In a surprising and dramatic fashion, multi-module procurement technology provider, BravoSolution, last month acquired procure-to-pay (P2P) specialist, Puridiom. This acquisition comes on the heels of Basware’s acquisition of long-time P2P solution provider – and former BravoSolution partner – Verian earlier this year.
With Puridiom, BravoSolution picks up strong P2P technology to complement an already-impressive offering of digital procurement tools. A successful integration of the Puridiom technology will give procurement leaders another fantastic option, alongside other independent suite providers like GEP and iValua.
Though Puridiom had an already strong P2P solution, the market can expect an even stronger and more innovative solution in the near future. With BravoSolution being a much larger enterprise than Puridiom – both companies are privately held, so exact revenues are not known – previously unavailable R&D money could flow into the new P2P solution. In fact, Puridiom CEO Jesus Ramos used the words “total upgrade” to describe what he expects of the forthcoming P2P piece of the BravoAdvantage suite.
Speculating about the future of procurement, Ramos says that “Procurement and accounts payable have no choice but to join as one single function” and that the new P2P capabilities will be designed to provide the “best solution to serve the combined function.”
The BravoSolution/Puridiom combination is largely market driven. Ramos estimates that for every RFP he has received that seeks a P2P-only solution, Puridiom had been receiving five RFP’s seeking full suites. He says that technologically connecting upstream (eSourcing) and downstream (procure-to-pay) processes has “become much more of a priority” among procurement departments undergoing transformation.
Despite Puridiom being in existence for over 30 years, the marriage with BravoSolution is being perceived as more of a new beginning than an end for the Puridiom staff, which is being positioned as BravoSolution’s “P2P team.” Marketing Director Cindy Cornman says that the Pennsylvania-based team is “excited to be a part of the BravoSolution team and work towards the goal of a robust, user-friendly P2P solution as part of the BravoAdvantage platform.”
Disclosure: BravoSolution is an exhibitor at the 2016 NLPA Conference.