Provident Capital Ventures buys e-procurement firm

25 February 2010

25 February 2010 | Gareth Mytton

US investment company Provident Capital Ventures (PCV) has acquired e-procurement firm Global Supply Chain Systems (GSCS) for an undisclosed amount.

As part of the takeover PCV will inject fresh capital into the business. The sum was not revealed, however.

GSCS, which provides supply chain software and materials management services, had revenues of $35.9 million (£23.4 million) in 2008, the most recent year for which figures were available.

It was ranked 325 in consultancy Deloitte’s 2009 Technology Fast 500 Ranking of the quickest growing technology companies in the US. GSCS customers include defence supplier BAE Systems, telecoms firm Motorola, and manufacturer Honeywell.

“PCV is pleased and excited about the purchase of GSCS and looks forward to an energetic and profitable first year as owner,” said Leon Backes, president and founder of PCV.

GSCS is the second e-procurement firm to be acquired this year, after Capgemini bought out Swedish company IBX.

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