Shares of Kainos (LON: KNOS) hit a high of 1,689p in early Tuesday trading after the company announced it has acquired Blackline Group.
Kainos has acquired Blackline — a fellow Workday services partner — to strengthen its capabilities in the Workday ecosystem, the company said.
Blackline was established in 2009 and is headquartered in Washington state. It is a speciality services firm that focuses on procurement and is an experienced advisory partner for Workday Strategic Sourcing.
According to today's press release, Blackline has helped some of the world's largest organisations transform more than $100 billion in total spend. In addition, Kainos said the deal will enable it to further enhance its Workday presence in North America and Europe, adding over 50 spend management and procurement consultants from Blackline Group.
Brendan Mooney, CEO, Kainos, commented: “The procurement expertise of our new colleagues, paired with our deep experience with Workday, will allow us to expand the support that we can provide our existing customers, not just in North America, but across our global operations.
“We are always striving to achieve the best business outcomes for our customers and extending our capability to include procurement helps us to achieve this goal. At the same time, we are also excited by the new opportunities that combining the experience and expertise of the Kainos and Blackline teams will create for our business.”
The terms of the deal were not disclosed. However, it is Kainos' sixth acquisition in the Workday partner ecosystem and third in the Americas, after IntuitiveTEK and UNE Consulting.
At the time of writing, Kainos shares are up 1.29% to 1,649p.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.