ConnXus, a startup creating software to help companies manage their supply chains, has been acquired by San Mateo, Calif.-based Coupa Software. Terms of the deal were not disclosed.
"This acquisition is an exciting milestone for both of our companies," ConnXus said in an email to customers. "We are excited about the synergies that Coupa and ConnXus will bring to your supplier management efforts."
The company added that the acquisition will not result in any large or immediate changes for customers. Buyers and suppliers will continue to use ConnXus products and be supported by Coupa.
ConnXus’ platform connects large enterprises with minority and women-owned suppliers. ConnXus can also identify businesses that are veteran, disability and LGBT-owned to help companies find and connect with a wide range of diverse suppliers.
ConnXus also provides companies with an “economic impact report,” which shows the impact that each company's spending has on the U.S. economy, like how many jobs are being created in cities, for example. Those reports have been popular with clients as it helps organizations calculate how their spending creates real value in the economy.
Coupa offers a cloud platform with financial applications for business spend management. The company has made a total of 16 acquisitions, according to Crunchbase. This is Coupa's second in 2020.
Mason-based ConnXus employs around 30 people, according to LinkedIn. Last year, the company was named one of the state's most promising companies by Venture Ohio.
Prior to its acquisition, ConnXus had raised around $11.2 million in venture capital, making it one of the top-funded startups in the Greater Cincinnati region, according to the Business Courier.
ConnXus plans to release more information about the acquisition during a webinar on June 24.
