Finance automation platform Ramp has expanded its procurement capabilities through the acquisition of Sequoia-backed startup Venue. Financial terms were not disclosed.
The deal marks a significant expansion beyond corporate cards for Ramp, which serves more than 15,000 businesses and secured an $8 billion valuation at a 2022 funding round.
Venue focuses on simplifying how businesses review, approve, and manage the cost of vendors in use across their company. Founded in 2022, within a year the company supported customers averaging 500 to 1000 full-time-employees, and raised $1.2 million in financing.
At Ramp, the Venue team will lead efforts to automate and streamline procurement workflows and vendor management so businesses can control spend before it happens - with initial projects such as customised intake forms, flexible approvals, purchase order management, and AI-powered vendor management.
Ramp is also revamping its procurement product, adding a host of features, including a bi-directional integration with providers including Ironclad to integrate a contract review process into approval workflow.
Eric Glyman, CEO, Ramp, says: "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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