26 September 2007 | Antony Barton
Spend management software company Ariba is to buy rival firm Procuri for $101 million (£51 million).
Ariba will pay $93 million in cash and stock, and $8 million to pay off Procuri's debt.
Procuri has over 300 customers, including Barclays Bank, Boots Group, ConAgra Foods, Domino's Pizza and Sun Microsystems.
Mark Morel, Procuri's president and CEO, said the combination of the two companies creates "the clear leader in the global market for on-demand spend management solutions".
He added: "In uniting the industry's best-in-class technologies and people, the combined company will deliver a world-class, end-to-end spend management platform and services that enable companies to control spend, mitigate risks, and improve performance across their global supply chains."
The deal, which is subject to customary closing conditions and regulatory approvals, is expected to be completed by the end of 2007.