CPO Rising’s Technology Round-Up returns today with another assortment of supply management technology 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!
Real Time with Aquiire and Zakta: eProcurement Goes Live
Earlier this week, Cincinnati-based Aquiire, an eProcurement and supplier management solution provider formerly known as Vinimaya, announced that it has acquired the rights to embed Zakta‘s algorithms and source codes within its own procure-to-pay (P2P) platform and bring real-time intelligence to eProcurement. Under the terms of the agreement, Aquiire will embed and further develop Zakta’s algorithms, which power machine learning, natural language processing (NLP), unstructured data mining, data discovery, and real-time collaboration, within its eProcurement solution in order to drive collaboration in real-time with suppliers and other buyers across the enterprise. These algorithms are said to facilitate a host of other functions for buyers, including providing an “enhanced adaptive guided buying and search experience,” a visualization of poorly structured spend, access to product and social media reviews, and the opportunity to collaboratively purchase with other stakeholders within the enterprise.
IBM Looks to Improve Global Food Safety, Launches IBM Blockchain Platform
Late last month, our friends at IBM (NYSE: IBM) informed us about a new partnership they have struck with ten retail and food brands, like Walmart and Kroger, in a joint effort to use Blockchain technologies to enhance track and trace capabilities within the global food supply chain and increase food safety. Using Blockchain databases, IBM and its consortium aim to improve visibility, traceability, and accountability in the global supply chain in order to increase efficiencies and trust, reduce food waste, and reduce the risk of food-borne illness, which results in roughly 400,000 deaths annually. Grocers and retailers, like Kroger and Walmart, can use Blockchain databases to not only gain end-to-end visibility into their food supply chains, they can also use it quickly isolate sources of food-borne illnesses, contaminated products, or spoiled produce. Being able to quickly trace a contaminated product back to its source is eminently preferable to issuing massive product recalls which result in wasted product, depleted inventories, lost revenues, reputational risk, and further health hazards.
The partnership comes as IBM also announces IBM Blockchain Platform, its “fully integrated and enterprise-grade” Blockchain platform that it developed after working with over 400 companies across many different industries on their own Blockchain projects. The Platform incorporates the Hyperledger Fabric v1.0 framework and Hyperledger composer Blockchain tool, and it will be hosted on IBM’s cloud. It will incorporate lessons learned from over 400 Blockchain projects and feature the unique business and technical requirements that enterprises need in order to deploy their own Blockchain database. As with other Blockchain databases, the IBM Blockchain Platform allows for multiple parties to collaborate on the platform, and govern, transact, and secure the Blockchain. IBM will also offer consulting services to enterprises that look to quickly stand up their own Blockchain databases, inclusive of all the feature functionalities that IBM now makes available through the IBM Blockchain Platform.
Jaggaer Partners with Haven to Enhance Compliance Management
Also late last month, JAGGAER, the North Carolina-based source-to-settle solutions provider (formerly SciQuest) recently announced that it has partnered with Haven, a San Francisco-based global trade management solutions provider, in a joint effort to deliver enhanced compliance management tools to logistics and procurement teams. As part of the deal, the two companies will offer their complementary services and solutions to each other’s customers and bring enhanced compliance to different markets. Jaggaer’s platform is said to increase visibility and procurement efficiencies for Haven’s customers, while Haven’s sourcing and logistics capabilities are said to enhance Jaggaer’s solution suite.
ZeroChaos Acquires Loki Systems
Recently, ZeroChaos, an Orlando, FL-based provider of total workforce management solutions, announced that it has acquired Loki Systems, a fellow workforce management solution provider based in British Columbia for an undisclosed sum. Loki specializes in complex staff scheduling and payroll requirements, and will build out ZeroChaos’ offerings and client base. As is, Loki boasts more than 200 clients in over 17 countries. Loki CEO, Richard Swann, will continue to serve as CEO at Loki and join the ZeroChaos leadership team. For its part, Loki hopes to continue its organic growth and offer more to its existing customers.
Coupa Releases Financial Performance Results for 2Q FY2018
Coupa Software, the California-based provider of spend management solutions in the cloud, recently announced financial performance results for the second quarter of its Fiscal Year 2018. Rob Bernshteyn, CEO of Coupa, boasted gains made in total and subscription based revenues, growing 43% year-over-year, as well as positive operating cash flows for the quarter and the fiscal year to date. Coupa has also helped clients pull more than $500 billion of spend under management, doubling this number from this time last year. Other 2Q FY 2018 highlights include:
- Total revenues of $44.6 million, $39.8 million of which are subscription-based. Both revenues represent a 43% year-over-year increase;
- GAAP operating losses of $14.4 million, compared to losses of $11.4 million — a 21% increase year-over-year in GAAP operating losses;
- GAAP net losses of $13.7 million, compared to $12.4 million — a 9.5% increase year-over-year in GAAP net losses;
- Cash and cash equivalents of $208.3 million, with total deferred revenue of $95.8 million.
- Cash flow of $16.3 million.