New Jersey Company to Acquire Determine

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New Jersey-based Corcentric Inc. has announced plans to acquire Determine Inc., headquartered in Carmel. The company, which specializes in procurement and finance solutions for a variety of industries, says the $32 million deal is expected to close in the second quarter. Determine was originally based in Silicon Valley, but in June 2016 announced plans to relocate its global headquarters to the Hamilton County city. 

Determine is a tech company whose cloud-based platform provides supplier, contract and financial performance analytics for procurement, legal and finance professionals, according to its website. Matt Clark, chief operating officer of Corcentric, calls the acquisition synergistic and transformative for the company.

"We’ve followed the Determine Cloud Platform development for some time and are excited by the prospect of adding its robust capabilities, along with the collective Determine team’s business experience, to the Corcentric family," Clark said in a news release. "We believe blending Determine with Corcentric gives the newly-combined company an opportunity to deliver more value to our customers and prospects, and it increases our global market footprint so we will have the opportunity serve an expanded base."

The acquisition has been approved by the boards of directors for both companies. Corcentric says the deal remains subject to various approvals, including from Determine's stockholders. 

Corcentric did not say whether any jobs would be affected by the deal.

In December, Determine was delisted from The Nasdaq Stock Market after being found non-compliant two months prior. The company has reported a net loss in each quarter since relocating to Carmel.

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