergistic opportunities to deepen its solution and support competencies, accelerate growth, and solidify market dominance in indirect (tail spend) management and AI-driven spend analytics and eSourcing solutions.
This acquisition marks another significant milestone for Simfoni whose goal is to deliver best-in-class, composable, spend management solutions on a global scale. Over the last year, Simfoni has been the recipient of a litany of industry awards and acknowledgements which have further strengthened its global positioning as a recognized market leader in tail spend management. It is anticipated that this latest acquisition will fortify Simfoni's place as one of the top 10 procurement technology providers, globally. Simfoni's innovative Composable Procurement™ approach combined with its deep domain expertise has collectively provided the company with a competitive edge as procurement teams look outside traditional solutions to achieve superior spend visibility and automation. Simfoni's suite of modular solutions, which includes AI-enabled Spend Analytics, Advanced eSourcing with Optimization, Pipeline Management and Tail Spend Management can be accessed as a holistic 'all-in-one spend management toolkit' or layered with existing technology to drive maximum impact and ROI.
According to Simfoni Chairman, Chirag Shah, "combining forces with Xeeva represents a very rare and unique opportunity to leverage a highly complementary and synergistic solution provider to scale our operational infrastructure and extend competencies in a way that further differentiates our Composable Procurement™ concept." For Simfoni, who has continued to achieve triple-digit percentage revenue growth year over year, having access to expert procurement resources to support this growth has been a significant motivating factor behind the acquisition. "It's no secret that specialized talent, especially in procurement, has become increasingly hard to come by. We are excited to welcome Xeeva employees to the Simfoni family and extend that familiarity and our unique Composable Procurement™ model to Xeeva's clients."
Simfoni's suite of pay-as-you-go technology solutions will see added benefits from this acquisition. Alan Buxton, Simfoni CTO explains, "Xeeva's capabilities in AI-based data enrichment is a perfect complement to our managed marketplace offering since many catalog vendors seek to improve attribute-based order management. Furthermore, Xeeva has established significant traction in the field of payments automation management which is a service that so many of our private equity customers and others are keen to add to their solution offering and further automate their processes." Xeeva's marketplace coverage will also further strengthen the scope and scale of Simfoni's own marketplace offering for tail spend management.
According to Shah, "this acquisition will create a 'best of both worlds' situation for Xeeva and Simfoni clients alike. It positions Simfoni as the de facto global market leader for Tail Spend Management. Beyond the build-out of operational and support capabilities, and an increase in solution power for existing clients on both sides, this acquisition also facilitates a significant strengthening of earnings potential for Simfoni investors. "Our two businesses bear so much similarity that there are huge benefits in both economies of scale and economies of scope."
Nina Vellayan, CEO of Xeeva commented, "I am very excited to be part of such a value-enhancing situation that offers fantastic career potential for Xeeva staff and to be able to offer Xeeva customers heightened levels of customer service and an expansion of technology options. I would like to take this opportunity to thank our clients for choosing Xeeva over the years, and I know we are leaving them in good hands with Simfoni."
Media Contact
Megan Hamner, Simfoni, 1 2036769252, [email protected]
SOURCE Simfoni
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