As a leader in enterprise cloud applications for mid-market and people-centric organisations, Unit4 has entered into a definitive agreement to acquire Scanmarket a global provider of cloud-based source-to-contract software.
What does this agreement mean for Unit4?
With this agreement, Unit4 will be able to provide organisations with a unified source-to-pay (S2P) journey that builds on its existing ERP and procure-to-pay (P2P) offerings.
“We are delighted to have added Scanmarket to the Unit4 portfolio. Their market-leading global strategic procurement capabilities and cloud-based solutions are trusted by 324 customers, across more than 85 countries, and have received strong recognition from industry analysts, such as Gartner, Info-Tech Research Group and SpendMatters. As well as a great technology fit, both organisations are culturally similar in that we have developed our solutions with users and people at the centre of what we do, so we are excited to welcome the Scanmarket team to Unit4,” commented Mike Ettling, CEO, Unit4.
Specifically, Scanmarket’s suite of solutions will extend Unit4’s P2P offerings as well as its strategic procurement capabilities including sourcing, spend analytics, supplier management, and contract lifecycle management.
In addition to supporting its growth, the acquisition marks a significant investment made by Unit4 into its ERP solution. It will enable organisations to gain deeper insights into their spend, as well as manage suppliers and contracts better, and realise procurement savings.
“Scanmarket is all about people so, when considering this deal, finding a buyer who is a cultural match was of the utmost importance. People centricity is also key to Unit4 and, not only that, the company shares our core values,” said Betina Nygaard, CEO of Scanmarket.
She added: “Our team has been fundamental in getting us to where we are today, and Unit4 clearly recognises the quality and skills of our colleagues. In addition, both companies are focused on digitalisation and, in the case of Scanmarket, centred on transforming the procurement function through best of breed source-to-contract capabilities while effectively managing governance, risk and compliance. The combination of Unit4 and Scanmarket will deliver a comprehensive Source-to-Pay solution and bring added value for midmarket and enterprise organizations across both upstream and downstream procurement.”