SciQuest Announces Partnership with Transcepta to Enhance Invoice Capture
On March 4, SciQuest (NASDAQ: SQI),the North Carolina-based provider of automated, cloud-based spend management solutions, announced that it is partnering with Transcepta, a California-based provider of cloud-based e-invoicing solutions, to offer an automated e-invoicing capture program and offer it through SciQuest’s Accounts Payable (AP) Director Solution. According to the two companies, pairing Transcepta’s features with SciQuest’s solutions will allow end users – particularly those processing international invoices – to process electronic invoices faster using a standardized format in concert with SciQuest’s Digital Mailroom solution. Together, the partnership will eliminate manually scanning paper invoices, reduce total processing time, and in turn, allow more organizations to take greater advantage of early-payment discounts.
Basware Announces Basware Discount, Partners with ING to Offer Automated Invoice Payment
On February 17, Basware, the Finland-based provider of procure-to-pay and e-invoicing solutions, announced that it had released Basware Discount, the latest addition to its Basware Financing Services portfolio. This latest product brings to bear the capabilities of dynamic discounting, which can offer tremendous benefits to buyers via increased access to early payment discounts. With Basware Discount, as with other dynamic discounting services, users see greater discounts the earlier that they remit payment to vendors. The solution is available through the Basware Commerce Network, right alongside the Basware Pay product that launched in September 2014.
In related news, ING (NYSE: ING), the Netherlands-based financial institution, announced on February 26 that it will integrate with Basware’s Commerce Network and be the first corporate partner to offer Basware Pay to its customers. In doing so, ING customers will now have the ability to leverage electronic payments and electronic invoicing via Basware. Buyers will be able to take advantage of early payment discounts, vendors will be able to choose how they’d like to be paid, and both parties will benefit from richer remittance information provided by electronic invoicing.
DHL, Exel Announce Enhancements to Supply Chain Risk Management Tool
On February 25, DHL, the Germany-based logistics and postal company and its North American subsidiary, Exel, announced enhancements to its Resilience360 end-to-end supply risk management program. Launched last year, Resilience360 provides near real-time supply chain intelligence reporting to end users primarily in the automotive, chemicals, life sciences, and technology industries as goods and services move throughout distributed global supply chains. DHL/Exel’s newest iteration of Resilience360 integrates with the Transport Management System, and allows end users to track their shipments in parallel with global, regional, and national developments as they happen. It provides country risk trends and scores, and compiles global incidents into a weekly supply chain intelligence report, “360 Insights”, both of which are available on separate pages for end-users to reference. As a result of these improvements, Resilience360 can provide supply management teams with integrated, end-to-end risk management capabilities to meet current and future threats to their supply chains.
Fraedom Launches Freemium Travel and Expense Management Tool for Businesses
On February 26, Fraedom, a London-based provider of business spend management solutions, announced the release of Fraedom Travel & Expense (T&E) – a freemium T&E management tool that comes “out of the box” for organizations and purportedly allows them to get up and running with the program in 48 hours. Fraedom Travel & Expense allows end users to search for flights and accommodations, compare options, book trips, and take advantage of Fraedom discounts offered with the online tool. For a fee, end users can pull in their own travel discounts, or speak with customer service representatives for more complex travel. Fraedom Travel & Expense also retains booked and unbooked itineraries, expense information, and provides managers and finance departments with visibility into all aspects of employee travel to ensure compliance with corporate T&E policies.
Traveldoo Releases Automated Travel and Expense Management Mobile Application
On February 24, Traveldoo, the London-based provider of T&E expense management solutions, announced the deployment of a mobile application that reportedly captures and automates user travel and expense data on the go with no manual input. The new app captures expense data, such as itineraries and receipts, and merges it with geolocation data, suggested locations, and even pictures and voice inputs provided by the user to automatically build out expense reports. Data and inputs are available offline, and can be saved for future processing. The app will be available to Android users in March, while alternative versions will be deployed shortly thereafter.
Kinaxis Releases Fiscal Fourth Quarter 2014 and Full Year 2014 Results
On February 24, Kinaxis, the Canada-based provider of supply chain management and sales and operations planning solutions, announced financial results for the fourth fiscal quarter of 2014 as well as the full year. Highlights from their announcement include a 28% increase in subscription revenue in 4Q and 27% increase in 2014; a 15% increase in total revenue for 4Q as well as 2014; a 15% increase in gross profit revenue for 4Q and a 14% increase for 2014; and a 7% increase in EBITDA but a 15% decrease for 2014. According to Doug Colbeth, President and CEO of Kinaxis, “In 2014 we delivered on our goal to grow subscription revenues and EBITDA, while simultaneously delivering value to our customers through our supply chain management applications.” For the year ahead, Colbeth added that “we remain confident that we will continue to grow annual subscription revenue in excess of 25% and expect to achieve Adjusted EBITDA in excess of 20% of total revenue.”
OpenText Adds Analytics, Contract Management Capabilities to Solution Suite
On February 26, OpenText (NASDAQ: OTEX), the Ontario-based provider of information management systems, announced that it has added analytics capabilities to its existing offering, OpenText Trading Grid, its B2B Integration Network. Its newest incarnation, OpenText Trading Grid Analytics, provides end users with B2B transactional data to resolve issues between trading partners as well as summary data to help process exceptions faster. The analytics capability also providers decision makers with vital business intelligence, allowing them to make faster, more informed business decisions.
OpenText also announced on March 5 the deployment of OpenText Contract Center, its automated contract management solution built upon OpenText’s Process Suite BPM platform. Like many other contract management solutions, OpenText Contract Center allows multiple users to engage at each stage of the contract management process – from initial need to authoring, review, approval, and execution to renewal / termination. The solution allows users to store contracts and related documents in a central, secure repository, collaborate with other stakeholders to author, edit, and approve contracts, and alert them to important milestones like renewals and expiration dates. OpenText Contract Center reportedly deploys fast and is easy to use, with intuitive user-interfaces for all relevant stakeholders in the contract management process.
In Other Supply Management Solution Provider News…
- On February 17, Proactis Holdings LLC reported that it expects its 1H 2015 profit and revenues to be “significantly higher than last year and in line with its growth expectations.”
- On February 16, the International Business Times reported that India-based Infosys plans to acquire Panaya for $200 million to round out its brand and offer automation and artificial intelligence capabilities.
- And on February 19, California-based Epicor Software Corporation announced that it has acquired certain intellectual property rights and operating assets of long-time business partner and B2B/B2C eCommerce solution provider, Insite Software, including InsiteShip and InsiteManifesto, for an undisclosed dollar amount.