Building on our “instant analysis” of SAP’s multi-billion dollar bid for Ariba, we’ve now come back with a comprehensive report that covers the deal in greater detail.
THE NEWS: SAP AG (NYSE: SAP), one of the world’s largest business enterprise software providers announced that its subsidiary, SAP America, Inc., has entered into an agreement to acquire Ariba (NASDAQ: ARBA), a leading provider of cloud-based, collaborative commerce solutions and operator of the largest business commerce network, for approximately $4.3 billion in cash. The deal is expected to close in the third quarter of 2012 and is expected to be accretive to SAP’s Non-IFRS earnings per share in 2013.
Founded in 1996, Ariba is the largest (by significant margin) “pure-play” provider of spend/supply management solutions focused on automating the source-to-settle process. Ariba reported revenues of $444 million in FY 2011 and currently has 2,600 employees, 1,100 buyer customers, 59,000 supplier customers, and more than 730,000 companies who transact more than $319 billion annually on its commerce network. The companies announced that Ariba will operate as a stand-alone entity under the name, “Ariba, an SAP Company” and will be managed by Ariba’s CEO, Bob Calderoni and the current executive team including President Kevin Costello and Chief Marketing Officer Tim Minahan. This team will be responsible for all of SAP’s “cloud-related supplier assets.”
DEAL BACKGROUND:
In 2005, Ariba began a transformation effort to change from a solution provider that generated the majority of its revenues from selling licenses to installed software solutions and delivering a wide range of consulting services to one that generates the majority of its revenue from selling subscriptions to cloud-based solutions and generating fees from the transactions supported by its Ariba Network (formerly the Ariba Supplier Network). It has been a transformation on a scale unlike any other seen in the software industry to date; and, as evidenced by SAP’s offer, one that must be viewed as wildly successful. The critical components to this transformation strategy over the years were both internally driven and capital markets focused. The primary internal strategy was driven by two key components:
- The re-architecture of the Ariba installed (or CD) solution suite into a fully cloud-based suite that offered features and functionality on par with the original offering
- The ongoing strategy to enhance the usability of its Ariba Network and develop value-added services beyond the core transaction support capabilities
Since 2005, Ariba has also shown itself to be aggressive and quite adept in the capital markets, driving numerous transactions. These transactions helped to reshape the company and significantly bolster its cloud and network-generated revenue streams. The key transactions in this period were:
- The acquisition of Procuri, a provider of cloud-based strategic sourcing solutions in 2007
- The divestiture of Ariba’s strategic sourcing services business to Accenture in 2010
- The acquisition of Quadrem, a network/marketplace provider focused on servicing the mining industry in 2011
- The acquisition of b-process, an eInvoicing and network solution provider in 2011[1]
Most significant of the above transactions were the near simultaneous divestiture of the Ariba strategic sourcing services business comprised of 160 consultants and on-going contracts (sold to Accenture for $50 million) and acquisition of Quadrem for $150 million. These two deals helped to complete the transformation of the legacy Ariba licensed software and services business to the current, cloud-based commerce network.
Based purely on its size and large customer base, SAP has been a significant player in the supply management solutions space since its investment in the once high-flying and now now-defunct Ariba rival, Commerce One, which almost culminated in an acquisition in the early fall of 2001. While Commerce One did not survive, its eProcurement solution did as an SAP product that has since been renamed “SRM.” After nearly agreeing to the acquisition of Emptoris (the SAP team reportedly moved on after an 11th hour renegotiation ploy by Emptoris exploded in its face. Facing a cash crunch, Emptoris sold itself three years later for significantly less than the 2006 SAP bid.), SAP acquired Frictionless Commerce, a small provider of on-demand (or cloud-based) eSourcing, Contract Management, and Supplier Performance Management solutions in June of 2006. This acquisition would prove to be significant as it enabled SAP to better position itself to compete in Strategic Sourcing deals against Ariba, Emptoris, and BravoSolution (and/or VerticalNet, the company Bravo acquired in 2008) as well as eProcurement and full suite deals against Ariba and Oracle. Frictionless would also serve as SAP’s entrance into the cloud.
