Tuesday, July 23, 2024
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B2B finance automation platform Ramp acquires Venue to revamp procurement product

  • Ramp, a finance automation platform for businesses based in New York, has acquired procurement start-up Venue to enhance its procurement product suite.
  • The acquisition includes Venue’s team, which will lead various initial projects for Ramp, focusing on features such as customized intake forms, flexible approvals, purchase order management, and AI-powered vendor management.
  • Ramp’s existing product suite includes corporate cards, working capital, expense management, and accounts payable products.
  • Venue, based in New York as well, specializes in helping companies manage vendor relationships and provides a solution integrated into the Ramp suite for finance teams to have full visibility into employee and business spending.
  • The start-up Venue, founded in 2022, claims to have raised $1.2 million in financing with support from Sequoia Capital, Exponent Founders Capital, and Basecase Capital.
  • The acquisition has prompted an overhaul of Ramp’s procurement function, introducing new features such as a contract review process, accounting platforms synced with purchase orders, and stakeholder collaboration tools, exclusively available to Ramp Plus users.
  • Eric Glyman, CEO of Ramp, anticipates that these newly launched products will save employees from time-consuming manual tasks and enable companies to operate more nimbly.

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