Last week, Corcentric - a provider of automation solutions for Procurement and Finance departments - announced its acquisition of Source One Management Services. The leaders in Procurement consulting join Corcentric in helping businesses reduce inefficiency and optimize the ways they purchase, pay, and get paid.
The Strategic Sourceror sat down with Source One CEO Steven Belli to discuss this exciting news.
Belli couldn't be happier with the acquisition. "When I look ahead, I see nothing but bright days and opportunity for everyone within our organization. We've enjoyed a lot of success over the years, and things can only improve from here."
During any acquisition, both organizations naturally feel at least some trepidation. There's always a question in the air, how will we work together? Where will synergies arise? What about conflicts?
Belli ensures the spend management team At Source One they have no cause for concern. "Over the years, we've turned down a number of offers to acquire our organization," he says. "The most important consideration has always been Source One's unique culture. Our consultants possessed a can-do attitude and an innovative spirit that few of our competitors can equal. Corcentric clearly shares this attitude as well as our commitment to quality and service. I've been confident from the start that they're a great culture fit."
After ensuring a cultural fit, Belli suggests, it's essential to ensure a "business fit." In Belli's opinion, Corcentric and Source One are an ideal match in this respect. "Source One and Corcentric's service offerings complement one another perfectly. There's not only no overlap, but a great number of synergies are immediately obvious. We extend their offering in interesting ways, and they do the same in return."
Corcentric shares Source One's belief that an optimized Procurement departments provide a competitive advantage that cannot be overstated. Over the years, they've refined their procure-to-pay offering. Reducing inefficiencies and providing spend visibility, they've helped clients in various industries refine their approach to Procurement. Supplemented with Source One's unparalleled category expertise and years of best practices, they'll support increasingly ambitious projects.
The move empowers both Corcentric and Source One to offer their clients a true end-to-end solution for optimizing the people, processes, and technologies of their Procurement function. Both organizations' clients have long expressed interest in such an offering. "Both of us see this as the perfect opportunity to provide our clients the comprehensive source-to-pay service they've been asking for."
Officially, Source One Management Services no longer exists. Its mission, however, lives on."Source One's goal has always been to grow into the world's best Procurement Services provider," says Belli. "As a Corcentric company, we're better positioned than ever to reach that goal."