Yesterday, November 28, Simfoni announced it was acquiring Xeeva, a source-to-pay technology provider with a capability range that extends to tail spend, guided buying, opportunity management, project management, savings tracking, integration management and AI-backed spend classification and enrichment — quite a bit, we know!
Simfoni has been growing rapidly, especially in the spend analytics and tail spend areas in recent years. Earlier in 2022, Simfoni announced its acquisition of EC Sourcing Group, a sourcing provider with optimization support.
In Part 1 of this two-part Spend Matters PRO M&A Quick Take, we begin our analysis by offering a brief background on the deal and by exploring an overview of both vendors’ capabilities, including synergies and overlap.
In Part 2 we will dive deeper into the product/solution synergies and areas of overlap between the two providers and opine on what the added product and customer synergies will bring to Simfoni as it competes in a rapidly growing market for tail spend and transactional buying in general.