Finance automation platform Ramp has expanded its procurement capabilities by acquiring the Sequoia-backed startup Venue. The financial details of the deal have not been disclosed.
This acquisition signifies a major growth opportunity for Ramp, which already serves over 15,000 businesses and achieved an $8 billion valuation during a funding round in 2022. Venue specializes in simplifying how businesses review, approve, and manage vendor costs. Founded in 2022, Venue secured $1.2 million in financing within its first year while supporting companies with an average of 500 to 1,000 full-time employees.
At Ramp, the Venue team will focus on automating and streamlining procurement workflows and vendor management, allowing companies to control their spending proactively. Initial projects will include customized intake forms, flexible approvals, purchase order management, and AI-driven vendor management.
Ramp is also enhancing its procurement product with new features, such as a bi-directional integration with providers like Ironclad, which will incorporate a contract review process into its approval workflow.
Eric Glyman, CEO of Ramp, stated, "The products launched today will save employees from time-consuming, manual tasks and allow companies to operate much more nimbly. We’re thrilled to welcome the Venue team to Ramp and are grateful for their leadership in eliminating inefficient procurement cycles."
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