Headquartered in Southfield, Michigan, Xeeva is a premier provider of procurement software and data services for indirect spend management solutions. Using a proprietary artificial intelligence (“AI”) powered approach to data cleansing, mapping and enrichment, the Company enables customers to lower costs by providing transparency into the spend process and optimizing the entire source-to-pay lifecycle.
The Company was founded in 2014 and initially operated as a tech enabled automated workflow provider. In 2019, the decision was made to focus on delivering an end-to-end intelligent spend management suite leveraging the Company’s existing technology and industry expertise, while adding new products to round out the solution. From 2020 – 2021, the Company focused on implementing several strategic initiatives and repositioning the Company as an AI-powered procurement software provider. However, with the onset of COVID-19 in March 2020, the Company was limited in its ability to execute its go-to-market strategy. As a result, the Company sought a strategic or financial investor to strengthen its capital base and solidify operations for future growth.
SSG was retained in April 2022 to conduct a comprehensive marketing process and solicit offers for the Company. SSG canvassed a wide range of investors that engaged in a thorough review of the business. After receiving term sheets from strategic and financial parties, the sale to Simfoni proved to be the best solution as it provides Xeeva with the necessary capital and operational expertise to execute its strategic growth plan and realize meaningful operational synergies. SSG’s experience running competitive sale processes and managing complex stakeholder relationships enabled the Company to maximize value for all stakeholders.