AUSTIN, TX– Versata Enterprises, Inc. (Versata), a leading provider of enterprise software solutions, announced the acquisition of PurchasingNet, Inc., a Web-based provider of eProcurement, ePayables and Financial Management services and solutions to mid- and large-sized organizations. PurchasingNet’s innovative products help companies optimize the Procure-to-Pay lifecycle — reducing transaction costs, increasing contract compliance, and enabling spend visibility. Signal Hill acted as financial advisor to PurchasingNet on the transaction.
Versata will operate PurchasingNet as a stand-alone entity with a distinct customer service and product team. PurchasingNet joins Versata’s portfolio of enterprise software companies acquired over the past four years. Versata has a proven model of focusing on successful customer relationships and delivering innovation to improve and extend existing products. Versata’s Customer Success Program will be rolled out immediately, emphasizing Versata’s intense focus on aligning investments with customer priorities. This focus will enable PurchasingNet to maximize customer business impact while facilitating healthy and growing multi-decade relationships.
“The acquisition by Versata provides the resources of a large global company combined with a proven focus on delivering tangible business value to customers,” said Tim McEneny, founder of PurchasingNet and CEO for the past 26 years. “We expect our customers to benefit from the accelerated pace of product improvements and technology innovations that PurchasingNet can now deliver.”
Versata executive Mike Williams will assume the CEO role at PurchasingNet. “PurchasingNet, along with its world-class set of customers, has a proven track record in driving process improvements and cost savings throughout the Procure-to-Pay lifecycle. We look forward to building on PurchasingNet’s award-winning customer support while advancing the product and solution set to increase business value,” said Williams.