SciQuest Announces Portfolio Savings Manager, Q1 Financial Results
On May 16, North Carolina-based SciQuest (Nasdaq: SQI), which offers automated spend management solutions for procurement practitioners, announced the release of Portfolio Savings Manager (“PSM”), a cloud-based, cross-functional tool that allows users from AP/Finance, Procurement, and elsewhere within the enterprise to monitor and track the performance of enterprise savings initiatives. PSM is meant to be configurable with SciQuest’s existing source-to-settle solution suite, and can allow stakeholders to view projects from “cradle-to-grave” to ensure that they are truly delivering value. This increased visibility, combined with the ability to look back upon historical spend and savings projects, can drive greater performance in the short and long-term. PSM will be available in July.
Late last month, SciQuest announced financial performance results from the first quarter of the fiscal year, which were roughly in line with its market projections from Q3. They were also better overall compared to the first quarter of 2015. Highlights from the announcement include:
- GAAP revenue of $26.9 million, up from $25.9 million in Q1 2015
- Income of $0.9 million, up from a loss of $0.5 million in Q1 2015
- Net income of $1.1 million, up from a loss of $03 million in Q1 201
Paladin Partners with Three Different Brands to Expand Global Reach
On May 11, Paladin Associates, a Georgia-based provider of strategic sourcing and procurement solutions, announced its partnership with three other sourcing and procurement solution providers, dubbed the “Global Sourcing Alliance,” that will expand the reach of Paladin and the three companies across the globe. This partnership includes Amsterdam-based Adjust, Munich-based source:net GmbH/Sourcing on Demand, and Hong Kong-based Tactica. Under the Global Sourcing Alliance, the four companies will each operate as their original company and brand and will continue to offer their sourcing and procurement solutions, but will leverage cross-sell opportunities within each other’s markets, particularly Asia, Europe, and the US. Some of the benefits of the partnership, particularly for Paladin customers, include greater access to category, market, spend, and supplier information; expanded access to local language capabilities and market knowledge; access to best practices provided by partner members; and many other benefits.
IQN Announces Rate, Time, and Expense Capabilities for Contingent Labor
On May 4, IQN, a Colorado-based provider of contingent workforce management (“CWM”) solutions, announced the release of its new Rate, Time, and Expense (“RTE”) program for use with all types of contingent labor. The program, optimized for Software-as-a-Service deployment, allows companies to automate non-employee travel and expense reporting according to local laws, regulations, and individual policies regarding shift work, overtime, insurance, and so on. All of these factors and more can be highly variable according to the contingent worker, contractor, company, location, and circumstance, and RTE allows companies to automate the reporting process and configure it given the rules and regulations set by them in advance. The program aims to be adaptable for future needs as laws, policies, and regulations change. RTE will deploy in the second half of 2016.
Coupa Integrates Sabre’s “GetThere” T&E Solution onto Platform
On May 9, Coupa, the California-based provider of spend management solutions for the cloud and Sabre Corporation (NASDAQ: SABR), a Texas-based provider of T&E management solutions, announced that they are partnering with each other to allow companies that use Sabre’s “GetThere” online booking tool to integrate it onto Coupa’s spend management solutions. As a result of the integration, business travelers will be able to book their travel through GetThere and rely on Coupa’s solutions to automatically generate T&E reports from their trip. Coupa and Sabre highlighted their cooperation at Coupa’s annual Inspire conference earlier this month in San Francisco, and they plan to make it available to select users in Q3 2016.
ExceleratedS2P Launches Coupa Integrator for SAP
On May 10, ExceleratedS2P, a London-based source-to-pay solution provider, announced the release of Coupa Integrator for SAP, a solution that, as its name implies, is meant to “seamlessly link” Coupa and SAP applications for enhanced integration. The solution comes pre-built and is meant to automatically integrate Coupa and SAP data, both “transactional and master,” in an affordable, accurate, and efficient manner. The announcement was timed for Coupa Inspire, which, as previously noted, took place in San Francisco earlier this month.
SAP Announces Q1 Financial Performance for Business Network Solutions
On May 5, BusinessTravelNews.com reported that SAP’s Business Network segment, which includes Ariba, Concur, and Fieldglass, experienced revenue growth of 21% compared to Q1 of 2015. In U.S. Dollars, this growth works out to $513.7 million. According to SAP’s Q1 financial statement, in the past year, more than 2.1 million connected companies have used the Ariba network to trade over $800 billion in commerce, while roughly 40 million users process T&E data and reports on Concur’s platform, and customers managed more than 2.3 million non-traditional employees across 130 countries with Fieldglass.