PRGX Global (PRGX) to Acquire SaaS P2P SIM Service Provider Lavante

October 25, 2016 4:31 PM EDT

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PRGX Global, Inc. (Nasdaq: PRGX) announced that it has signed a definitive agreement to acquire Lavante, Inc., a SaaS-based procure-to-pay (P2P) supplier information management (SIM) and recovery audit services firm based in San Jose, CA.

“This acquisition is expected to accelerate PRGX’s strategy to deliver actionable P2P insights to our clients through analytics-based products and services,” said Ron Stewart, PRGX president and chief executive officer. "In addition, we are excited and look forward to having the very experienced Lavante team led by Frank Harbist join PRGX and welcoming their clients and the opportunity to serve them with our expanded capabilities and service offerings,” continued Stewart. “By utilizing Lavante’s industry-leading technology platform as the foundation, we anticipate providing our clients with an advanced set of SIM capabilities and improved management of supplier risks and performance,” concluded Stewart.

“Joining the PRGX team is a huge win for our clients and our company,” said Frank Harbist, president and chief executive officer of Lavante. “The market for dedicated SIM services continues to increase significantly and the value we expect to bring collectively to the marketplace will be part of a set of broader PRGX P2P solutions that generate significant value for global clients,” concluded Harbist.

The acquisition is subject to certain closing conditions and is expected to close within the next few weeks.

Further details regarding the terms of the transaction are available in the Current Report on Form 8-K filed by PRGX today with the U.S. Securities and Exchange Commission.

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