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!
IHS Markit Adds Financial Screening to Vendor Due Diligence Tool
Apttus Receives Growth Funding From Golub Capital
Ivalua Announces Financial Performance, Operational Highlights for 2017
TIP Technologies Announces TIPSQM, a Supplier Quality Management Solution
Jaggaer Announces AI Partnership with Kloepfel iProcurement
IHS Markit Adds Financial Screening to Vendor Due Diligence Tool
IHS Markit, a London-based provider of third-party market intelligence and risk management information, recently announced that it has enhanced its vendor risk management service, KY3P (Know Your Third Party), to provide users with the ability to screen suppliers for potential criminal financial activity. Sourcing, procurement, and finance teams can now use the service to conduct due diligence on current or prospective suppliers and investigate whether they have been involved in criminal financial activity, like bribery, corruption, fraud, money laundering, sanctions violations, and export control violations. KY3P, and IHS Markit by extension, have integrated data feeds from global risk intelligence provider, RDC, and its Global Risk Intelligence Dataset (GRID). Adding financial criminal activity to KY3P’s already broad list of risk factors gives its more than 1,500 users a holistic look at its supplier base and prospective suppliers before they enter into sourcing agreements.
Apttus Receives Growth Funding From Golub Capital
Apttus, the California-based provider of quote-to-cash, contract, and supplier management solutions, announced that it has received $75 million in growth funding from Golub Capital, a middle market lending group. The investment is intended to provide Apttus with scalable and flexible funding options as the company (Apttus) looks to increase company and customer size and push into new markets.
Ivalua Announces Financial Performance, Operational Highlights for 2017
Ivalua, the California and Paris-based spend management solutions provider, recently announced financial performance results for calendar and fiscal year 2017. According to company officials, Ivalua had a very good year, driven in large part by the acquisition of customers within the Fortune 500, high customer retention, continued market expansion, and cross-industry partnerships. Highlights from 2017 include:
- 66% growth in bookings compared to 2016
- 99% customer retention over 2016
- $70 million in growth equity minority funding raised from KKR
- 144% growth in workforce
- New offices opened in London, Paris, Pittsburgh, Singapore, and Pune
- Acquired Directworks, with a push into direct materials sourcing
- Launched Partnership Ecosystem program, partnered with a dozen-plus solution providers in its inaugural year
TIP Technologies Announces TIPSQM, a Supplier Quality Management Solution
Ardent Partners recently learned about TIPSQM, a new supplier quality management solution offered by TIP Technologies, a Wisconsin-based provider of supplier quality and compliance management tools for manufacturers. TIPSQM is a web-based application that centralizes an enterprise’s supplier base in a digital supplier management portal. In doing so, it enables various stakeholders to rate their suppliers according to quality, compliance, delivery, and their response to queries. It then combines those ratings into a single score that enables users to quickly identify points of failure within the supplier base. By default, TIPSQM helps to digitize supplier management and supplier performance management in particular, and create a digital audit trail to drive supplier compliance, performance, and risk management.
Jaggaer Announces AI Partnership with Kloepfel iProcurement
Just last week, JAGGAER, the North Carolina-based source-to-settle solutions provider formerly known as SciQuest, announced an expanded partnership with Kloepfel iProcurement, an Austria-based digital / procurement transformation consultancy and solution provider. The two providers will continue their partnership that is symbiotic in nature: Kloepfel will enhance the data analytics tools on Jaggaer’s direct strategic sourcing suite, while Jaggaer will improve the data collection capabilities of Kloepfel’s iProcurement tool. More specifically, Kloepfel will integrate intelligent technologies into Jaggaer’s data analytics tools and enable them to provide cost-cutting recommendations to procurement users faster. Not to be outdone, Jaggaer will help iProcurement users automatically collect external data and use it alongside internal data to make more holistic sourcing and procurement decisions. Jaggaer Direct strategic sourcing users will be given access to licenses to iProcurement, as well as access to its data analytics tools, while enterprises already using Jaggaer’s Direct Strategic sourcing platform will have access to iProcurement’s integrated intelligent analysis, reporting, and forecasting capabilities.
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