23 July 2002 | Robin Parker
UK-based e-sourcing company Vendigital has made its first move into Europe with the acquisition of German company Serveline.
The firms have jointly held more than 100 auctions to date, producing an average saving of 23 per cent on about £500 million worth of materials.
Serveline will continue to specialise in helping first-tier global automotive companies to source and buy components, and is expected to adopt the Vendigital brand in due course.
With the acquisition, Vendigital aims to expand its European reach and gain a stronger hold of the automotive manufacturing sector.
Vendigital has also recently held independent auctions for automotive parts such as wire harnesses and brake parts, as well as traditional manufacturing commodities such as printed circuit boards.
Dominic Jephcott, managing director of Vendigital, said the purchase will provide an operational and sales base in Germany, where Serveline will act as a sister company.
"Serveline, like us, is raising the stakes of which commodities can be auctioned, and is delivering average savings of 30 per cent," he said.
"We have shared a lot of supplier sourcing, particularly in Eastern Europe and want to continue to expand our global reach in a controlled and considered way."