Workday to acquire Scout RFP to transform procurement
Leading cloud applications provider for finance and HR - Workday - has signed a definitive agreement to acquire Scout RFP.
In order to maximise opportunities, support growth, increase policy compliance and drive critical cost savings, Workday alongside Scout RFP - following its acquisition - aims to transform procurement organisations by providing a comprehensive source-to-pay solution with strategic sourcing.
Who is Scout RFP?
Founded in 2014, Scout RFP is a sourcing and supplier engagement platform that helps procurement teams streamline processes, manage a unified pipeline of projects, and collaborate with stakeholders and suppliers. “Scout RFP is an industry leader that is loved by procurement teams who are undergoing a significant shift to better optimise spend,” said Aneel Bhusri, co-founder and CEO, Workday.
Global brands using Scout RFP: 240
Project spend managed: US$38.5bn +
Headquarters: San Francisco
CEO: Alex Yakubovich
Who is Workday?
Founded in 2005, Workday is a leading provider of enterprise cloud applications for finance and human resources to the world's largest companies, educational institutes and government agencies. The company delivers financial management, human capital management, planning and analytical applications.
Headquarters: Pleasanton, California, United States
CEO: Aneel Bhusri
Under the agreement terms, Workday will acquire the business for US$540mn in cash and is expected to close the deal during the fourth quarter of Workday’s fiscal year 2020, however this is still subject to change.
Commenting on the acquisition Bhusri said: “Together, we will deliver a modern source-to-pay solution that accelerates our momentum in the spend management market and expands how customers can plan, execute, analyse, and extend in one system.” Alex Yakubovich, CEO, Scout RFP further added to Bhusri comment, “As a Workday Ventures portfolio company and Workday Software Partner, we’ve been incredibly impressed with Workday's team, culture, customer focus, and products. In addition to our common passion for innovative technologies, our two companies also share a commitment to employee and customer satisfaction, which will enable us to advance our vision to transform strategic sourcing.”
Did you know? Workday is announcing its fiscal 2020 third quarter financial results on Tuesday 3 December 2019.
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