McKinsey has bought UVC Partners-backed Orpheus to implement a new service using the company's spending analytics technology.

Orpheus, a Germany-based spending analytics provider backed by Technical University of Munich’s venture affiliate, Unternehmertum Venture Capital (UVC) Partners, has been acquired by management consulting firm McKinsey for an undisclosed sum. Founded in 2005, Orpheus has developed a software platform that helps enterprises cost procurement by automatically extracting, categorising and analysing data on purchases from third-parties. The artificial intelligence-equipped platform is able to capture the context of spending, presenting insights related to the client’s key performance indicators. Following the acquisition, McKinsey intends to build a new spend analytics service, combining Orpheus’s technology with its own resources. UVC Partners injected an undisclosed amount of seed funding into Orpheus in 2012. The company’s other investors were law firm Görg, government development bank KfW, venture firm Senovo Capital and members of its founding team. Ingo Potthof, managing partner at UVC Partners, said: “Based on its solid technology and deep domain expertise the team has been consistently winning one blue-chip customer after the other to become a real category leader. “They built a profitable growth company by hardly burning cash and by doing so creating a strong return for us as investor.”

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