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!
Coupa Unlocks €43 Billion for European Businesses, Boosting Financial Resilience, and Improving Efficiency
LONDON — Coupa Software, a leader in business spend management (BSM), announced that it now manages over €1.4 trillion of cumulative business spend for European businesses. The Coupa platform has helped businesses realize over €43.1 billion in savings since 2014, and more than €10.2 billion in 2022 alone.
Globally, Coupa has processed more than €3.7 trillion cumulative business spend across its platform and helped customers realize €143.5 billion in savings since 2014, and over €34.7 billion in 2022 alone.
The company states that at a time when businesses are facing a challenging global economic environment, Coupa has specialized in helping its customers adapt to these challenging conditions, reinventing how they manage business spend, and improving visibility across their finances. Crucially, this has helped Coupa customers unlock billions in capital to fund critical projects.
According to Paul Maguire, recently appointed SVP, EMEA for Coupa, “Coupa helps organizations substantially improve their underlying foundations so they’re on rock-solid ground to unlock capital and build for the future,” he said.
“A huge part of my role is ensuring our growing customer base in Europe enjoy maximum benefit from our BSM platform, helping them thrive during these challenging times, rather than simply survive.”
Read the full announcement here.
BDO and Sourcemap Collaborate to Enhance Supply Chain Traceability and Customs Compliance
CHICAGO — BDO USA, LLP, one of the nation’s leading accounting and advisory firms, and Sourcemap, a global provider of supply chain transparency and traceability software, announced a new collaboration to help businesses comply with evolving supply chain regulations, adapt to operational disruption, and improve efficiencies.
Sourcemap customers can tap BDO’s tax and advisory capabilities to develop strategies for regulatory compliance, while companies in BDO’s portfolio can seamlessly leverage Sourcemap’s technology to obtain necessary supplier data for enhanced supply chain risk management.
According to Leonardo Bonanni, CEO and founder of Sourcemap, “Supply chain transparency is critical to helping future-proofing businesses that source a wide variety of raw materials and components from across the globe,” he says.
“BDO is as dedicated as we are to supporting supply chain visibility across key industries; that’s why we’re collaborating to empower businesses to meet increasingly complex regulatory requirements, enhance resilience, and drive competitive advantage,” Bonanni adds.
Sourcemap states that laws including the Uyghur Forced Labor Prevention Act (UFLPA) and updated Customs and Trade Partnership Against Terrorism (CTPAT) requirements are advancing environmental, social and governance (ESG) objectives that require companies to prove their products are untouched by violations such as forced labor — or risk detentions and seizures by U.S. Customs & Border Protection.
Read the full announcement here.
Resilinc Receives Strategic Growth Investment
MILPITAS, Calif. — Resilinc, a leading supply chain mapping, disruption sensing, and resiliency analytics company, announced a strategic growth investment from Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses. Resilinc will use the growth capital to accelerate product innovation, talent, and go-to-market functions to meet the growing demand for more resilient, sustainable, secure, and transparent supply chains.
The company states that modern supply chains deal with over 250 disruptive events per week, ranging from supply shortages to extreme weather to ESG legislation and geopolitical risk. Resilinc holds 12 years’ worth of supply chain risk data including a validated supplier network that has been mapped down to the sub-tier, part-site, and commodity level. This provides companies in complex, interconnected supply chains with clear visibility into their entire supply chain ecosystem and the ability to collaborate with suppliers all on a single, secure platform.
According to Bindiya Vakil, CEO and co-founder of Resilinc, “This growth investment comes following the tremendous success Resilinc has achieved in providing our customers with leading supply chain resiliency capabilities; it will also further accelerate our software and data offerings in response to the market’s demands for best-in-class multi-tier supply chain mapping and monitoring,” he said.
“Resilinc and Vista share the same vision of making global supply chains more resilient. Vista’s team of investors, operators, technologists, and entrepreneurs understand the unique opportunity of a company like ours and we look forward to partnering with them in our next phase of growth,” Vakil added.
Read the full announcement here.
Procure IT Raises $4.8 Million in Initial Funding for IT Procurement Platform
CARROLLTON, Texas, — Procure IT, a leading data-driven IT procurement and management company, announced that it raised $3.5 million in a new round of funding, bringing the total initial funding to $4.8 million. The company promises to combine people, processes, and software to create an industry-first platform for IT procurement, spend, performance, and risk management.
