Workday commits to $540M acquisition of procurement platform Scout RFP

As organizations face growing business complexities while navigating increasing competitive pressures, digital transformation is becoming a top priority. And as companies embrace these shifting dynamics, there’s an elevated focus on the office of procurement as a way to support growth while improving the bottom line, with organizations viewing supplier relationships as strategic assets—not just transactions. 

To support customers’ procurement needs, Workday has designed Workday Procurement and Workday Inventory as part of its single system to streamline the procure-to-pay process and improve operational efficiency, driving down costs while enhancing supplier collaboration and engagement. Workday now has more than 650 Workday Procurement customers, with more than half of them live. 

But, as customers evolve their supplier relationships to be more strategic, Workday has seized the opportunity to accelerate its efforts in this area and is excited to announce that it has entered into an agreement to acquire Scout RFP, a leading cloud-based platform for strategic sourcing and supplier engagement. 

With Scout RFP, which has been a Workday Ventures portfolio company since 2018, Workday will provide organizations a comprehensive source-to-pay solution with a best-in-class strategic sourcing offering to transform the procurement organization and deliver better business outcomes, including reduction in spend, greater policy compliance, and maximized engagement across key stakeholders.

Not only is Workday enthusiastic about the opportunity to bring Scout RFP’s innovative technology into Workday’s Power of One and welcome its global customers to Workday, it will also expand talent and welcome Scout RFP’s employees to Workday.

SOURCE Workday

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