Spend management platform Spendesk is set to acquire Okko, a Software-as-a-Service (SaaS) procurement platform based in Paris, France, for an undisclosed sum.
Described as an “intake-to-procure-to-pay solution”, Okko’s offering digitises procurement workflows with features for vendor and contract renewal management, onboarding and collaborative purchase requests.
The acquisition will see these capabilities integrated within the Spendesk platform, which currently offers a range of features to support mid-sized businesses with their spend management, including card services, account and expense management services and bookkeeping and budgeting tools.
Spendesk claims the deal will see the company become the first in Europe to combine both spend management and procurement capabilities in one solution.
“While finance teams already use spend management features such as payment methods and budget controls for purchase orders, the procurement process is more laborious,” explains Rodolphe Ardant, co-founder and CEO of Spendesk
“Poor workflows and tools lead to a lack of visibility, additional workloads and cost control difficulties for all teams involved. Now, we can help clients to increase the efficiency of these complex processes.”
Spendesk, which is also based in Paris, was last valued at more than €1 billion following the close of its €100 million Series C round in 2022.
Source: fintechfutures.com
