Ariba Buying Procuri

Ariba Inc. (Nasdaq: ARBA) has agreed to acquire Procuri Inc., an Atlanta-based provider of on-demand supply management solutions. The deal includes an up-front $93 million cash and stock payment, including $14 million in cash that will be placed in escrow to secure indemnity obligations of Procuri stockholders. Ariba also will pay off around $8 million of Procuri's debt. Procuri has raised $22.5 million in VC funding from Advent International and Insight Venture Partners.