Acquisitions and Organic Growth in 2019 Set the Stage for Co
CHERRY HILL, N.J., Feb. 6, 2020 /PRNewswire/ -- Corcentric, a fast-growing provider of procurement and financial process automation solutions, is positioned in 2020 to continue building on the global footprint it established in 2019, with growth of 40.6 percent, following the acquisitions of Determine and Netsend.
Corcentric's acquisition in 2019 of Determine, a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management (ECLM) solutions, marked a turning point for both companies. The acquisition enabled Corcentric to become the only solution provider in the world with an end-to-end solution suite for both Source-to-Pay and Order-to-Cash delivered through consulting, technology, services, and an ability to optimize B2B payment flows.
Also in 2019, Corcentric acquired e-billing provider Netsend, which is headquartered in London, and has a customer base spanning industries such as financial, technology, media, pharmaceutical, retail, energy, and manufacturing.
"Since the beginning of our collaboration with the Determine and Netsend teams, we have always shared a common goal to place our customer's needs at the heart of our business, helping them unlock value and achieve transformational results to optimize their B2B activities," commented Matt Clark, President and COO of Corcentric.
Determine, a Corcentric company, was recognized in 2019 in multiple analyst reports, demonstrating, in our opinion, the breadth of Determine's Source-to-Pay capabilities in helping purchasing, finance, and legal organizations better manage upstream and downstream processes.
- Recognized as a Strong Performer in The Forrester Wave™: Source-To-Contract Suites, Q4 2019 with the highest score possible in the references for usability criterion and cited for having above average scores for implementation by clients.
- Recognized in multiple Spend Matters SolutionMap rankings as a Customer leader across Procure-Pay and Invoice-to-Pay
- Included in Forrester's Now Tech: Spend Analytics Solutions, Q3 2019
- Included in Forrester's Now Tech: eProcurement, Q4 2019
- Ranked as a Leader in 2019 ePayable Technology Advisor research report from Ardent Partners
- Named in the 2019 Gartner Magic Quadrant Procure-to-Pay Suites
These recognitions, combined with Corcentric's achievements as a Spend Matters 2019 Provider to Know and a leader in IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation 2019, are a platform for Corcentric's continued drive to provide unparalleled service for its customers.
"In 2020, we will follow this path, strengthening our presence in the US and EMEA and a focus on more deeply integrating people, technology and services under a unified Corcentric brand to deliver maximum value to our customers," said Matt Clark.
Corcentric is a leading provider of source-to-pay and order-to-cash solutions for businesses in the United States and Europe. Corcentric's procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Since 1996, thousands of customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com.
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