The company states that the latest funding round includes investments from two proven digital marketing and technology leaders Paul Filsinger and Giancarlo Maniaci, who also will serve as advisors to Procure IT’s leadership team.
According to Randy Jeter, Procure IT managing partner and former CEO of RapidScale, “We’re thrilled to welcome Paul Filsinger and Giancarlo Maniaci as Procure IT investors and advisors,” he said.
“Both leaders are highly experienced at building and growing forward-looking technology-powered companies by leveraging innovative product strategy and the latest advances in data-driven digital marketing. Their investments validate our vision to transform how IT is sourced and managed; their active guidance will help us achieve it.”
Read the full announcement here.
Simfoni Partners with Kearney to Advance Revolutionary Composable Tail Spend Management Solution
SAN FRANCISCO — Simfoni, a next-generation digital solutions provider for procurement intelligence and tail spend management, announced a Series A-2 investment round with Kearney, a global leader in management consultancy, to enable more efficiency and cost management for Kearney’s clients.
Simfoni states that this investment will help further advance the strategic partnership between these two organizations while accelerating the broader delivery of a turnkey tail spend management solution that features a pay-as-you-save pricing model, making this the most accessible tail spend management program in the market. This move is part of Kearney’s broader strategy to invest in leading technology solutions that help clients navigate complex business challenges and achieve digital procurement transformation and sustainable growth.
The combined capabilities of Kearney and Simfoni will create the most advanced tail spend management solution currently on the market. The Kearney–Simfoni solution provides:
- A human-centric user experience for frontline managers through executives, that works with companies’ current technology — avoiding disintegrated systems and eliminating the need for offline workarounds.
- A pay-as-you-save model with fees hard-wired to usage and actual savings.
- Payment consolidation and vendor management, which reduces the burden on procurement and accounts payable teams to manage the high volume of tail vendors and payments.
- Easier ESG compliance, with opportunities to systematically prioritize target suppliers, including minority-owned and eco-certified categories.
- A global/regional presence with sourcing operations close to users and supply markets.
According to Chirag Shah, CEO of Simfoni, “Partnering with Kearney is an exciting opportunity for us to expand our reach and ensure we can offer our spend management capabilities in the most complex and largest of enterprise situations,” he said.
“By combining our technology and tail spend expertise with Kearney’s distinctive, agile approach to strategic consulting, operations, sustainability, and governance, we can broaden the scope of our delivery of a comprehensive procurement solution that drives truly impactful outcomes for our clients,” Shah added.
Read the full announcement here.
Mesh Payments Expands Across Europe, UK, and Asia with Unified Spend Management in Local Currencies
NATIONAL HARBOR, Md. — Mesh Payments announced expansion of its unified spend management platform to support global multinational businesses operating in Europe, UK, and Asia in local currencies. Mesh now enables companies to operate globally across international entities, issue local cards, and settle in local currencies — all from one unified platform.
The company states that globalization and remote working trends have led to an increase in complex multinational structures and distributed workforces. Unlike Mesh, most spend management platforms have yet to address the needs of companies with international entities. Automating manual tasks, receipt collection, and spend workflows with a unified spend management solution across multiple entities accelerates productivity of finance teams by more than 30%.
Mesh unified dashboards summarize activity across all entities and automatically sync all transaction details to the associated general ledger. Other specific global capabilities include:
- Localized operations, local currency
- ERP integrations
- Global compliance
- Localized and embedded policy enforcement
- Fund reimbursement locally
According to Oded Zehavi, co-founder and CEO for Mesh Payments, “Managing spend for remote workforces and global operations can be complex, but Mesh offers a unified platform for global enterprises to handle local operations in local currency at scale,” he said.
“Mesh Payments is thrilled to help businesses increase their finance efficiency and solve the pain points of global spend,” Zehavi added.
Read the full announcement here.
Tagged in: Chief Procurement Officer, Compliance, Procurement, Solution Providers, Spend Analysis, Supply Chain Risk, Supply Disruption, Tail Spend, Tech Round-Up
