Software company Corcentric relocated its headquarters to Woodland Falls Corporate Park in Cherry Hill this week to better accommodate the needs of its growing organization.
The company says its client base now exceeds 6,000 companies and reported revenue in 2018 was $103 million.
Also this week, Corcentric announced that it signed a definitive purchase agreement with Determine Inc., a leader in global source-to-pay and enterprise contract lifecycle management cloud platform solutions, to acquire substantially all the assets of the company in a cash deal of approximately $32 million.
The transaction is expected to close in the second quarter of 2019.
The purchase agreement, which has been approved by the board of directors of both companies, is conditioned upon, among other things, the approval of Determine’s stockholders, and other customary closing conditions.
Corcentric also announced the acquisition of Netsend Ltd.
Headquartered in London, Netsend offers electronic billing, invoicing and document distribution services to companies in over 50 different countries. The acquisition marks Corcentric’s expansion into the global e-billing market as a SaaS provider.
Netsend’s customer base spans industries including financial, technology, media, pharmaceutical, retail, energy and manufacturing. Companies use Netsend to securely send over 1.5 million documents each month and see a conversion rate of 80 percent from physical documents to e-delivery, Corcentric said.
Patrick Dodd-Noble and Lee Allen, founding directors, will continue to lead Netsend’s business. Financial details of the transaction were not disclosed.
