Acquisition places Simfoni in the ‘Global Top 10’ for AI-driven Spend Management solutions
Simfoni is thrilled to announce it has joined forces with Michigan-based Xeeva, a fellow leader in AI-powered spend management and procurement technology solutions. This is Simfoni’s second strategic acquisition in 2022 and marks another significant milestone as the company continues to expand upon its solution and support competencies, accelerate growth, and solidify market dominance in indirect (tail spend) management and AI-driven spend analytics and eSourcing solutions.
“Combining forces with Xeeva represents a very rare and unique opportunity to leverage a highly complementary and synergistic solution provider to scale our operational infrastructure and extend competencies in a way that further differentiates our Composable Procurement™ concept,” said Chirag Shah, Simfoni Chairman.
Xeeva’s capabilities in AI-based data enrichment and payments automation complements Simfoni’s managed marketplace offering and further strengthens the company’s solution for tail spend management. The acquisition will secure Simfoni’s place as one of the top 10 procurement technology providers, globally, and “create a best of both worlds situation for Xeeva and Simfoni clients alike”, according to Shah. He continued, “Our two businesses bear so much similarity that there are huge benefits in both economies of scale and economies of scope.”
Nina Vellayan, CEO of Xeeva commented, “I am very excited to be part of such a value-enhancing situation that offers fantastic career potential for Xeeva staff and to be able to offer Xeeva customers heightened levels of customer service and an expansion of technology options. I would like to take this opportunity to thank our clients for choosing Xeeva over the years, and I know we are leaving them in good hands with Simfoni.”