Global cloud platform Esker has acquired majority stake in a Stonehouse-based SaaS procurement software provider.

Esker has purchased 50.1 per cent of the shares and voting rights in Market Dojo, effective as of early June 2022, and for the remainder of Market Dojo shares to be acquired after a period expected to be four years.

It is hoped Market Dojo's flagship module, Sourcing Dojo, will enable Esker to bring eSourcing into its platform proposition.

There is also said to be potential benefit of Market Dojo's supplier onboarding and contract management modules, enhancing Esker's proposition to add value to their customers.

Market Dojo will continue to operate as its own business unit, retaining the Market Dojo brand. However, collaboration and synchronisation of product plans will take place.

"We're excited to become part of Esker," said Alun Rafique, co-founder and CEO of Market Dojo.

"With Esker's backing, we can now accelerate our growth plans to enhance our products and address international markets.

"Thus, helping more organisations who want to create efficiency, enhance their supplier engagement, minimise risks and reduce costs within the sourcing of goods and services. Market Dojo's solutions combined with Esker's solutions will create an impressive source-to-pay platform."

Jean-Michel Bérard, CEO at Esker, added: "I am thrilled to welcome the Market Dojo family into our Esker one. Their expertise in the eSourcing space perfectly complements Esker's procure-to-pay offering.

"Merging our strengths will create a solid basis for durable and sustained growth."