Corcentric, a Cherry Hill business-procurement and financial-process automation company which employs 275, says it has acquired Source One Management Services LLC, a Willow Grove- and Chicago-based procurement-sourcing services firm that employs 45, from owners Abe Podolak and Steven Belli, for an undisclosed price. The deal won't affect Corcentric headcount in Cherry Hill; the Willow Grove office will also remain open, according to Corcentric.
The buyer, which is privately held by multiple shareholders, reported gross billings of more than $1.7 billion last year, up from $1 billion in 2013. Corcentric was founded in 1997 as a trucking-logistics firm called AmeriQuest by Doug Clark, and added a financial-automation business originally known as Corcentric in 2003. The parent company in March changed its name to Corcentric in recognition of that division's rapid growth.
Founder Clark remains chairman and CEO; his son Matt Clark became president and chief operating officer earlier this year.
Corcentric claims more than 6,000 customers, including global foodmakers such as Bimbo, Kraft, Mondelez, and Nestle, among others. Matt Clark in a statement called Source One "a natural fit." He previously said his company's goal is to help clients automate and speed up "the way they purchase, pay and get paid."
"Corcentric gives us an opportunity to expand," said Source One CEO and co-owner Belli in a statement.