"This is a significant acquisition that changes the procuretech landscape in our key customer markets," said VendorPanel CEO James Leathem.

"We are excited about it for a number of reasons. Firstly, it fast tracks our product roadmap by at least three to four years. That's a big win for customers.

"Secondly, we gain access to powerful low-code, drag-and-drop tools to give customers unparalleled flexibility in aligning technology with business processes and policies.

"Thirdly, we are delighted to welcome over fifty Nimblex clients, strengthening our position in our key markets of corporate, state and local government and significantly broadening our geographic footprint.

"Finally, we know from partnering on recent opportunities that there is an excellent cultural fit across the two teams. Customers will see very little disruption in the short term, while we work together to deliver the medium and longer term benefits. In short, Nimblex brings us a rich suite of technology, a strong customer base, and an experienced team."

Nimblex software is used by organisations including Governments of South Australia and Western Australia, Melbourne Airport, Yarra Valley Water, and Hastings and New Plymouth councils in New Zealand.

Nimblex Contract Management has been integrated with the VendorPanel sourcing platform, and further integrations are underway.

According to Nimblex founder Bert Myburgh, customer reaction to the acquisition "has been hugely positive."

Nimblex client Yarra Valley Water manager of procurement and contracts Dominique Gibert said "With Nimblex, Yarra Valley Water has a solution that has enabled a world class strategic procurement and contract management function. VendorPanel is a well-regarded, established provider and we're looking forward to seeing what the combination of these two businesses will bring."

All Nimblex employees have joined VendorPanel as a result of the acquisition.