CPO Rising’s Technology Round-Up returns today with another assortment of procurement and supply management solution-provider news and updates from the past month to share with our community. If you are a sourcing, procurement, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Ivalua Receives $70 Million Investment from KKR
Last week, Ardent Partners received word that Ivalua, the California and Paris-based provider of spend management solutions for the cloud, had raised $70 million in growth equity minority funding from KKR, a New York-based private equity firm, to further Ivalua’s growth in the global source-to-pay solution market. In exchange for the funding, KKR will join Ivalua’s founders, as well as its other investor, Ardian. According to David Khuat-Duy, CEO and Founder of Ivalua, the company is working with KKR based in large part on their prior investment in other young spend management companies, their knowledge of the procurement space and technologies, and their global network, which ought to help Ivalua continue to innovate and expand within the spend management market. To fund the investment, KKR has dipped into its “Next Generation Technology” fund valued at $711 million and earmarked for investment in technology companies like Ivalua.
Determine Releases Version 17.3 of its Cloud Platform
In case you missed it, Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud, announced that it has just released Version 17.3 of its cloud-based platform to the market. This latest version adds feature functionality up and down the source-to-settle spectrum reflecting continued customer feedback and collaboration to improve upon the Determine Platform. Enhancements include:
- Procurement and Invoice Management: “Blanket Purchase Order (PO)”, which allows buyers to purchase from given suppliers during a time frame without creating individual POs for every purchase. It also includes “Blanket Contracts,” which allow select users to bypass the requisition and PO-process and provide them with straight-through-processing of orders, particularly with a given supplier, commodity, and over a given length of time.
- Contract management: the ability to leverage a single source of shared master data and metadata; the integration of DocuSign capabilities directly within the contract management tool; and an improved amendment process that provides greater visibility.
- Supplier management: greater performance scoring capability and flexibility, and the creation of a supplier certification portal to facilitate supplier onboarding.
The Determine Core platform also gains automating reporting/alerting for enhanced visibility, and improved security – two things that business leaders and practitioners cannot have too much of.
Icertis Continues to Expand Globally with New EMEA Appointment
Icertis is a company that continues to make headlines and a name for itself in the contract management solution provider market with its cloud-based solution. To that end, the Seattle, Washington-based company announced that it has appointed Martin Mohr as its new Vice President and General Manager of its EMEA division. Mohr comes to Icertis from IBM where he led its Watson Supply Chain division. In his new role, Mohr will continue relationships and establish new ones across the EMEA territory in order to continue Icertis’s global push into new markets and expand into existing markets. The company recently received $25 million in Series C funding to help boost its global expansion.
Zylo Integrates with Salesforce, Drives Customer Visibility into Operations
Some exciting news to share for Zylo and Salesforce customers. The Indiana-based provider of cloud intelligence software built to help organizations discover, manage and optimize their own cloud investments announced that it has integrated with Salesforce’s Customer Relationship Management (CRM) tool. As a result, Zylo customers will have increased ability to understand how they use the Salesforce platform by pulling over user and enterprise data, like license type and individual user data, directly from Salesforce. This will allow users to understand application utilization and opportunities to increase it, which can have a dramatic impact on how a typical organization conducts B2B commerce and interacts with and manages its supplier base.
Expensify and TravelPerk Partner to Enhance Business Travel
Recently, Expensify, a San Francisco-based provider of business travel and expense (T&E) management solutions, announced that it has partnered with TravelPerk, a Barcelona-based business travel booking and expense management provider, in an effort to simplify and enhance business travel. The idea behind the partnership is that users will use TravelPerk to book their flights, hotels, car reservations, and other facets of their business travel, and then the bookings will port over to Expensify’s T&E platform where the user and their managers can manage the T&E end of travel booking.
Rosslyn Data Technologies to Acquire Integritie
Just last week, London-based Rosslyn Data Technologies, the holding company of cloud-based big data management and analytics solutions provider, Rosslyn Analytics, announced that it has agreed in principle to acquire rival Integritie for £2.59 million. Like Rosslyn, Integritie is a UK-based provider of data-mining solutions; but unlike Rosslyn, Integritie focuses on unstructured data. Rosslyn’s acquisition will allow the company to round out its ability to analyze structured and unstructured data hidden deep within spending, contract, supplier, and third-party information, in addition to third-party information sources, like social media. It will also allow Rosslyn to expand its and Integritie’s customer base and create cross-selling opportunities for each customer base.
Pool4Tool Integrates eProcurement Solution with Amazon Business
Also last week, Pool4Tool, the Detroit-based provider of eProcurement solutions, announced that it has integrated Amazon Business into its eProcurement tool for a seamless and expanded enterprise buying experience. The integration will allow Pool4Tool users to connect to Amazon business using the eProcurment to search for and buy online, and then pull the transaction onto the eProcurement tool to complete the purchase. The integration offers the best of both worlds – seamless procure-to-pay with an ecommerce network that offers millions of products.
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