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DETERMINE, INC. (NASDAQ: DTRM) SURGES 25% AFTER ANNOUNCING $32 MILLION ACQUISITION BY CORCENTRIC, INC.




Determine, Inc. (NASDAQ: DTRM) is a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management (ECLM) solutions. Shares surged 25% on Monday, February 11, 2019. Over the past three months, Determine has seen an average daily volume of 201,500 shares. However, on Monday, 751,167 shares traded hands, equating to $187,800 in dollar volume.
Shares surged on Monday after Determine announced it has entered into a definitive agreement with Corcentric, Inc., a leading provider of procurement and financial process automation solutions. Under the agreement, Corcentric will acquire Determine in exchange for a cash payment of $32 million. The transaction is expected to close in the second quarter of 2019. Patrick Stakenas, President and CEO of Determine, commented, “We have worked very hard over the last few years to develop our innovative platform and we are eager to bring this robust solution to Corcentric’s customers as well as to a wider market through broader distribution opportunities.” Here is the full press release detailing Corcentric’s acquisition of Determine:

Determine, Inc. Press Release:

Corcentric, Inc. (“Corcentric”), a leading provider of procurement and financial process automation solutions , announced today that it signed a definitive purchase agreement with Determine, Inc. (DTRM) a leader in global Source-to-Pay and Enterprise Contract Lifecycle Management Cloud Platform solutions to acquire substantially all the assets of Determine for cash of approximately $32 million. This transaction is expected to close within the second calendar quarter of 2019.
Corcentric is a leading provider of procurement and finance solutions that transform how companies purchase, pay, and get paid. Its procurement accounts payable and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Corcentric currently serves more than 6,000 customers representing multiple industries including manufacturing, transportation, wholesale/distribution, retail, healthcare, and financial services. Corcentric was recently named a leader in the IDC MarketScape Worldwide SaaS and Cloud-Enabled Accounts Payable Applications.
Determine is recognized as a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management solutions. Determine’s mission is to provide industry-leading cloud solutions to maximize its customers’ visibility and financial return from their spend, supplier and contractual data. Determine’s flagship offering, the Determine Cloud Platform (DCP), provides procurement, legal, and finance professionals with analytics for their supplier, contract, and financial performance. Determine’s applications empower customers to drive new revenue, identify savings, improve compliance, and mitigate risk. The Determine Cloud Platform seamlessly integrates with major ERP or third-party systems such as SAP, Oracle, Sage, QAD, and Microsoft features full DocuSign integration and is an integrated Application and on the AppExchange with Salesforce.com. Determine delivers a modular “now and later” platform approach that solves immediate challenges and enables growth as business needs dictate over time.  Determine currently serves more than 244 global customers spanning a wide spectrum of industries including financial services, insurance, pharmaceuticals, healthcare, retail, transportation, and manufacturing.
The parties believe this transaction will bring significant value and opportunity to the combined business and its collective customers and prospects. The key benefits include:
Revenue growth opportunities including the up-selling of new products and services across the new combined company’s customer base.
Creation of a one-stop shop providing access to the full spectrum of Procure-to-Pay (P2P) of solutions and combining this leading technology with great service to deliver the best outcome for both customers and prospects.
Opportunity to add robust incremental service offerings on to the Determine Cloud Platform.
The purchase agreement, which has been approved by the Board of Directors of both companies, is conditioned upon, among other things, the approval of Determine’s stockholders, and other customary closing conditions. In order to accommodate French labor law, the closing is also contingent upon the required prior consultation with Determine’s works council.  Subject to the satisfaction of these conditions, the transaction is expected to close in the second calendar quarter of 2019.
Matt Clark, President, and COO of Corcentric said,"The obtaining of Determine is both synergistic and transformative for Corcentric. We've pursued the Determine Cloud Platform advancement for quite a while and are energized by the possibility of including its strong abilities, alongside the aggregate Determine group's business experience, to the Corcentric family. We think mixing Determine with Corcentric offers the recently consolidated organization a chance to convey more an incentive to our clients and prospects, and it builds our worldwide market impression so we will have the open door serve an extended base."
Patrick Stakenas, President and Chief Executive Officer of Determine said, “We are very excited about the opportunity to elevate the Determine Cloud Platform and consolidate the Determine team, technology and know-how with Corcentric. There is a tremendous value that this new relationship will unlock for our customers, prospects, and employees. We have worked very hard over the last few years to develop our innovative platform and we are eager to bring this robust solution to Corcentric’s customers as well as to a wider market through broader distribution opportunities.”
MidMarket Capital Advisors is acting as an advisor and Wilson Sonsini Goodrich & Rosati is acting as legal advisor to Corcentric in this transaction. Needham & Company, LLC is acting as financial advisor and O’Melveny & Meyers LLP is acting as legal advisor to Determine in this matter.
About Determine, Inc.

Determine, Inc. (DTRM) is a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management (ECLM) solutions. The Determine Cloud Platform provides procurement, legal and finance professionals analytics of their supplier, contract, and financial performance. Our technologies empower customers to drive new revenue, identify savings, improve compliance, and mitigate risk.
The Determine Cloud Platform seamlessly integrates with major ERP or third-party systems such as SAP, Oracle, Sage, QAD, and Microsoft. Modular solutions can be configured to add more as needed to provide additional value beyond spend management. Our unified master database and business process approach empower users at every level to make more informed and smarter decisions. www.determine.com.
About Corcentric
Corcentric is a leading provider of procurement and finance solutions that transform how companies purchase, pay, and get paid. Corcentric’s procurement accounts payable and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Since 1996, more than 6,000 customers from the middle market to Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com, or follow Corcentric on LinkedIn at https://www.linkedin.com/company/corcentric.

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