According to Forrester, the global procurement software application market is predicted to grow 17% in 2022 to a value of $14 billion, with contract lifecycle management and spend analytics predicted to enjoy the fastest growth at 20%, as organisations look to streamline costs and be more efficient post-pandemic.
Tapping in on this potential, British software and services provider Advanced has acquired Australia and New Zealand-based SaaS procurement provider Portt to expand Down Under. The acquisition also extends Advanced’s spend management capability centred around e-marketplace and builds on its recent buy of CloudTrade, a data capture and document automation solution.
Talking about the new acquisition, Gordon Wilson, CEO, Advanced said: “The integration of Portt’s technology will allow our combined customers to realise greater business efficiencies and productivity within their teams, proactively driving business improvement and growth. This deal represents another significant step in our growth and international expansion strategy, building on our already successful footprint in Australia.”
Chris Holmes, co-founder and CEO, Portt said: “Portt believes heavily in the strength of innovation to drive value for the customer. Being part of the Advanced Family allows us to be a part of a best-of-breed financial and spend management software organisation, with our procurement technology, delivering a force multiplier to customers.”
Andre Pinkowski, co-founder and CEO, Portt added: “Portt always had its eye on expanding outside of ANZ and given the commonwealth standards adopted in our solution the UK was the most logical place for us to focus.”
With clients such as NSW Health, Ministry of Education and Super Retail Group, the startup manages 63,000 private and public sector suppliers across ANZ with a fast-growing user base of over 9,000 users.