Specialist spend management solution provider,PROACTIS, has acquired Perfect Commerce – a global provider of spend management solutions with operations in the US, UK and Europe for £102.4 m and placed further shares to the value of £70 m.
The Reverse Takeover will see President and Chief Executive Officer of US based Perfect Commerce, Hampton Wall take over as CEO of Proactis – replacing Rod Jones as Chief Executive Officer, who has retired from the Board with immediate effect.
Perfect Commerce develops and sells cloud-based, technology-led, spend management solutions for the public and private sector markets and has complementary territorial reach with extensive international capabilities with over 1.3 million users across more than 80 countries, 20 languages and 100 currencies. Perfect Commerce also operates ‘The Business Network’ which has approximately 970,000 suppliers connected to it.
The acquisition is expected to generate net annualised cost savings of approximately £5.0 million and provide significant cross-sell and up-sell opportunities
Tim Sykes, Chief Financial Officer of PROACTIS, commented: “This is a highly complementary and transformational acquisition which we expect to be earnings enhancing in the financial year ending 31 July 2018. The Acquisition will accelerate PROACTIS’ growth and bring substantial global scale to the Group, positioning us to exploit the high growth areas of the spend management market and enabling us to provide our customers with an even broader product offering.