AUSTIN, TX -- (Marketwire) -- 01/14/10 -- Versata Enterprises, Inc. (Versata), a leading provider of enterprise software solutions, announced today the acquisition of PurchasingNet(TM), Inc., a Web-based provider of eProcurement, ePayables and Financial Management services and solutions to mid- and large-sized organizations. PurchasingNet's innovative products help companies optimize the Procure-to-Pay lifecycle -- reducing transaction costs, increasing contract compliance, and enabling spend visibility. Updata Advisors, Inc. acted as financial advisor to PurchasingNet on the transaction.
Versata will operate PurchasingNet as a stand-alone entity with a distinct customer service and product team. PurchasingNet joins Versata's portfolio of enterprise software companies acquired over the past four years. Versata has a proven model of focusing on successful customer relationships and delivering innovation to improve and extend existing products. Versata's Customer Success Program will be rolled out immediately, emphasizing Versata's intense focus on aligning investments with customer priorities. This focus will enable PurchasingNet to maximize customer business impact while facilitating healthy and growing multi-decade relationships.
"The acquisition by Versata provides the resources of a large global company combined with a proven focus on delivering tangible business value to customers," said Tim McEneny, founder of PurchasingNet and CEO for the past 26 years. "We expect our customers to benefit from the accelerated pace of product improvements and technology innovations that PurchasingNet can now deliver."
Versata executive Mike Williams will assume the CEO role at PurchasingNet. "PurchasingNet, along with its world-class set of customers, has a proven track record in driving process improvements and cost savings throughout the Procure-to-Pay lifecycle. We look forward to building on PurchasingNet's award-winning customer support while advancing the product and solution set to increase business value," said Williams.
About PurchasingNet Software, Inc.
PurchasingNet, Inc. (www.PurchasingNet.com) is a leading provider of Web-based eProcurement and ePayables software to mid- and large-sized companies. The company serves customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing, and a variety of other industries.
Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of eProcurement and ePayables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes.
PurchasingNet's customers include Church & Dwight, U.S. Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, EarthLink, Black & Decker, and Kroger.
About Versata Enterprises, Inc.
With a global presence covering 45 countries, Versata Enterprises solves the most complex business problems for the world's largest organizations. Versata Enterprises comprises a number of leading enterprise solution providers, including Versata, Inc., Nextance, Inc., Artemis International Solutions Corporation, Gensym Corporation, Clear Technology, Inc., Everest Software, Tenfold Corporation, Ecora Software, Inc., Evolutionary Technologies, Inc., and AlterPoint, Inc. Versata distinguishes itself in the software industry by focusing on customer priorities as driven by value delivered. Versata's market-leading Customer Success Program ensures customer involvement in product decisions and business priorities and provides twice-yearly opportunities for customers to score Versata's performance against commitments. Versata's world-class engineering capability ensures substantive and valuable product releases, thereby ensuring customer success. Versata's relentless focus on customer priorities, coupled with an unmatched global engineering capability, provides Versata customers continuous innovation and repeatable value propositions. For more information, visit www.versata.com.
About Updata Advisors
Based in New York, New York and Reston, Virginia, Updata Advisors is a leading investment bank specializing in mergers, acquisitions, private placements, fairness opinions, and corporate restructurings for the information technology industry. Since 1987, the firm has advised on over $15 billion in transactions for application and infrastructure software, internet, security, and IT services companies. For more information, visit www.updataadvisors.com.