Spend management firm Perfect Commerce has made an offer to acquire rival e-procurement provider Hubwoo.
US-based Perfect Commerce has offered €0.19 per share for the firm. Takeover documents said the total cash offer, excluding fees and expenses, would amount to €27 million. Before the announcement, shares in Hubwoo, which is headquartered in France, were trading at €0.14.
The offer has been recommended by Hubwoo’s board. Gregory Mark, Hubwoo chairman and CEO, said: “The strength of Perfect's source-to-pay applications, for both public as well as private sector, combined with Hubwoo's catalogue management and network based process automation capabilities will be very positive."
Hampton Wall, president and CEO of Perfect Commerce, added: “The Hubwoo customer portfolio is a great complement to our company.
“The philosophy of putting the customer first is a shared belief between Perfect and Hubwoo, and we look forward to the joined offering that will maximise process automation, savings, and value creation for our combined clientele."
Perfect Commerce claims to operate the world’s largest independent supplier network with more than half a million suppliers. It’s customers include L’Oréal, Renault and Rolls-Royce.
Hubwoo’s network consists of more than 150 buying companies, among them AkzoNobel, Barclays and Microsoft.