Spendesk acquires Okko to integrate procurement into its SaaS

B2B SaaS Spendesk has acquired French Procurement company Okko, enabling them to integrate procurement services for customers alongside automated accounting services currently on offer.

Okko’s procurement platform helps businesses to digitise the procurement process with its vendor management, collaborative purchase requests and contract renewal management features. The acquisition brings Spendesk close to end-to-end digital services management for its customers wherein they wouldn’t need to leave the platform. Spendesk says that acquiring Okko means it can take customers from 'intake-to-procure-to-pay’, enabling finance teams, legal teams and IT departments to benefit.

The purchase speaks to Spendesk’s aim to be able to meet the more complex needs of larger companies when it comes to their cloud and automation software.

Founded in 2016, Spendesk received unicorn status in 2022. Its most recent funding round, Series C, saw contributions from Tiger Global and previous investors General Atlantic, Eight Roads Ventures, Index Ventures and Hexa (then eFounders).

Rodolphe Ardant, co-founder and CEO of Spendesk, said: "Spendesk has consistently been at the forefront of innovation in the spend management space. The acquisition of Okko reflects Spendesk's dedication to staying ahead of the curve and our ambition to liberate every part of our clients' business with smarter, agile spending solutions.

‌"While finance teams already use spend management features such as payment methods and budget controls for purchase orders, the procurement process is more laborious. Poor workflows and tools lead to a lack of visibility, additional workloads, and cost control difficulties for all teams involved. Now, we can help clients to increase the efficiency of these complex processes."