Scout RFP, a US-based developer of a sourcing platform for businesses, yesterday agreed to a $540m acquisition by one of its existing investors, enterprise software producer Workday.
The all-cash transaction will allow Salesforce Ventures and GV, respective corporate venturing divisions for cloud computing firm Salesforce and technology conglomerate Alphabet, to exit.
The deal is expected to close by the end of January 2020, subject to customary closing conditions.
Founded in 2014, Scout runs a cloud-based platform for procurement staff to manage sourcing and supplier engagement, collaborate with relevant parties and handle a pipeline of projects.
Scout’s employees will join Workday, which expects the platform to complement its existing offerings Workday Procurement and Workday Inventory.
Alex Yakubovich, chief executive of Scout RFP, said: “As a Workday Ventures portfolio company and Workday Software Partner, we have been incredibly impressed with Workday’s team, culture, customer focus, and products.
“In addition to our common passion for innovative technologies, our two companies also share a commitment to employee and customer satisfaction, which will enable us to advance our vision to transform strategic sourcing.”
The company obtained $60.3m in equity financing before the acquisition.
Scout RFP most recently raised $33m in a series C round backed by Workday’s corporate venturing arm, Workday Ventures, and Salesforce Ventures in January 2019. Scale Venture Partners led that round, which also featured Menlo Ventures and NewView Capital.
GV, then known as Google Ventures, had taken part in a $2.8m seed round in 2015 together with New Enterprise Associates and Zapis Capital as well as assorted angel investors.