For the next few years, SAP slowly developed and acquired (i.e. Analytics, Inc. and Business Objects) additional solutions to help round out a procurement portfolio. However, it was not until the aftermath of a product delay in late 2007 and early 2008 that the SAP team began to think more strategically about its procurement solution portfolio and make the necessary organization and product strategy adjustments. It was at this time, after years of segmented product management and marketing, when SAP began to manage its procurement solution assets as a single suite of solutions. This shift was critical in helping to align the company and how it developed, marketed, and sold solutions with the way that procurement departments think about and buy solutions. This move also marshaled the internal resources once spread across the different product lines into a more cohesive unit that has been collectively able to introduce some of the most progressive and innovative solution improvements and expansions in this space over the past 18 months.
Despite the Frictionless Commerce acquisition, a strong partnership with Hubwoo, and several initiatives focused on developing a robust product cloud strategy, it was not until SAP acquired SuccessFactors in early 2012 that it truly entered the cloud space.
For the six weeks prior to the Ariba announcement, SAP was heavily rumored to be making a “big move” in the procurement market so when Lars Dalgaard, Founder and CEO of SuccessFactors and a Member of the SAP Executive Board introduced SAP’s new Cloud Strategy at SAP’s SAPPHIRE conference (the week before the Ariba announcement) which included a strong emphasis on procurement (referred to by Dalgaard as the “supply” segment), it was surprising that an acquisition was not also announced. The Ariba announcement was made the following week.
ARDENT’S DEAL ANALYSIS:
Ariba has been and continues to be the leader in this space and is the company most responsible for creating and defining the supply (or spend) management marketplace in the first place. It is also, by a significant margin, the largest pure-play company in the sector. As a result, almost every solution provider in the space, including SAP and Oracle, views Ariba as “a,” if not “the,” primary competitor. Interestingly, while Oracle and SAP are sworn enemies, the number of sourcing/procurement deals that boil down to a head-to-head match between the two remains relatively small. That means that with this announcement, SAP is buying its biggest competitor in the space and buying its chief rival, Oracle’s biggest competitor as well.
Ironically, it is the intense competition between SAP and Oracle that likely benefited Ariba in establishing the final acquisition price. In other software segments, SAP and Oracle are able to compete via acquisition, as they have recently done in the HR-cloud computing space with their deals to buy SuccessFactors (SAP) and Taleo (Oracle). Other business process areas also contain similarly-sized rivals that both giants could reasonably acquire to keep pace with the other. But, in the supply management space, there is no answer to an Ariba acquisition. No company in the space comes close to offering the solution footprint, number of clients, network transactions ($319 billion/yr.) and total annual revenues ($440 million including cloud-based and network revenue streams) that Ariba offers. In SAP’s mind, the “moat” that Ariba has established in each of those areas has helped justify the rich 9.8x revenue multiple that it has placed on the transaction.
The pricing of this deal validates Ariba’s strategy (described above) to become a cloud-based solution provider. The pricing of this deal also validates the early vision of the Ariba Supplier Network, since re-crafted and reformed as the cloud-based Ariba Network. Now validated, it will fall to the Ariba post-acquisition organization to justify the pricing going forward. Here’s our view on where the largest opportunities lie and what the company should focus on in the near-term:
Organization:
SAP has already announced that Ariba will operate as a stand-alone entity under the name, “Ariba, an SAP Company” and be managed by the current Ariba team. This group will also be responsible for all of SAP’s “cloud-related supplier assets,” which, as phrased in the announcement, should include the Sourcing On-Demand solution set (what the Frictionless solutions are now called), the forthcoming Supplier InfoNet solution, the entire Spend Performance Management offering, and the Crossgate offerings. It is not clear, at this writing, if this group will also oversee the SAP Travel On-Demand solution or the non-cloud based procurement/supplier assets, specifically SRM and SAP’s installed Sourcing solutions. We believe that all of SAP’s current travel, sourcing, procurement, and accounts payable solutions should be merged into the Ariba group to gain the greatest corporate and solution alignment.
The post-merger integration of Ariba into the SAP ecosystem will be very complex and it will take a significant effort to get the two organizations aligned and focused. The scope and complexity of integrating a new company into SAP is one reason why SAP generally chooses to keep newly acquired companies separate in the beginning. In this regard, the combined organization working under the Ariba banner will be able to follow the post-merger integration structure and strategy blueprint used on SuccessFactors, another recent cloud acquisition and current “SAP Company.” The Ariba team should pay very close attention to the strategies and processes that SuccessFactors uses to integrate itself into the larger company and seek to leverage what works and avoid what does not.
