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10 June 2014 | Paul Snell
Contract management technology provider Selectica is to acquire e-procurement firm Iasta for $7 million (£4.2 million) cash plus stock.
The deal, which also includes one million shares of Selectica stock and the option for Iasta employees to purchase 700,000 shares in Selectica, is expected to be completed during the summer.
Iasta, whose customers include AOL, Foot Locker and Centrica, had revenues of $11 million (£6.5 million) in 2013. In March Selectica, which works with companies including AstraZeneca, MillerCoors and Xerox, posted total revenue of $15.8 million (£9.4 million) for the financial year.
“Selectica’s vision is to provide the platform for enterprises to manage and optimise their business relationships. At the core of all business relationships sits the contract, and vendor/procurement relationships are a critical part of the contract ecosystem. Together, Selectica and Iasta will help customers improve decision making with real-time insights, reduce a wider variety of buy- and sell-side risks, and optimise in ways that drive incremental revenue strategies,” said Selectica CEO Blaine Mathieu.