Smart ERP Solutions, Inc. (“SmartERP”), the provider of Smart Onboarding and other solutions and services, has acquired Provade Inc. (“Provade”). Smart Onboarding is a cloud-based onboarding platform that provides state-of-the-art security and compliance features, offering a complete automated solution throughout the entire onboarding and offboarding lifecycle for employees, contingent workers and vendors. Provade is a provider of an Oracle ecosystem focused enterprise class Services Procurement and Vendor Management System (VMS) for global contingent workforce spend management.
“Smart Onboarding is a robust platform that complements the key functionalities of Provade’s VMS solution,” said Hans Bukow, President and CEO of Provade. “We are excited to begin our next phase of growth by leveraging the technologies, resources and customer relationships offered by SmartERP to accelerate the delivery of our innovative cloud solutions and vision.”
“Provade has consistently maintained its industry-leading position as a robust and highly scalable enterprise class platform,” said Doris Wong, CEO of SmartERP. “We are thrilled and excited to have Provade with us to further its vision of providing businesses with the ability to automate and expand their mission-critical vendor management workflow and decision-making process with our latest technologies and onboarding platform.”
This acquisition aligns with SmartERP’s continued growth in providing cloud-based solutions and services for Human Capital Management (HCM), Services Procurement, and Vendor Management Systems (VMS) on a common Oracle technology platform.
“Based on our research, the vendor management software market is expected to grow between 11% to 15% CAGR until 2022, driven by the complexity of reporting and tracking multiple vendors’ performances across the enterprise,” said Prabhu Antony, Senior Vice President of Sett & Lucas, the M&A advisor for the transaction. “We see this as an opportune time for SmartERP to continue to enhance and expand their cloud-based solutions and services offerings, including the Smart Onboarding platform to capitalize on the market’s growth trajectory.”