US procurement platforms merge to create biggest P2P service

Combining to create one of the biggest procure-to-pay healthcare organisations within the United States is Hybrent and Procurement Partners. E-procurement solution service Hybrent revealed the deal as the two parties target the revamp of processes regarding the US’s post-acute care and senior living communities.

US Healthcare system gets a revamp of its procurement processes

“We are thrilled that such a reputable partner recognised Hybrent’s efforts to help our customers better manage their procurement,” says CEO of Hybrent, Ken Tighe. 

The deal will see both companies combine resources and research to revamp customer experiences and ensure the expansion of their services across the US.

“We are confident that our future with Procurement Partners will help take what we have created to the next level, and we are excited to deliver even more value to our customers in this next chapter,” assures Navneet Gosal, CTO and Co-Founder of Hybrent, which will remain an independent company focusing on the nationwide provision of ambulatory surgery centres and post-acute sectors. 

Effectively, Hybrent aids healthcare groups to streamline their processes, reduce their costs, and ensure maximum time efficiency using the latest procurement purchasing, management, and invoicing software. 

Procurement companies combine to create a force of procure-to-pay power

Jumping in on the conversation is Karthik Reddy, Co-founder and Partner at Blume Ventures - a company with which Hybrent is a Blume Fund II and Montane Fund I investment. Reddy is optimistic about the opportunities opening up as a result of the merger and is eager to pay tribute to Hybrent’s success. 

“Both firms supported the company equally through two rounds of financing and the company grew to a few million dollars of ARR, serving the US market alone. 

“Aided by the pandemic tailwinds, the company grew over over 2X, spurring interest from several strategic buyers. In Procurement Partners, we found the most forward-thinking partner for the firm, its founders, and investors. 

“We are delighted with the exit and the handsome returns that Ken, Nav, and Micah, the founders, have provided for Blume and Montane in less than five years.”

Rusty Zosel, CEO of Procurement Partners, adds, “We are incredibly excited to welcome Hybrent into the Procurement Partners family and look forward to leveraging their strong product expertise and knowledge of the ambulatory surgery centre, physician office, and other healthcare sectors.

“Our shared values of a strong customer focus and developing best-in-class technology solutions will be the foundations of a great partnership and shared future.”

While terms of the merger remain unknown, Hybrent and Procurement Partners’ agreement is avidly being backed by Serent Capital - an investor in technology and tech-enabled services.