Organizationally, the top priorities should be (1) the establishment of a symbiotic relationship between the two sales organizations and the creation of clear and fair guidelines on how each new and existing opportunity is pursued; (2) a clearly communicated go-to-market strategy (more on this below) that captures the attention and mindset of the SAP executives and the larger organization (3) retention of product, market, and sales IP (from both sides) via the retention of key employees in each area.
Product Strategy:
The combined SAP and Ariba solution footprint will be the broadest and deepest in the industry; that said, the combined “Source-to-Settle” solution footprint is not fully complementary and will have certain solutions competing directly and/or offering similar functionality (i.e. SAP and Ariba each offer an installed eProcurement solutions and strategic sourcing solutions that may be installed or cloud-based). Both companies have a large number of users who have been using their various solutions for many years. In many cases, the customers have made significant investments of time, resources, and goodwill in the deployment, adoption, and maintenance of these solutions. Those investments plus the level of customization and integration that was required for many current eProcurement customers will make a fast transition from one platform to another all but impossible. As such, any significant product rationalization that occurs across the combined suites will be a complex and time-consuming process. Over a period of years, we may see the move to a single cloud-based strategic sourcing suite (Spend Analysis, eSourcing, and Contract Management) and a single installed strategic sourcing suite, but we expect that the combined group will not rush to sunset products and will support the core solutions from both companies for many years. We would also expect that the Supplier Performance Management and Supplier Information Management solutions to be rationalized on the same time frame as the strategic sourcing solutions. Additionally, we would expect any current SAP plans or product roadmap that focuses on connectivity and network capability enabled via the Crossgate solution to be placed on the backburner in lieu of leveraging Ariba’s existing platforms. One interesting decision will be how and when the new company decides to lead with the Quadrem network platform versus the Ariba Network since Quadrem was a long-time SAP partner that has many clients using SAP solutions. We expect and recommend that the new group focus its product resources on maximizing what we believe to be some of the most compelling market opportunities (described below) generated by the deal, including the connection of the Ariba Invoice and Network solutions to the SAP SRM customer base. For these opportunities to be fully realized, SAP’s current eProcurement customers must be confident and assured that additional investments in the area of transactional/operational procurement make sense. This can only happen if there are assurances that the current solution being used will be supported going forward. Finally, we would expect that the new company invest significant resources to enable the seamless integration of Ariba P2P solutions with SAP’s back-end ERP and direct materials management platforms.
Market Opportunities:
While there will be significant synergies to be gained in the deal, synergies alone, did not drive the valuation of this deal. The single largest opportunity for the combined company will exist in its ability to up-sell complementary Ariba solutions like the cloud-based P2P (eProcurement and ePayables) solution set and network connectivity into the huge SAP customer base. For example, ePayables (i.e. solutions which automate the accounts payable process) has been an area of strong relative growth for Ariba over the past few years while SAP has largely ignored it from a product development standpoint. SAP does have a partnership with OpenText where it sells OpenText’s scan and capture solution under the name “SAP Invoice Management by OpenText,” but, that solution has not been emphasized by SAP and has not been widely adopted by its customers. As such, with the right approach and messaging, the AP area may become one of the hottest areas for the new company.
The Ariba Network is the largest and most profitable network of its kind and has been very successful in driving transactional efficiencies for its trading partners. Other collaborative or value-added services (like Ariba Discovery) are emerging and offer great promise. Notwithstanding the above, Ariba’s network (like all B2B commerce networks) is still in the early stages of its development. There are huge opportunities to simply increase network participation by enabling many of SAP’s 190,000 buyer customers and their suppliers onto the platform. This could be driven by offering programs that incentivize current SAP SRM customers to migrate to the Ariba P2P cloud offering. Additionally, the Ariba Network will benefit from the “new set of eyes” that SAP will provide in developing new features as well as a significant uptick in engineering horsepower. For example, SAP’s Supplier InfoNet solution is focused on delivering supplier performance management capabilities that, if embedded or realized, within the Ariba Network could prove to be game-changing. Of course, many of these opportunities will take some time to develop.
ARDENT’S MARKET ANALYSIS:
The significant size and reach of both SAP and Ariba means that this deal will have a huge and far-reaching impact on the supply management market for many years. This section of the report will consider many of the different solution providers in the space and look at how this deal will impact them and some of the different options they may pursue.
