Unimarket, a global technology provider of spend management and e-procurement solutions, announced its merger with VendorPanel, a source-to-contract procurement platform. The merger combines the strengths of both companies to deliver a more robust source-to-pay solution, optimizing business processes and delivering tangible business outcomes for customers worldwide. Unimarket is backed by Accel-KKR, a technology-focused investment firm.
According to Spend Network, global procurement is estimated to be $13 trillion USD annually, highlighting the critical need for optimization. This substantial spending underscores the critical role procurement optimization plays in improving efficiency and cost management for global businesses. Organizations are increasingly turning to digital solutions to improve visibility and control over their procurement processes, underscoring the significance of this merger between Unimarket and VendorPanel.
The combined company now serves nearly 450 customers across the United States, Australia, New Zealand, and Canada, in sectors such as corporate, education, healthcare, government, energy, facility management, transport, and utilities.
Also Read: Prezzee Unveils Visa Reward Prepaid Card for Businesses
“Both companies bring over 15 years of expertise and a proven track record of delivering exceptional results,” said Phil Kenney, CEO of Unimarket. “This merger strengthens Unimarket’s ability to meet the evolving needs of our global customers, offering scalable solutions that capitalize on growing market opportunities.”
“Our merger with Unimarket provides an incredible opportunity to deliver even more value to our customers,” said James Leathem, CEO of VendorPanel. “Our combined platform delivers a comprehensive solution that enhances visibility and drives operational performance across the entire source-to-pay process.”
“This strategic merger marks a significant milestone for both Unimarket and VendorPanel, reinforcing their leadership in the procurement technology space,” said Phil Cunningham, Managing Director at Accel-KKR. “With their combined capabilities, these two companies are now poised to capitalize on global growth opportunities, delivering unmatched value to their customers while driving innovation and performance improvements across the source-to-pay ecosystem.”
SOURCE: PRNewswire