Scanmarket, an expert in Source-to-Contract (S2C) solutions, has taken over Symfact, the Sugiez-Bern based enterprise Contract Lifecycle Management and Third-Party Risk Management software company. The acquisition expands Scanmarket’s commercial reach into the DACH region and strengthens the group’s AI technology capabilities.
Supply chain assessment, data privacy, data protection and cyber security have all become urgent business requirements with the arrival of Covid-19. Over the past 18 months, it has become apparent that most companies were not prepared or resilient enough to handle a crisis such as a global pandemic. As a result, the topic of Governance, Risk, Compliance (GRC) is now at the top of most business agendas.
The acquisition of Symfact by Scanmarket A/S will allow for the development of a combined product offering that specifically addresses the trend of GRC and provides solutions across the full spectrum of risk assessment and monitoring.
Symfact brings all the capabilities surrounding Contract Lifecycle Management, including Third-Party Risk Management. With Symfact’s capabilities, financial, entity, and personal risk factors are automatically identified and integrated with CLM related to contract analysis, contractual commitments, exposure, and liability and legal risk capabilities, enabling case management for general counsel. On the other hand, Scanmarket is an expert in Source-to-Contract (S2C) solutions.
“We see a great opportunity for synergies between our two product portfolios, complementing and strengthening our collective offerings and following the trend of a converging market,” says Andreas Kyriakakis, CEO of Symfact. “The combined Scanmarket and Symfact offering will provide businesses with a comprehensive ability to secure their supply chains, ensuring deliveries as promised, as well as providing ongoing supply chain monitoring and risk assessment,” he added
Entry into the DACH region
Scanmarket will expand its geographical reach in the DACH region through Symfact’s sales representatives and offices in Switzerland, adding support for the German, Austrian, and Swiss markets, with additional plans to expand its local presence in the region. The acquisition of Symfact also adds a larger footprint to Scanmarket’s existing North American presence, including an additional office location in Canada.
Furthermore, the acquisition of Symfact will expand the group’s capabilities in the field of AI technology by complementing Scanmarket’s existing AI team with additional resources and technology to grow automation and machine learning in all product areas.
(Press release/RAN)
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