Jaggaer, one in every of the most important and most established application developers and repair providers for procurement management systems, has a brand new owner.
The corporate rebranded from SciQuest to Jaggaer in 2017. It’s a provider of cloud-based business automation technology for business spend management (and procurement). Private equity firm Vista Equity Partners has acquired Jaggaer.
How Vista became Jaggaer’s recent owner
Vista acquired Jaggaer from Cinven Ltd., a London private equity fund, for an undisclosed price.
In May, Reuters reported that Cinven was in search of a deal valued at $3 billion including debt to sell Jaggaer. As well as, Reuters reported that Jaggaer generates annual revenue of about $300 million.
Jaggaer’s software applications streamline supply chain management tasks, including procurement, sourcing, supplier management e-procurement and punchout.
Who Jaggaer works with
Up to now, the corporate has been in business for greater than 35 years and boasts:
- A network of 13 million suppliers
- 1,400 customers
- 4 million users
- 8,000 product catalogs
- 3 million contracts
- 4 million sourcing events
In procurement, a sourcing event is the vendor-facing a part of a sourcing project. It enables a sourcing agent to determine bidding dates and times. It also allows agents to compile all information vendors might want to respond.
“Jaggaer’s products serve a big addressable market benefiting from durable growth tailwinds, including customers’ increasing desire to unify direct and indirect spend management and realize the advantages of AI,” said Michael Fosnaugh, co-head of Vista’s flagship fund and senior managing director “Jaggaer is well-positioned to capitalize on these demand trends given its leading capabilities across source-to-pay workflows.”
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