Procuri, a provider of on-demand supply management solutions, is being sold to Ariba in a deal worth $93 million in cash and stock.

Ariba, which is based in California, said it also would pay off $8 million in debt incurred by Procuri.

Procuri, a member of the Inc 500 as one of the nation’s fastest growing companies, is privately held.

The deal has already been approved by the boards of directors of each firm, and it is expected to close in the fourth quarter.

Ariba (Nasdaq: ARBA) provides spend management solutions.

“Ariba has been very successful in its shift to a software as a service (SaaS) business model, growing year over year subscription software backlog by 60 percent in the past quarter. This acquisition will accelerate our growth, give us scale in our on-demand business and strengthen our position in the fast growing mid-market,” said Bob Calderoni, Ariba’s chief executive officer.

“Procuri has proven its ability to sell on-demand solutions to growing enterprises and has built an impressive list of customers,” he added. “We can leverage this customer base and experience along with our solutions to further penetrate and lead the fastest growing segment of the spend management market.”

Procuri has more than 300 customers, including Domino’s Pizza, JetBlue Airways and United Parcel Service.

“The combination of Procuri and Ariba creates the clear leader in the global market for on demand spend management solutions,” said Mark Morel, president and CEO of Procuri. “In uniting the industry’s best-in-class technologies and people, the combined company will deliver a world-class, end-to-end spend management platform and services that enable companies to control spend, mitigate risks, and improve performance across their global supply chain