- Acquisition Details:
- Spend management platform Spendesk is acquiring Okko, a Software-as-a-Service (SaaS) procurement platform based in Paris, France.
- The acquisition is aimed at integrating Okko’s procurement capabilities into the Spendesk platform.
- Okko’s Offering:
- Okko provides an “intake-to-procure-to-pay solution” that digitizes procurement workflows.
- Features include vendor and contract renewal management, onboarding, and collaborative purchase requests.
- Integration with Spendesk:
- Okko’s capabilities will be integrated into Spendesk’s platform, which already offers spend management features such as card services, account and expense management, and budgeting tools.
- Strategic Move:
- Spendesk aims to become the first company in Europe to offer both spend management and procurement capabilities in a single solution.
- The acquisition addresses the challenges faced by finance teams in managing procurement processes efficiently.
- CEO Statement:
- Rodolphe Ardant, co-founder and CEO of Spendesk, highlights the importance of improving complex procurement processes for increased efficiency.
- He emphasizes the need to streamline workflows and enhance visibility for better cost control.
- Company Valuation:
- Spendesk was last valued at over €1 billion after securing €100 million in its Series C funding round in 2022.
