CPO Rising’s Technology Round-Up Series returns today with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
Ivalua Partners with Raqmiyat to Expand E-Procurement Digitalization in the Middle East
DUBAI, UAE — Raqmiyat, a leading system integrator and digital enabler, announced its partnership with Ivalua, a global leader in spend management, to facilitate the increase of e-procurement digitization within organizations in the Middle East. Currently, digitization is largely driven by the need to comply with guidelines established by local governments.
According to Raqmiyat general manager Bahaa Eddine Al Indary, “We’re very happy with our strategic partnership with Ivalua. They offer best-of-breed capabilities at every step of the source-to-pay process, empowering procurement leaders to increase efficiency, manage risk and compliance, optimize cash flow, and improve supplier collaboration, all from on a single platform,” he said. “I’m sure that Ivalua will be a game-changing value addition in our offering for procurement businesses.”
Alexander Rembecki, Ivalua’s alliances director, DACH, CEE, and ME, added, “We are delighted to partner with Raqmiyat and continue to successfully expand Ivalua’s partner ecosystem in the Middle East,” he said.
“Thanks to its access to the local market, specialist knowledge, and technical expertise, Raqmiyat will support and enhance our efforts to provide value to our clients and address new customer target groups.”
Read the full announcement here.
LSQ and Calculum Announce Partnership
MIAMI and ORLANDO, Fla. — LSQ, a leading provider of working capital finance and payments solutions, and Calculum, an industry leader in financial artificial intelligence (AI) and data-analytics services, announced an agreement to collaborate and combine LSQ working capital and supply chain finance solutions with Calculum’s data analytics services as well as its technical expertise.
LSQ states that the strategic partnership between it and Calculum streamlines and combines spend and supplier analytics to identify opportunities to optimize payment terms while offering financing and risk mitigation solutions for domestic and cross-border trade, focusing on improving the analysis and distribution of such data.
According to Brittany Hooper, LSQ’s director of strategic partnerships, “LSQ and Calculum share a common goal: to ensure the stability and enhance the efficiency of our client’s financial supply chains while unlocking the value of their payment terms,” she said.
“The collaboration helps us further our vision and expertise in financial supply chains and offer additional insights and tools for our corporate clients to unlock working capital and improve margins.”
Read the full announcement here.
Pactum Raises $20M to Advance Digital Negotiation Solution
MOUNTAIN VIEW, Calif. — Pactum, a business negotiation technology leader, has raised $20 million in additional funding. The company’s solution leverages intelligent bots to digitally engage third parties and negotiate mutually benefiting contracts, leading to better pricing, payment terms, and supply continuity.
The company stated that the investment was led by 3VC, with participation from new investors NordicNinja VC and Maersk Growth, and existing investors Atomico, Project A, Metaplanet, and Taavet+Sten.
Pactum is experiencing its strongest period of growth on record unlocking working capital, reducing spend, and increasing team productivity amidst the ongoing market uncertainty.
According to Martin Rand, co-founder and CEO of Pactum, “The macro-environment continues to shift at a rapid pace. Enterprises face high inflation, non-stop supply disruptions, and complex inventory problems,” he said.
“Furthermore, as we enter a period of slowing growth, it is even more crucial that companies engage their partners and negotiate agreements that bring financial and operational benefits to both parties,” Rand adds.
Read the full announcement here.
3E Acquires Supply Chain Software Platform Toxnot
CARLSBAD, Calif. — 3E, a leading global provider of intelligent compliance solutions for chemical and workplace safety, product stewardship and sustainable supply chains, announced the acquisition of Toxnot, a software as a service (SaaS) platform that enables product compliance and sustainability within supply chains.
The company states that the acquisition supports 3E’s continued investment in its suite of supply chain compliance offerings, enabling companies to better solve their increasingly complex supply chain challenges. Toxnot’s modern and flexible platform facilitates the collection, management and sharing of information across value chains, enabling compliance, sustainability reporting, circularity, and supply chain management.
According to Greg Gartland, CEO of 3E, “Our goal at 3E has always been to make the world a safer place through innovative compliance solutions. In Toxnot, we found a partner with a market leading SaaS offering focused on our shared vision of achieving sustainability across global supply chains. This acquisition of Toxnot marks an important step in our ambitious growth agenda,” Gartland said.
Read the full announcement here.
Plooto Raises $20M in Series B Funding
TORONTO — Plooto, a leader in end-to-end accounts payable and accounts receivable (AP/AR) automation software for small to medium-sized businesses (SMBs), announced the closing of $20M USD ($27M CAD) in Series B funding. The all-equity round was led by Centana Growth Partners, a specialized growth equity firm that invests in the future of finance, with participation from existing investors FINTOP Capital and Luge Capital.
The company states that the funding will be used to drive customer expansion, introduce new product lines, ramp up hiring, and help Plooto customize its offering for more businesses, accounting and bookkeeping firms.
According to Hamed Abbasi, CEO and co-founder of Plooto, “Our vision, since inception, has been to enable the advancement of entrepreneurs to reach their full potential without being bogged down by cumbersome and inefficient financial processes,” he said.
“By expanding our platform’s automation, workflows, and payment capabilities, Plooto has become the mission control for managing cashflow end-to-end,” Abbasi adds.
Read the full announcement here.
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