PRGX Global Completes Acquisition Of Lavante

ATLANTA, Nov. 01, 2016 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced it has completed its acquisition of Lavante, Inc., a SaaS-based procure-to-pay (P2P) supplier information management (SIM) and recovery audit services firm based in San Jose, CA.

"We are pleased that we were able to close this transaction quickly.  We are excited to offer Lavante's industry-leading SIM technology platform and expertise to our global client base. This platform provides an advanced set of SIM capabilities and improves management of supplier risks and performance," said Ron Stewart, PRGX president and chief executive officer.  "This acquisition is expected to accelerate PRGX's strategy to deliver actionable P2P insights to our clients through analytics-based products and services," continued Stewart.  "We welcome the very experienced Lavante team led by Frank Harbist and we look forward to serving Lavante clients with our expanded service offerings," concluded Stewart.

The Lavante acquisition will allow PRGX to offer its global clients a solution for improved management of suppliers. Specifically, the Lavante SIM platform is designed to enable efficient supplier on-boarding, compliance with regulatory and buyer requirements, and identification of key insights from P2P data.

"The market for dedicated supplier management managed services is increasing materially. Companies are increasingly tackling a range of initiatives through the collection, maintenance, analysis and active governance of better supplier data either internally or through outsourced managed services," said Jason Busch, founder of Spend Matters, a procurement and supply chain industry advisory firm. "Lavante is an ideal fit with PRGX and PRGX clients, and we look forward to seeing the integration of the two firms drive meaningful customer value in new ways," concluded Busch.

In connection with the closing of the Lavante acquisition, on October 31, 2016, the Company granted options to purchase a total of 172,500 shares of the Company's common stock to six Lavante employees. The options have an exercise price of $4.55 per share and will vest in equal one-third increments on each of October 31, 2017, October 31, 2018 and October 31, 2019, subject to the employee's continued employment with the Company.  The options also vest in full in the event of a change in control of the Company, provided the employee has been continuously employed by the Company until such event.

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