B2B finance automation platform Ramp acquires Venue to revamp procurement product
Ramp, a New York-based finance automation platform for businesses, has enhanced its procurement product suite following its acquisition of procurement start-up Venue.
Ramp acquires Venue for undisclosed sum
The capabilities add to the platform’s existing provision of corporate cards, working capital, expense management and accounts payable products.
Ramp says it will task the Venue team, also included in the acquisition, to take the lead on a series of “initial projects”, including “customised intake forms, flexible approvals, purchase order management and AI-powered vendor management”.
Also based in New York, Venue specialises in helping companies manage the cost of their vendor relationships across the procurement lifecycle. Its solution, which has now been integrated with the Ramp suite, is designed specifically to afford finance teams full visibility into employee and business spending.
“We built a frictionless purchasing experience for employees and empowered businesses to buy what they needed while staying in-policy,” explains TK Kong, CEO and co-founder of Venue.
Since its inception in 2022, the start-up claims to have raised $1.2 million in financing, backed by Sequoia Capital, Exponent Founders Capital and Basecase Capital.
For Ramp, the acquisition appears to have sparked an overhaul of its procurement function, which has been extended with features including a new contract review process, accounting platforms synced with purchase orders and stakeholder collaboration tools, being exclusively available to Ramp Plus users.
Eric Glyman, CEO of Ramp, says these newly launched products will “save employees from time-consuming, manual tasks and allow companies to operate much more nimbly”.
