merger & acquisition

Corcentric Announces Acquisition of Source One Management Services

Cherry Hill-based Corcentric announced that it has acquired Source One Management Services, LLC, a leading tech-enabled procurement services provider delivering cost reduction and savings through strategic sourcing and procurement transformation.

Based out of Willow Grove, PA, and Chicago, IL, Source One adds a strong Fortune 1000 customer base representing manufacturing, finance, life sciences, retail, CPG, and more industries to Corcentric’s roster of more than 6,000 customers. Source One is an industry-recognized thought leader in the procurement space, and brings sourcing-related services and technology to complement Corcentric’s procure-to-pay solutions.

“When Source One was founded, its mission was to be the best procurement services provider – quality and service being paramount in executing our work,” said Steven Belli, CEO of Source One. “Sharing our focus on innovation and customer service, Corcentric gives us an opportunity to expand our sourcing and procurement optimization services to more customers and across larger sets of spend data. We’re thrilled to be part of the team.”

“The acquisition of Source One was a natural fit for Corcentric and we are excited to add their sourcing and procurement expertise to our portfolio of procure-to-pay solutions,” commented Matt Clark, president and COO of Corcentric. “As companies look to gain more visibility into their spend and better manage cash flow, the acquisition of Source One gives us an opportunity to share our innovations with more customers while increasing value across finance and procurement.”

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