E-sourcing veteran Scanmarket acquires contract specialist Symfact
The Scanmarket e-sourcing veteran today announcement the acquisition of Symfact, an editor specializing in contract lifecycle management (CLM) and risk management. It’s a deal that can help Scanmarket with its source-to-contract (S2C) plans and expand its artificial intelligence capabilities.
Both procurement technology companies participate in Spend Matters’ SolutionMap ranking. Scanmarket is categorized specifically in the Sourcing category, and Symfact is only in the CLM category. SolutionMap sees the S2C category as a suite of strategic capabilities that include several categories: Sourcing, CLM, SXM and Analytics. The addition of contracts therefore clearly reinforces Scanmarket’s S2C plans. In February, Scanmarket acquired MIA Data to strengthen its spend analysis capabilities.
Danish company Scanmarket, founded in 1999, cited market expansion as a goal when acquiring Symfact, which is based in Switzerland and has 22 employees, according to a press release.
“This acquisition is a strategic decision that underpins Scanmarket’s ambition to become the market leader in purchasing and to expand Scanmarket’s product portfolio and geographic reach,” said Scanmarket CEO Betina Nygaard , in the statement, which noted that the agreement strengthens the German area of ââScanmarket. coverage as well as in North America, with an additional office in Canada.
Symfact, founded in 2002, also provides CRM that can help address today’s complex risk environment as procurement, finance and legal organizations seek to address governance, risk and accountability. compliance more strategically.
Spend Matters analyst Nick Heinzmann wrote that Symfact âoffers a well-tested CLM solution that is also linked to other GRC-related applications (e.g. legal entity management, third-party risk management). ). This of course extends to purchasing, as suppliers are also third parties that need to be managed for many risks, which makes Symfact an interesting potential partner for buy-side CLM beyond its legal / GRC roots.
Spend Matters founder Jason Busch said the deal is part of the “incredibly large volume of transactions in the procurement technology market as 2021 draws to a close.”
He also sees how the deal will affect Scanmarket in this industry.
âSymfact brings additional CLM capability to Scanmarket along with adjacent support for GRC management, third party risk and intellectual property management, and will help the Nordic supplier to differentiate itself in an increasingly sourcing market. congested in Europe and North America, âBusch said. “The addition of over 175 Symfact customers will also help fuel the upselling / cross-selling, no doubt. We congratulate both parties on the transaction and look forward to covering the combination in more detail.”
In the coming days, seek coverage from analysts at Spend Matters PRO on this deal and its impact on the procurement technology market.
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