B2B SaaS company Spendesk has finalized the acquisition of French procurement firm Okko, bolstering its ability to integrate procurement services alongside its existing automated accounting offerings.
Okko’s procurement platform facilitates the digitalization of procurement processes through features such as vendor management, collaborative purchase requests, and contract renewal management. The acquisition enables Spendesk to provide end-to-end digital services management for its customers, eliminating the need for them to utilize separate platforms. Spendesk aims to streamline processes from intake to procure-to-pay, benefiting finance teams, legal departments, and IT departments.
The acquisition aligns with Spendesk’s goal of addressing the complex needs of larger enterprises in terms of cloud and automation software.
Founded in 2016, Spendesk achieved unicorn status in 2022. In its recent Series C funding round, it received investments from Tiger Global and existing investors General Atlantic, Eight Roads Ventures, Index Ventures, and Hexa (formerly eFounders).
Rodolphe Ardant, co-founder and CEO of Spendesk, commented: “Spendesk has been a pioneer in innovation within the spend management sector. The acquisition of Okko reflects Spendesk’s commitment to staying ahead of the curve and our ambition to empower every aspect of our clients’ businesses with intelligent, adaptable spending solutions.
“Finance teams already utilize spend management features such as payment methods and budget controls for purchase orders. However, the procurement process is more intricate. Inefficient workflows and tools result in reduced visibility, increased workloads, and challenges in cost control for all involved teams. Now, we can assist clients in enhancing the efficiency of these intricate processes.”
