Business
Workday to acquire online procurement platform Scout RFP for $540M
Workday announced this afternoon that it has entered into an agreement to acquire online procurement platform Scout RFP for $540 million. The company raised over $60 million on a post valuation of $184.5 million, according to Pitchbook data.
The acquisition builds on top of Workday’s existing procurement solutions, Workday Procurement and Workday Inventory, but Workday chief product product officer Petros Dermetzis wrote in a blog post announcing the deal that Scout gives the company a more complete solution for customers.
“With increased importance around the supplier as a strategic asset, the acquisition of Scout RFP will help accelerate Workday’s ability to deliver a comprehensive source-to-pay solution with a best-in-class strategic sourcing offering, elevating the office of procurement in strategic importance and transforming the procurement function,” he wrote.
It’s not a coincidence that Workday chose this particular online procurement startup. In fact, Workday Ventures has been an investor in the company since 2018, and it’s also an official Workday partner, making it a known quantity for the organization.
As the Scout RFP founders stated in a blog post about today’s announcement, the two companies have worked well together and a deal made sense. “Working closely with the Workday team, we realized how similar our companies’ beliefs and values are. Both companies put user experience at the center of product focus and are committed to customer satisfaction, employee engagement and overall business impact. It was not surprising how easy it was to work together and how quickly we saw success partnering on go-to-market activities. From a culture standpoint, it just worked,” they wrote. A deal eventually came together as a result.
Scout RFP is a fairly substantial business with 240 customers in 155 countries. There are 300,000 users on the platform, according to data supplied by the company. The company’s 160 employees will be moving to Workday when the deal closes, which is expected by the end of January, pending standard regulatory review.
-
Entertainment6 days ago
Teen AI companion: How to keep your child safe
-
Entertainment6 days ago
‘Wallace and Gromit: Vengeance Most Fowl’ review: A delightful romp with an anti-AI streak
-
Entertainment5 days ago
‘Dragon Age: The Veilguard’ review: BioWare made a good game again
-
Entertainment5 days ago
Polling 101: Weighting, probability panels, recall votes, and reaching people by mail
-
Entertainment4 days ago
‘Only Murders in the Building’ Season 4 ending explained: Who killed Sazz and why?
-
Entertainment3 days ago
When will we have 2024 election results online?
-
Entertainment5 days ago
5 Dyson Supersonic dupes worth the hype in 2024
-
Entertainment3 days ago
Social media drives toxic fandom. Is there a solution?