All Supply Management Solution Providers:
For most solution providers in this space, the acquisition of the industry leader and chief rival (Ariba) and/or target by a software behemoth that has had mixed success in the space (SAP) should be seen as a huge opportunity, particularly for the largest remaining providers in the space. The rich pricing of this deal also validates the strategy of many of the cloud and network solution providers in this space and will increase the focus of many providers in finding a larger buyer. While many of these same providers likely viewed their ultimate acquisition by Ariba as a preferred exit strategy, it seems highly unlikely that SAP/Ariba will be an active buyer of other providers.
Oracle: As discussed above (page 3), SAP’s longtime arch-rival, Oracle, has no immediate response available to it in the supply management space beyond offering a counter-bid for Ariba. In the immediate aftermath of the deal announcement, a counter-bid from Oracle seemed possible, given the hyper-competitive nature of that company. For a few days, the market seemed to share the view that Oracle (or some other bidder) could emerge as Ariba’s share place floated ever so slightly above the SAP bid price. An Oracle counter-bid started to seem very unlikely when the announcement of Oracle’s intent to acquire Vitrue Inc., a provider of social media marketing solutions, was strangely seen by many analysts as “an answer” to SAP’s bid for Ariba. When this became the “accepted” view, the pressure for Oracle to place a counter bid for Ariba receded.
Oracle’s procurement presence in the “cloud” has been limited in the past few years to its sourcing solution which is offered in a “virtual cloud” via a hosting partnership with small provider, e-Three. On June 6, Oracle unveiled the “Oracle Cloud,” which indicates a strong corporate focus in this area that includes procurement solutions. That said, the details behind any type of cloud procurement solution suite remain unclear at this date. What is clear is that as a result of this deal, SAP and Oracle will become direct competitors in many more new and on-going suite and eProcurement deals than they have been historically. Additionally, this deal will result in many large enterprises relying on both SAP (via Ariba) and Oracle solutions to drive supply management processes; it is unclear how different IT and procurement departments will respond to an IT and/or procurement ecosystem that prominently features both SAP and Oracle solutions.
There is no immediate action that Oracle can take to match the Ariba deal, but Oracle will ultimately need to develop a market response to this deal; its options include the development or continued development of its own cloud and network solutions and acquisition(s) (discussed below).
IBM: Earlier this year, IBM acquired Emptoris, a provider of strategic sourcing solutions as well as the legacy solutions from two complex category management specialists (Click Commerce (contingent labor) and Rivermine (telecom spend)) that it had recently acquired. IBM’s move was somewhat surprising, considering that IBM had turned down the opportunity to buy Emptoris at a bargain-basement price just a few years earlier. Emptoris is now coupled with Sterling Commerce, a B2B integration provider as part of IBM’s Smarter Commerce package. IBM/Emptoris has not been as visible in strategic sourcing deals this past quarter as it had been in 2011 and 2010, but we expect that to change as IBM continues the post-acquisition integration. Since IBM has announced its intention to spend $20 billion acquiring software companies by 2015, we expect that it will buy one of the P2P providers listed below to help round out a full Source-to-Settle offering. A network acquisition would also make sense.
While SAP is focusing on the Ariba integration, we believe that Oracle and IBM would be wise to make a bid for Concur, provider of cloud-based travel and expense management solutions. Like Ariba, Concur is the largest pure-play in the space that it helped establish. Like Ariba, a Concur bid will be expensive from a revenue multiple standpoint; but, whoever acquires it will own the sector.
P2P providers: For the companies that are used to competing with Ariba and either SAP or Oracle on most deals, the merging of two competitors should be a strong benefit. An Ariba acquisition creates a huge vacuum in the P2P space as many of the other providers will now immediately begin to vie for the position as the “market-preferred”, non-ERP eProcurement and ePayables providers. The most prominent providers in the market are SciQuest, Basware, and Hubwoo followed by a fast-charging Coupa. While each of these companies probably saw an Ariba acquisition as an ideal exit, each now has an opportunity to expand its presence in the P2P market.
SciQuest, a category killer in the higher education and life sciences verticals, has a robust P2P solution that could service the larger market. SciQuest’s offering would be one that could nicely round out IBM’s portfolio.
