- Ramp acquired procurement startup Venue.
- Venue will help Ramp improve its Procurement product with purchase orders that automatically sync up to accounting platforms, collaboration tools, and new approval workflows.
- Venue was founded in 2022. Terms of the deal were not disclosed.
Business finance automation platform Ramp announced it has acquired procurement startup Venue and that it has made improvements to its Procurement product automations. Terms of the deal were undisclosed.
Ramp expects the acquisition will help it expand beyond corporate cards as it tackles inefficiencies across more of the financial tech stack.
Venue was founded in 2022 to help businesses simplify how they review, approve, and manage the cost of vendor relationships. The company’s tool helps employees request what they need, while offering finance teams visibility into all vendor requests spending. A year after launch, Venue was supporting clients with 500 to 1,000 employees and had raised $1.2 million in funding from Sequoia Capital, Exponent Founders Capital, and Basecase Capital.
“With Venue, we built a frictionless purchasing experience for employees and empowered businesses to buy what they needed while staying in-policy,” said Venue CEO and Co-founder TK Kong. “We’re excited to bring our expertise to Ramp and together help enable more efficiency, productivity, and seamless decision-making for our customers.”
Along with today’s acquisition, Ramp is launching improvements to its Procurement product with support from the Venue team. The combined team will offer businesses more control over and insight into employee spend, speed up review cycles, and help organizations save costs on IT and software spending. Now available for businesses using Ramp Plus, the new features include:
- Integrates the contract review process into Ramp’s approval workflow.
- Dynamic intake forms that capture every purchase request in one place.
- Purchase orders that sync to accounting platforms and offer auto-code matched invoices.
- Collaboration tools that allow all parties to comment and tag team members within requests.
- An activity feed to track procurement processes and keep record of approvals and changes made to requests and purchase orders.
- Seat Intelligence to track who is using the software and ensure businesses are getting their money’s worth from their SaaS contracts.
Ramp’s accounts payable product currently processes over $10 billion in accounts payable volume each year. The company, which is best known for its corporate card and expense management tools, counts more than 15,000 business clients.