An MNC acquiring Indian product is not something that is heard of quite often. Xeeva, Inc., a global provider of next generation, intelligent procurement solutions has acquired ProcurePack, an e-sourcing tool developed by Sourceweb solutions. The acquisition will help Xeeva enhance their procure-to-pay offering and provide additional services to their global clientele.
“The addition of ProcurePack and the technology it brings to Xeeva demonstrates the commitment we have in delivering comprehensive solutions for our clients,” said Dilip Dubey, CEO and founder of Xeeva, Inc. “Strategically integrating enhanced e-procurement functionality further strengthens our portfolio and illustrates our competitiveness in the marketplace.”
“We developed Procurepack with the vision to offer a self-serve e-sourcing solution that disrupts the way purchase departments function. It’s a collaboration platform that makes purchase processes super-efficient cutting down the sourcing time by 40%,” says Manesh Jain, Founder and CEO of Sourceweb. “Xeeva’s deep domain expertise blended with ProcurePack’s agile design will result in a superior offering that will deliver significant value to Xeeva’s clients.”
“Our consulting background and fanatical focus on customer centric approach helped us build the solution with just the right set of features, that users can get hooked to easily with minimal training,” Adds Konark Singhal, co-founder at Sourceweb.
Sourceweb was founded by Manesh Jain and Konark Singhal in 2012. The company was bootstrapped all along with help from friends & family and won a very prestigious e-sourcing project from Samsung Electronics India. The financial details of the deal were not disclosed but both the founders will exit with the acquisition.
Both of them have also co-founded an edu-tech venture, MockBank Learning Pvt. Ltd., which own the portals www.mockbank.com and www.sarkari.jobs. While mockbank.com is a test prep platform offering online courses to prepare for government job entrance exams, sarkari.jobs is a comprehensive search engine for government jobs listing more than 1 lakh vacancies across various govt. departments at state and central level.
