Okko's service, which is referred to as a "intake-to-procure-to-pay solution," digitizes procurement workflows by including capabilities for collaborative purchase requests, vendor and contract renewal management, and onboarding.

These capabilities will be incorporated into the Spendesk platform as a result of the purchase. Spendesk now provides a number of features, such as card services, account and cost management services, and bookkeeping and budgeting tools, to assist mid-sized enterprises with their spend management.

According to Spendesk, the agreement will make the business the first in Europe to offer a single solution that combines procurement and expenditure management features.

"The procurement process is more laborious, even though finance teams already use spend management features like payment methods and budget controls for purchase orders," says Rodolphe Ardant, co-founder and CEO of Spendesk.

"Ineffective workflows and tools cause all concerned teams to struggle with cost control, lack of visibility, and increased workloads. We can now assist clients in making these intricate procedures more efficient.

The Paris-based company Spendesk was recently valued at over €1 billion, having closed a €100 million Series C investment in 2022.