Kaitlyn McAvoy – February 17, 2016 2:38 PM
Contract lifecycle management solution company Exari announced Wednesday it has acquired CMA Contiki, an enterprise contract management software provider. Exari said the combined company will create an end-to-end contract management platform to serve companies across the globe in various sectors including financial services, professional services, energy, insurance and utilities.
Pierre Mitchell, chief research officer at Spend Matters, called the acquisition an “integration of two complexity masters.” He pointed out that Exari is one of the few pure-play CLM solution companies supporting truly high-end enterprise requirements and providing data-driven deep contract management services. On the other hand, Contiki offers the ability to integrate contracts more deeply upstream into sourcing and downstream into supplier management activities.
“In this case, the acquisition is very complementary in the sense that Contiki can now go much deeper into the contracts and unlock more insights, while Exari can now get exposure and integration to a broader set of business processes, industry scenarios and geography,” Mitchell said.
Jason Busch, founder and head of strategy at Spend Matters, also noted the combination represents a next-generation look at where independent, best-of-breed contract management technology is headed.
“The future of enabling certain contracting and integration scenarios may belong to broader technology suites,” Busch said. “But the combination of Exari and Contiki suggests that best-of-breed contract management solutions will bring innovations that, in certain scenarios, will outweigh the value of native integration between sourcing, contracting, vendor management, purchase-to-pay and order-to-cash suites, especially when complex analytics, industry, geographic, counterparty and third-party (e.g., counsel) scenarios are involved.”
Exari said its acquisition will create a new platform to address contract management tasks such as contract creation, strategic sourcing, supplier risk and performance management and contract analytics.
“This is a powerful combination,” said Bill Hewitt, CEO of Exari Group, in the announcement. “The team at Contiki, headed by CEO Reidar Hauge, has deep industry knowledge and broad buy-side experience.”