Knoxville-based Vendor Registry Inc. is being acquired by a Montreal, Canada-based enterprise.
In an announcement yesterday, mdf commerce inc., described as a leader in the Software-as-a-Service (SaaS) commerce technology solutions sector, said that it has entered into an agreement, through a wholly-owned subsidiary, for the acquisition of substantially all of the assets of Vendor Registry, Inc.
The local start-up was founded in 2012. It serves more than 400 public agencies and more than 70,000 vendors across the U.S., helping:
- streamline the purchasing process for cities, counties, utilities, higher education and school boards; and
- generating new revenues for vendors and suppliers, decreasing costs for government and institutional purchasing departments, and saving valuable time for all parties.
We have followed Vendor Registry over the years, including this teknovation.biz article that published in June 2012 just months after the start-up was launched.
mdf commerce, formerly known as Mediagrif Interactive Technologies Inc., enables the flow of commerce by providing a broad set of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. The company has more than 600 employees based in Canada, the U.S., Denmark, Ukraine and China.
“We are excited to join forces with mdf commerce,” Chris Van Beke, Co-Founder and Chief Executive Officer at Vendor Registry, said in a news release. “Our goal has always been to offer the easiest-to-use possible procurement service with industry-leading support to our clients. Coupled with the excellent product breadth and continuous growth of the mdf commerce Strategic Sourcing solutions, we will now be able to offer new opportunities to all participating agencies and suppliers in the United States.”
The total consideration for the acquisition is $5.25 million in U.S. dollars payable in cash, subject to certain purchase price adjustments. The closing of the acquisition is subject to certain standard conditions and is expected to take place on or about November 16.