Xchanging Acquires US e-Sourcing Specialist MarketMaker4

LONDON (Alliance News) - Xchanging PLC Friday said it will pay up to USD22 million to acquire MarketMaker4, an e-sourcing software-as-a-service provider based in the US.

It will pay USD11 million initially and then the same amount in installments between 2014 and 2016 depending on it meeting performance milestones.

In a statement, Xchanging said the acquisition will give its procurement services unit a higher margin business.

The US company's three founding members will stay with the business, it said.

"his is the kind of bolt-on technology acquisition that fits perfectly with our strategy, bringing higher value and differentiation to our offerings," Xchanging Chief Executive Ken Lever said. "Following a number of recent contract wins in the US market, this acquisition also helps us further build our position in this important market."

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

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