Although the market is hot and Basware seems primed for an exit, it has some work ahead of it as it continues ahead with its own transformation (one that is similar to what Ariba had accomplished). Basware is now the largest independent provider in the space; and, while its Open Network and strong ePayables focus have yet to take the US market by storm, it is in a good position to expand its presence, bolster its solution footprint, and rise to eventually become a top challenger to SAP and Oracle in the P2P market.
With a new round of funding, Coupa has its eyes on the prize and appears ready to become a top competitor in the enterprise market. With a customer-base of largely mid-market customers, Coupa is set to take the next step forward. It appears to be following the strategy employed by SuccessFactors (Coupa’s CEO used to work there) in its early days of flooding the market with sales people. As it finds itself competing in more, larger-sized deals, Coupa would also be wise to invest in building out its ePayables offering.
To compete in the larger full-suite market, however, SciQuest, Basware, and Coupa will first need to shore up their strategic sourcing solutions via acquisition/merger or partnership. Iasta, the cloud-based strategic sourcing solution provider would appear to be a logical target for each.
And then, there is Hubwoo. More than any other company, Hubwoo is impacted by this deal and now finds itself in a very unique and interesting situation. As a long-time (10 years) and loyal (exclusive with SAP for the past 4 years) partner to SAP, Hubwoo has been able to (1) build a significant business network that now accounts for roughly half of its revenues and (2) develop a sizable business as the solution provider of choice for SAP customers that want to utilize a business network and/or have their SAP solutions delivered in the cloud. Hubwoo’s go-to-market strategy in recent years has been based almost entirely on its SAP relationship. It also has a strong relationship with the IBM BPO team. With the acquisition of Ariba and its cloud solutions and network, it is unclear what will happen to its SAP relationship and its relative importance within SAP.
Hubwoo is not without options and has shown itself to be very adaptable and resilient in the past as it evolved its business model. One potential option is to quickly revamp an earlier partnership with Oracle; additionally its position as a leading network provider could make it an attractive acquisition target for Oracle, IBM, and other SAP competitors looking to develop a competitive business network. While SAP owns approximately five percent of Hubwoo (it also has one of five board seats), it cannot prevent any new partnership deals or a sale to a rival. With Hubwoo trading at a discount to its revenue, we believe that it would make sense for SAP to buy Hubwoo and avoid the kinds of issues that SAP faced when Ariba acquired Quadrem.
Two other eProcurement providers, in particular, that stand gain from this deal are Puridiom and BuyerQuest. Puridiom has built a solid business selling its solutions in the mid-market but, like SciQuest, has a solution set that could support an expanded market focus. Puridiom would be an ideal partner or acquisition/investment for another company looking to enter this market. Amidst the large shifts in the marketplace where many of the established players will be looking for buyers and partners, BuyerQuest, an upstart eProcurement provider that has developed an impressive “consumer-like” solution with its first product release has a real opportunity to make big waves in this market. We expect to see both companies more active in competitive eProcurement RFPs this year and beyond.
The European providers who have yet to successfully penetrate the North American market, like Proactis, iValua, POOL4TOOL, Cap-Gemini (via its IBX acquisition), and WALLMEDIEN will face increasing pressure in their home markets with an Ariba offering that will now be better supported by SAP’s deep sales and support infrastructure across Europe. However, WALLMEDIEN is one provider of this group who appears nimble and poised to gain more traction in the North America over the coming quarters, offering a solution set that can extend the value of current eProcurement initiatives for SAP and Oracle customers alike.
ePayables (AP automation) providers, particularly those like Readsoft, who have developed a strong business selling their solutions to SAP customers, should be hugely concerned by this deal. SAP will finally have its own solution and be able to offer Ariba’s very strong ePayables solutions (and linkage to the largest B2B transaction network) to its install base. As integrations of the Ariba ePayables solutions to SAP SRM and SAP back-end systems improve, this offering will be very difficult to beat. Check Ardent’s site, Payables Place, for continuing coverage of the impact of this deal on the ePayables market
Strategic Sourcing providers: The merging of two prominent providers in this market subset should benefit the other providers of strategic sourcing solutions in general. Three providers stand to improve most from this deal:
- When SAP closes the deal with Ariba, Zycus immediately becomes one of the largest and most capable providers in the space. Building upon a leading spend analysis solution, Zycus has developed a sophisticated strategic sourcing solution set. It is maturing as a company and in five years time is the company most likely to be filling the void in the market left by Ariba’s acquisition.
