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Blue10 acquires the fast-growing FinTech start-up Spense

The Hague, January 6th, 2022 – Blue10 acquires the fast-growing FinTech start-up Spense. The addition of the Contract Management software of Spense allows Blue10 customers to link incoming invoices to (procurement) contracts. This gives organisations more control over their purchasing process and corresponding expenses whilst improving the efficiency of processing their invoices.

More than just managing contracts

The Contract Management software of Spense provides organisations with one central place for all their contracts. Specific tasks and purchase agreements can easily be added to a contract within the software. In addition, the software automatically sends notifications, for example, when a contract expires. This allows organisations to send out RFP’s in time to renew their contracts under the right conditions, possibly switch vendors or cancel a contract when a service is no longer in use.

The moment a contract expires, the software offers a non-binding possibility to ask for ‘help’ with requesting quotations for the procurement of the specific service. Based on the most important criteria to the customer, the RFQ is automatically shared with the associated vendor network. Subsequently, the most suitable quotations are shown in the customer’s environment. The customer can decide whether he wants to respond to one of these proposals or sign a contract for the specific service elsewhere.

An instant and complete solution

Marcel Duijvestijn, CEO of Blue10: “We are very pleased with the completion of this acquisition. Managing contracts is a much sought-after functionality by our customers. The acquisition of Spense allows us to hit the ground running and offer our customers a complete product in the field of Contract Management. A lot of money is lost within organisations because the management of contracts is not well organised. For example, contracts are not renewed under the most favourable conditions, or a contract has already been automatically renewed without the organisation knowing about it. With the addition of Contract Management, customers of Blue10 can also experience the sense of feeling in control of this process.”

Short integration period

In the upcoming three months, we will work on integrating both software products. The objective is to offer the Contract Management software to all Blue10 customers by mid-April 2022. This period is also used to get acquainted with the existing customers of Spense and to provide them with a smooth transition to Blue10.

Spense’s software will be fully integrated within Blue10’s software and positioned and launched as such. Founders Noël Seegers and Lex la Gro will be actively involved in Blue10. They will be responsible for product management and further development of the software. They will also further enhance the existing vendor network to offer an even more complete range of quotations, allowing our customers to conclude even better contracts. Lex la Gro, co-founder of Spense: “We quickly saw the synergy of our vision of the product and the possibilities and vision of Blue10. With the additional combination of expertise from Noël and myself in optimizing procurement processes, we look forward to working at Blue10. Under their wings, we will make many customers happy with the possibilities of our Contract Management software.”