Perfect Commerce Inc. and eScout LLC announced Wednesday that they have merged into one company to tackle the supplier relationship management market.
Under the terms of the agreement, shareholders of Perfect Commerce will receive newly issued shares of stock from eScout. The merger is expected to close during this quarter.
Sandy Kemper will remain eScouts chairman and CEO, while the current president and CEO of Perfect Commerce, James McCormick, will become the president and chief operating officer of the combined company.
The company will remain privately held and headquartered in Lees Summit, Mo., with corporate offices in Perfect Commerces headquarters in Palo Alto, Calif., San Diego and Las Vegas.
In the first half of 2003 the two companies solutions handled over 1.8 million transactions with dollar volumes reaching nearly $1.9 billion, company officials said.
"The combination of Perfects sourcing solution with eScouts procurement and payment solutions will enable us to substantially increase our product offering to our existing client base as well as prospects," said McCormick in a statement.
"Our ability to deliver on-demand SRM solutions and accommodate any procurement application with our open supplier network enables us to lead in the fastest growing segment of the SRM market," offered Kemper. "We will continue to focus our energies here."