CPO Rising’s Technology Round-Up returns today with 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!
Determine Announces Fourth Quarter and Fiscal Year 2018 Financial Performance Results
Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud, recently announced financial results for the fourth quarter and full Fiscal Year 2018. Despite largely disappointing performance, there were some bright spots in terms of total and recurring revenue, as well as full-year gross profits. Company officials rallied around further investments in the Determine Cloud Platform and sales and executive leadership hiring. Highlights from Q4 2018 and the full Fiscal Year include:
- $6.776 million in total revenue, down 10.1% from Q4 2017; $28.119 million in full-year revenue, up 2.4% from 2017
- $5.467 million in recurring revenue, down 2.9% from Q4 2017; $21.864 million in full-year recurring revenue, up 4.6% from 2017
- $1.309 million in non-recurring revenue, down 31.4% from Q4 2017; $6.255 million in full-year non-recurring revenue, down 4.8% from 2017
- $3.344 million in gross profits, down 15.8% from Q4 2017; $13.912 million in full-year gross profits, up 0.2% from 2017
- $34 thousand in non-recurring gross losses, down 112.3% from Q4 2017; $709 thousand in full-year, non-recurring gross profits, up 1872% from 2017
- $2.822 million GAAP net loss, up 20.3% from Q4 2017; a full-year net loss of $69 thousand – $12 thousand less than 2017
Aquiire Receives Another Patent for eProcurement Solution
Earlier this month, Cincinnati-based Aquiire, an eProcurement and supplier management solution provider formerly known as Vinimaya, announced that the United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. 9,996,863, for “Methods and systems for integrating procurement systems with electronic catalogs.” According to Aquiire officials, a further read of the patent indicates that it covers Aquiire’s development and integration of real-time capabilities onto the company’s eProcurement solution. This particular patent is one of several that Aquiire holds, the others being a Method and System for Providing Online Procurement Between a Buyer and Suppliers over a Network (US7756750), and Integration of Buy-Side Procurement with Web-Enabled Remote Multi-Format Catalog Sources (US 9070164). Look for news to break in the coming months regarding other patents that Aquiire has before the USPTO.
PROACTIS Consolidates and Re-Brands Business Solutions
Last week, Proactis, the UK-based provider of spend management and eProcurement solutions for the cloud, announced that it has consolidated it subsidiary business tools under the “new” Proactis name, and has re-branded them to “re-think” the way it goes to market to serve its global customers, both buyers and suppliers. Under the “new” Proactis brand, the company now offers three distinct solutions: 1) ReThink Spend, an integrated spend management solution suite that provides users with a Procure-to-Pay (P2P) capability for direct and indirect goods and services; 2) ReThink Sales, which is an integrated digital sales, marketing, and invoicing solution for B2B commerce; and 3) The Business Network, which, by its namesake, is a global eCommerce network that connects buyers and suppliers.
Zycus Partners with SalesForce to Align B2B Stakeholders
Also last week, Zycus, the New Jersey-based provider of source-to-pay procurement solutions, announced that it has partnered with SalesForce.com (NYSE: CRM), the San Francisco-based provider of cloud-based customer relationship management and B2B marketing automation platforms in an effort to align B2B stakeholders and drive digital transformation at a faster clip. In their partnership, Zycus will leverage Salesforce Pardot, its B2B marketing automation tool, in a unique effort to help B2B sales and procurement teams align themselves with their stakeholders and really “sell” procurement’s mission across the enterprise. Ardent Partners has recognized in its research that communicating procurement’s effectiveness and influence across the enterprise has been a chief strategy, goal, and challenge for Chief Procurement Officers. This partnership is aimed at driving this strategy.
JAGGAER Releases Full Source-to-Settle Solution Suite to European, Middle Eastern, Asian Markets
Earlier this week, JAGGAER, the North Carolina-based provider of source-to-settle solutions, announced that it has released its full source-to-settle solution suite to other global markets, namely Europe, the Middle East, and Asia. At RevInternational in Munich this week, Jaggaer officials unveiled their product strategy and road map for JAGGAER Advantage, JAGGAER Direct and JAGGAER Indirect solutions, marking the first time that these solutions will be made available outside of North America. Company officials also hinted that there will be more product enhancements and announcements coming over the next six months. Stay tuned — we know we will.
Seal Software Partners with DocuSign, Raises $30 million in Funding
Finally, Seal Software, a San Francisco-based provider of contract discovery and analytics solutions, announced that it has formally partnered with DocuSign, a fellow Bay Area provider of cloud-based eSignature and Digital Transaction Management solutions. Together, the software vendors will work to further digitize, connect, and automate the process of creating, preparing, enacting, managing, retrieving, and analyzing B2B agreements, like contracts. Starting with DocuSign’s System of Agreement platform, they will integrate Seal’s Contract Analytics and Contract Discovery solutions via its platform extension program to provide DocuSign users with three distinct but interconnected solutions.
First, DocuSign Total Search will enable users to store all of their digital contracts and agreements in one location, sort them according to their metadata, and search and retrieve them using natural language processing terms. Next, DocuSign Intelligent Insights will use artificial intelligence (AI) and machine learning algorithms to automatically find and extract key legal terms from among millions of characters in an enterprise’s contact database. Lastly, DocuSign Compliance Packs will use those same AI and machine learning algorithms to isolate and extract key regulatory terms germaine to the company or industry. According to company officials, these new tools will be available later this year.
Another bit of news from Seal: they announced that they have received $30 million in funding from Toba Capital, its existing financier, to help support its continued research and development on what it calls “intelligent content analytics (ICA).”
RELATED ARTICLES
JAGGAER Releases Enhanced Routing Optimization Tool for Transportation Industry
Determine: Enhancing P2P and More in 2018
Aquiire’s Move to “Real-Time” Procurement
Seal Software: Bringing Contract Discovery and Analytics to the Masses
Rethinking Contract Management with Digital Transaction Management
Procurement Influencer Series: Richard Waugh of Zycus
