Market Dojo, a UK based SaaS procurement software provider, has today announced Esker, a global cloud platform and leader in AI-driven process automation solutions for finance and customer service functions has completed the 50.1% acquisition of the shares and voting rights in Market Dojo effective as of early June 2022, and for the remainder of Market Dojo shares to be acquired after a period expected to be four years.
As part of the acquisition, Market Dojo’s flagship module, Sourcing Dojo, will enable Esker to bring eSourcing into its platform proposition. Greater opportunities for both organisations and their customers will be available, enabling a rich source-to-pay offering over time. There is also the potential benefit of Market Dojo’s supplier onboarding and contract management modules enhancing Esker’s proposition to add value to their customers.
Market Dojo will continue to operate as its own business unit, retaining the Market Dojo brand. However, collaboration and synchronisation of product plans will take place. This includes creating synergies between the Market Dojo and Esker solutions with the adoption of Esker’s look and feel as well as building bridges between the solutions to provide a consistent experience with improved usability, in particular for our joint customers.
“We’re excited to become part of Esker,” said Alun Rafique, Co-Founder and CEO of Market Dojo. “With Esker’s backing, we can now accelerate our growth plans to enhance our products and address international markets. Thus, helping more organisations who want to create efficiency, enhance their supplier engagement, minimise risks and reduce costs within the sourcing of goods and services. Market Dojo’s solutions combined with Esker’s solutions will create an impressive source-to-pay platform.”
“I am thrilled to welcome the Market Dojo family into our Esker one. Their expertise in the eSourcing space perfectly complements Esker’s procure-to-pay offering,” said Jean-Michel Bérard, CEO at Esker. “Merging our strengths will create a solid basis for durable and sustained growth.”
Market Dojo was advised by Carl Swansbury, Rhiannon Nightingale, Kerry Hurst and Adam Tindale of RG Corporate Finance (RGCF), with tax advice provided by Simon Whiteside and Simon Hopwood of RG Business Tax. Legal advice was provided by David Martin, Roshni Gotecha and Sarah Quicke of London-based Simon Murihead Burton.
Carl Swansbury, Partner and Head of Corporate Finance at RGCF, said: “This is an important transaction for the UK tech sector, highlighting the dynamism and innovation of UK businesses, which is generating interest from international investors and strategic acquirers such as Esker. Its resources, market presence and global customer base will add significant value to Market Dojo, which, in turn, brings its suite of established e-procurement products that will enhance Esker’s product portfolio and create a further platform for growth.”