New Jersey-based Corcentric Inc. has completed its $32 million acquisition of Determine Inc. in Carmel. Matt Clark, chief operating officer for Corcentric, says the all-cash deal enables the company to expand its portfolio of source-to-pay solutions for American and European customers.
The acquisition was first announced in February. Corcentric did not state whether any jobs would be affected.
"Determine provides a comprehensive cloud platform that seamlessly integrates with other technologies to help companies improve financial performance and reduce operational risk," said Clark. "This acquisition enables the combined organization to provide a holistic and broad set of capabilities encompassing strategic sourcing and procurement consulting, a unified cloud platform for source-to-pay and contract lifecycle management, and comprehensive payment and financing solutions to improve working capital."
The deal was approved by the boards of directors for both companies, as well as Determine’s stockholders.
In 2016, Determine announced its plans to relocate from Silicon Valley to its new headquarters in Carmel. Late last year, the company was delisted from The Nasdaq Stock Market after being found out of compliance due to its low stock price.