Adding to the list of Indian startups getting acquired by global industry leaders, Procurepack, a Gurgaon-based e-sourcing tool provider has been acquired by global procurement leader, Xeeva.
As per Xeeva’s statement, the acquisition will help them to offer end-to-end, procure-to pay solutions to their clients globally. Procurepack is an e-sourcing tool, developed by Gurugram-based Sourceweb Solutions. On the other hand, Xeeva is a global provider of next generation, intelligent procurement solutions.
The company has not yet revealed financial details of the deal. However, it is believed that the eight member team that operates from Gurugram along with co-founders will now exit the company.
Sourceweb was founded in 2012 by Manesh Jain and Konark Singhal. Procurepack is a cloud-based purchase automation solution that covers processes like e-RFP, e-auction, supplier management and spend management.
Currently, it counts companies such as Samsung electronics as its clients. Apart from Samsung, companies like KPMG, Netplast and Sify also uses the service to manage their vendor relationship, RFP, procurement to pay process and reverse auction.
It maintains the record of the buyer, supplier communication, audit trails, provides analytical dashboard for spend and requisition control for finance and leadership.
Dilip Dubey, CEO of Xeeva, said,
The addition of Procurepack and the technology it brings to Xeeva demonstrates the commitment we have in delivering comprehensive solutions for our clients. Strategically integrating enhanced e-procurement functionality further strengthens our portfolio and illustrates our competitiveness in the marketplace.