It’s official: Selectica acquires Iasta.
The contract management pioneer and strategic sourcing leader unite to put contracts at the core of enterprise success.
Of all the assets that make up your company’s value, business relationships may just hold the most potential for driving that value to ever-higher levels. Since the core of every business relationship is a contract, the better you manage your contracts, the stronger you build and optimize those relationships. That’s what makes the Selectica/Iasta combination so important for enterprises.
Our vision is to provide one comprehensive platform for enterprises to manage and optimize their business relationships—from strategic sourcing to enterprise legal management to sales. Now with Iasta on board, you’ve got the unparalleled suite for upstream procurement solutions available today.
That’s a critical advantage. From a pure business perspective, strategic sourcing and procurement are major stakeholders in driving revenue by controlling costs, and mitigating risk by knowing where overspending, undercharging and over-exposure exist. Because procurement contracts touch all areas of an enterprise, vendors must be carefully evaluated, relationships closely managed and a ton of analysis done to ensure enterprise spend is optimized.
Merging Selectica’s vision with Iasta’s capabilities achieves a new industry standard. A blend of software and services designed not for tactical, short-term fixes, but to transform procurement into a strategic enterprise function that turns intelligence into wisdom, reducing friction in the sourcing process and helping you make better business decisions. In short, empowering you to be proactive rather than reactive.
- Turning decision making into a collaborative activity among all departments helps gain more insight and solve business problems faster and better on a dynamic platform
- By focusing on quality and process improvement we help customers derive a competitive advantage through scalable, turn-key solutions
- Accelerated and streamlined project scoping and project management achieve exceptional business results that shorten time-to-value realization
By combining best-in-class technology focused on strategic sourcing, business intelligence, spend analysis, and supplier management with leading contract management solutions, Selectica and Iasta together better positions you to manage business relationships and deliver on the ROI critical for enterprise transformation. See recent media coverage about the acquisition and related news.
Together, we provide an industry-leading platform for enterprise customers to create, manage, and optimize their contracts, and our vision is to extend Selectica’s contract management solutions to deliver more B2B relationship management support for customers and partners.
—Blaine Mathieu, CEO, Selectica
As Iasta begins a new journey within Selectica, our goal still remains simple, yet bold: continue defining the vision of modern procurement by effectively managing the supplier and contractual relationships that bind them.
—David Bush, CEO, Iasta
Who is Iasta?
Iasta is a strategic sourcing software and services company based in Carmel, Indiana with significant operations in London, UK. Iasta earned a top-5 “Leaders” position in Gartner’s 2013 Magic Quadrant for Strategic Sourcing Application Suites.
What does Iasta do?
Iasta is dedicated to empowering sourcing and purchasing professionals. Their blend of acclaimed software and services provides the means to easily and effectively incorporate best-in-class procurement practices on a global scale. By using Iasta technology focused on strategic sourcing, business intelligence, spend analysis, supplier management, and contract management — Iasta customers are delivering on the ROI critical for transforming procurement and achieving strategic sourcing goals for their organizations.
What are Iasta’s products and services?
Software products include: Iasta SmartAnalytics; Iasta SmartSource; Iasta Executive Analytics Suite; Services span the customer lifecycle including launch, support, adoption, acceleration, and knowledge content and enablement.
Who is Iasta’s target market?
Iasta’s target market is similar to Selectica’s given that contract management is a strategic sourcing and procurement discipline. However, with the Iasta acquisition, Selectica now has more products, expertise, and customer successes to engage our shared target market. In addition Iasta will now have a robust contract management solution to offer for their customers.
Who are Iasta buyers?
Heads of strategic sourcing, vendor management, procurement, and contract management teams across a wide variety of industries worldwide; IT, finance, sales and corporate counsel stakeholders influence Iasta buying decisions.
What business problems does Iasta solve for customers and prospects?
Strategic sourcing application suites like Iasta are a set of related solutions that support upstream procurement activities. Example activities include identifying suitable suppliers, finding savings opportunities, quantifying and reducing supply risk, negotiating and managing contracts, tracking ongoing supplier and category-level performance, and monitoring the overall success of the procurement team. Strategic sourcing application suites are often deployed as a shared solution for larger enterprises. These suites are distinct from downstream procurement solutions, which support the requisitioning, ordering and payment processes.
What are the key differentiators vs. the competition?
According to Gartner in 2013, Iasta is a top-5 e-Sourcing solution vendor that provides ease of use and a positive customer experience. Iasta is also known for their optimization across strategic sourcing and spend management processes including strong analytics for both practitioners and executives.
Where are Iasta employees located?
Most Iasta employees are based in Carmel, Indiana (United States) with a smaller percentage of the workforce located in the United Kingdom.
Why did Selectica acquire Iasta?
The Iasta relationship began as a strategic partner for Selectica serving sourcing and procurement professionals. Iasta’s culture, technologies, products and customer base are highly complementary to Selectica. Iasta’s focus on strategic sourcing and procurement solutions provides added value for Selectica’s current products, customers, partners, and go-to-market strategy – as well as Selectica’s long-term vision.
What are the terms of the acquisition?
Selectica entered into a definitive agreement to acquire Iasta for an aggregate purchase price of 1 million shares of Selectica common stock and $7 million cash. In addition, in connection with the acquisition, Selectica would provide grants of options to purchase 700,000 shares of its common stock to the employees of Iasta. The deal is anticipated to close during Q2 of Selectica’s current fiscal year. Lake Street Capital Markets, LLC served as the financial advisor for the transaction.
Who are Iasta’s customers?
Iasta’s global customers include companies of all sizes across multiple industries. Iasta serves more than 120 enterprise customers including digital businesses and leading brands such as AOL, Bombardier, Brunswick, Cushman & Wakefield, Ciena, Foot Locker, OfficeMax, Glanbia, Endo Pharmaceuticals, Equifax, Westinghouse, VF Corp, FirstGroup, and Centrica.
As a customer, who do I contact for more information?
Selectica and Iasta customers should continue to rely on their respective Account and Customer Success Managers to respond to any queries regarding business opportunities, or for more information about the acquisition and our combined organization.
How does this change/enhance the focus of Selectica’s business?
Selectica has the most highly scalable, configurable and feature-rich CLM product on the market. Enterprise customers with the most complex requirements need the capabilities that Selectica brings to market. The acquisition enhances Selectica’s strategy and long-term vision because Iasta solutions and expertise are a natural extension of what Selectica has already created and been leveraging for a number of years. Iasta’s strategic sourcing, business intelligence, spend analysis, supplier management, and contract management focus is complementary to Selectica’s offerings and go-to-market efforts.
How will Selectica and Iasta products integrate?
Initially during a transition period, Iasta products will be sold separately with Iasta operating as a Selectica Business Unit. As such, it will continue to bring its award-winning solutions to the market. Over time, we will collaborate on ways to integrate the applications and provide our customers with a seamless solution.