Procuri, a provider of on-demand sourcing solutions, has secured a new round of venture financing and also acquired another firm.
Insight Venture Partners, an existing investor, and Advent International, a new one, combined to put $12.5 million into Procuri as part of a Series B “up” round.
Procuri also acquired Contract Management Solutions, a provider of contract management services. The firm is based in Orlando, FL.
The deal increases Procuri’s customer base to more than 300, doubling it in size, with such customers as Qualcomm and Toyota Motor Sales. Procuri said there was little overlap between. Procuri customers include Blue Cross and Blue Shield Association, Eastman Kodak, ITT Industries, KLM Royal Dutch Airlines, The McGraw-Hill Companies, Rio Tinto, Procter & Gamble and U.S. Steel.
Procuri was launched in 1999 and obtained $10 million in financing from Insight in 2003.
Procuri said it would rebrand product offerings from Contract Management Solutions for deal management and contract management as Procuri “Total Performance”.
“CMSI solutions bring tremendous value to our suite of solutions and above all, deliver increased value to our newly-combined customers,” said Mark Morel, Procuri’s president and chief executive officer, in a statement.
Procuri said CSMI operations and employees would be retained. Steve Rosbury, president and CEO of CMSI, will serve as a consultant and as an observer on Procuri’s board, the company said.