- BravoSolution, a relatively large player in the space, should continue to grow its business built upon the powerful, and also, unique blend of strategic sourcing services and solutions (that include the VerticalNet solutions). Internationally, if Bravo were to adopt a solutions first approach (versus one that prioritizes its services), it would have a large opportunity to make a big impact, particularly in the still immature spend analysis market.
- Iasta continues to grow quickly, albeit from a smaller base than its rivals. With each acquisition in the strategic sourcing arena, this long-time independent strategic sourcing specialist gains access to more deals. With a greater investment in sales and marketing, Iasta could leverage its top-notch eSourcing and Optimization solutions to become a very prominent player in this space. Given its solutions and cloud-based heritage, Iasta could easily become a highly-desired partner (to P2P providers), acquisition (to P2P and other large software companies seeking access to sourcing market or the cloud technology markets), or investment (for large investors seeking access to the supply management or cloud technology markets).
ARDENT’S END-USER RECOMMENDATIONS:
Assuming the deal closes in Q3 of 2012, current and prospective customers of the SAP-Ariba solutions will need to begin tracking, on at least a quarterly basis, the key product (development and packaging), sales, and organizational decisions that the new company makes. As noted above, Ardent believes that the new company would be unwise to move aggressively to rationalize product lines and will instead choose to maintain the existing products for a number of years. Ahead of any public announcements or indications, Ardent has the following recommendations for the different impacted constituencies.
Current SAP Users: Of all of the different user groups, this group stands to do the best by having the new option to move to Ariba’s solutions (cloud or installed). For example, those customers who work for an “SAP-shop” but are unsatisfied with the current SAP solutions will soon have the option to use Ariba’s while staying compliant to IT policy. While SAP has made significant strides in improving its solutions over the past few years, customers operating on earlier versions of SAP solutions like SRM 4.0 and SRM 5.0 are overdue for an upgrade. Instead of following the traditional upgrade path to get to the current SRM version, users should watch to see if SAP-Ariba provides a migration path that leads from SRM to Ariba’s cloud-based solutions and connectivity to the Commerce Network. These migrations will have to make sense financially, technically, and operationally for the organization, but users may have negotiation leverage since the success of the Ariba acquisition will be measured, in large part, by SAP’s growth of cloud and network driven revenues.
The SAP customers who have not focused on accounts payable and manage a largely paper-based function should investigate the Ariba ePayables solutions.
The users of SAP’s On-Demand Sourcing Suite, particularly those approaching renewal dates should get commitments on product support and road map before renewing for any extended period of time beyond 24 months after the deal closes.
Current Ariba Users: In the short-term, current Ariba customers may be largely unaffected from a product and support standpoint. Potential benefits that may start to appear in the mid-term include the growth of network participants, the addition of other value-added network services, and improved integration of Ariba solutions to back-end SAP systems. Potential issues may include changes in how Ariba develops, deploys, and supports its products and how it manages its accounts.
The users of Ariba’s Cloud-based Strategic Sourcing Suite, particularly those approaching their renewal dates should get commitments on product support and road map before renewing for any extended period of time beyond 24 months after the deal closes.
Current and Future Ariba/SAP Prospects: While we do not expect the new company to move quickly to sunset current product lines, there can be no assurances given the size and complexity of this deal. The acquisition will certainly have an impact on both companies’ product development cycles and planned release dates. As such, all customers making decisions to use SAP or Ariba (for at least the first 12 months after the deal closes) should understand how important future product enhancements will be to their current initiative’s overall success and develop contingency plans should those product delivery dates slip.
Before the deal closes, we expect Ariba to aggressively pursue every deal it can before the end of this quarter (June 30) and before the deal closes in Q3. As such, companies should actively seek price concessions from the Ariba account team. After the deal closes in Q3, there may be a few opportunities where SAP and Ariba continue to compete in ongoing RFPs (we do not expect to see many of these occurrences); in those situations, there may be price arbitrage opportunities that could be exploited.
Finally, there are literally dozens of different product scenarios and strategies that are too voluminous to detail in this report. Please feel free to direct your specific questions to the report
author by email.
[1] For more information on this transaction, read Ardent’s report Voulez-Vous eInvoice: Ariba Buys b-process
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