Onventis, a Source-to-Pay procurement suite provider, has acquired Swedish spend analytics specialist Spendency, strategically expanding its product offering.
Financial details of the acquisition, which is backed by software investor Main Capital Partners (Main), have not been disclosed.
The Spendency and Onventis leadership teams share a common vision of growth with the aim of becoming a leading European software group, while also transforming the field of purchasing and finance through a single digital spend management ecosystem.
Onventis became part of the Main portfolio in 2019. A cross-border buy-and-build strategy led to the addition of Dutch accounts payable automation company WorkFlowWise in 2020. The Group’s global footprint is now further strengthened with the acquisition of Spendency, a leading spend analytics provider in the Nordic region.
In addition to the existing headquarters and offices in Germany and the Netherlands, Onventis will also now be represented in the Nordics and UK. The combined customer base of the Group accounts for more than 1,000 purchasing organisations.
The Covid pandemic has clearly shown how crucial spend analytics are for procurement and finance teams. Collecting and analysing procurement data can provide meaningful insights and effectively back-up decision-making processes. This capability subsequently helps organisations to become much more resilient operationally. Industry analysts expect high market growth of procurement software as a result of an increasing number of organisations who fully rely on Source-to-Pay suites to crisis-proof their supply chains. In the procurement and finance space, especially AI and analytics tools are the main technological drivers to improve liquidity and boost the efficiency of business spend.
Established in 2015, with headquarters in Stockholm (Sweden), Spendency has grown into a leading spend analytics provider. Connected directly to the clients’ ERP and/ or procurement system, Spendency helps its customers to collect, enrich and normalise supplier data. Once the data is prepared, Spendency analyses it through various drill-down methodologies to allow for improved cost controlling of spend processes. Insights gained from Spendency’s solutions help companies save significant costs while implementing much more efficient procurement processes. The company serves a vast customer base of more than 100 customers and over 1,500 users. Well-known clients include Swedavia Airports, Svenska Spel, SAS, and Klövern.