Saturday, November, 16, 2019 05:06:16

Workday to buy e-sourcing solutions startup Scout RFP for $540 million

  • The acquisition will help Workday deliver high tech cloud-based solutions to clients
  • Workday Ventures has been an investor for Scout RFP since 2018 

On-demand human capital and financial management provider, Workday, has recently disclosed plans to buy online procurement platform Scout RFP in an all-cash transaction of $540 million.

Apparently, procurement has always been a major concern for Workday. The company currently offers two procurement solutions, which are Workday Inventory and Workday Procurement. The Scout RFP acquisition could enable Workday to deliver a more complete set of solutions to its clients.

Workday has continuously invested in companies that support its broader vision of Cloud ERP’s future. Records confirm that Workday Ventures has been an investor for Scout RFP, which has been an official partner for Workday, since 2018.

Petros Dermetzis, Workday’s chief product officer, mentioned in a blog that working with Scout RFP will allow the company to deliver robust source-to-pay solutions along with the best-in-class strategic sourcing to its customers.

Dermetzis added that the acquisition will transform the procurement process for Workday and achieve better business results, including cost savings, enhanced policy enforcement, and maximized collaboration among key stakeholders.

Scout RFP stated that the two companies have primarily focused on keeping user experience, customer satisfaction and employee engagement at the center of its operations. The San Francisco-based platform further acknowledged the similarity between the two companies that ultimately resulted in a deal.

Notably, Workday Ventures had also recently invested in another US-based enterprise in health operating systems, League Inc. Following the investment, League joined the Workday Software Partner Program.

About Scout RFP

Headquartered in San-Francisco, Scout RFP is a leading sourcing and supplier engagement developer trusted by procurement teams to help them streamline their processes, manage a single project pipeline, and partner with stakeholders and suppliers to achieve greater business impact. The company’s platform currently has over 30,000 users with 240 customers across 155 countries.

Source Credits –

https://techcrunch.com/2019/11/04/workday-to-acquire-online-procurement-platform-scout-rfp-for-540m/