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!
Jaggaer Partners with MasterCard to Launch Mastercard Track Platform
JAGGAER, the North Carolina-based provider of source-to-settle solutions, informed us a couple of days ago that it has partnered with credit card giant, MasterCard, to launch a trademarked MasterCard Track Platform. According to company officials, MasterCard Track Platform is a new platform intended to help further digitize B2B spend, spend management, and the payment process writ large. It is unclear if this new platform will be hosted on one of Jaggaer’s existing solution suites, or if it will be a standalone platform. But we’re told that MasterCard Track will incorporate innovations developed on MasterCard’s side, like “account-to-account and card payment solutions, to fraud management, data analytics, and payment gateway services.” Look for MasterCard Track, out now.
ConnXus and Basware Ink Reseller Agreement
In case you missed it, ConnXus, an Ohio-based provider of supplier discovery, diversity, and management systems for the cloud, and Basware, the Finland-based business network and P2P solutions provider, have reached an agreement that will enable ConnXus to effectively resell Basware’s applications within its own platform. ConnXus customers, on the buy and sell-side, will be able to access Basware’s network and P2P applications via the ConnXus platform and integrate them into their supplier management process workflows. The reseller agreement went into effect in late August.
Determine Announces First Quarter 2019 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 first quarter of Fiscal Year 2019. Despite disappointing performance, Determine CEO Patrick Stakenas sought to shed light on behind-the-scenes developments and investments intended to help the cloud-based solutions provider convert sales leads into stronger pipeline growth. Highlights from Q1 2019 include:
- $6.040 million in total revenue, down 13.6% from Q1 2018
- $5.251 million in recurring revenue, down 0.9% from Q1 2018
- $789 thousand in non-recurring revenue, down 53.3% from Q1 2018
- $2.929 million in gross profits, down 26.8% from Q1 2018
- $505 thousand in non-recurring gross losses, down 75.3% from Q1 2018
- $2.944 million GAAP net loss, up 209% from Q1 2018
Egencia Goes to Market with a Travel Data Analytics Tool
Last month, it was announced that Egencia, the business travel arm of Expedia, launched a data analytics and visualization tool, Egencia Analytics Studio, to help companies visualize their travel expense data to find hidden savings opportunities. The idea behind travel data visualization is that much of it is spread across multiple sources, formats, and locations inside and outside of the enterprise. Egencia Analytics Studio seeks to take data from these sources, pull it together, and visualize it for managers to identify clear savings opportunities within business travel. Marketed as the only such tool in the market, Egencia Analytics Studio can also produce reports that can be shared with others across the organization in an effort to highlight potential savings opportunities within their business travel.
Adelman Launches T&E Management Platform-as-a-Service
Also last month, Adelman Travel, the Wisconsin-based provider of business travel and expense (T&E) management solutions, announced that it has launched a cloud-based “Platform-as-a-Service” (PaaS) tool that, according to company officials, will host all of Adelman’s business applications. Developed as a mobile-first platform, the PaaS tool features “omni-channel servicing” (i.e., the ability to communicate on the platform via the internet, text, email, or phone), expense integration, flight disruption prediction, and the Adelman Virtual Assistant (Ava). The virtual assistant employs what amounts to machine learning algorithms that learn user patterns (based on up to three years worth of travel data) and offer suggestions based on that data. Business travelers can also use the Platform to access company travel policies on the go so that they can make optimal (and compliant) business travel decisions.
RapidRatings Partners with Lockpath, Launches New API for Risk Management
Last month, RapidRatings, a New York-based provider of financial health analytics, announced that it has partnered with Lockpath, a Kansas-based provider of governance, risk management, and compliance (GRC) and information security solutions, in a joint effort to increase visibility into third-party risk. RapidRatings will integrate its Financial Health Rating (based on a 0-100 numeric score) within Lockpath’s Keylight Platform, a GRC solution. Combined, the two providers look to go to market with an enterprise risk management tool that enables users to holistically view internal compliance, sellers/vendors, third and fourth parties and their financial and operational risks (like the prospect of a seller going bankrupt), and become more agile and resilient vis-a-vis market changes and risks.
In other RapidRatings news, it announced late last month that it has launched a new set of application programming interfaces (APIs) for risk management that provide automated financial risk assessments of suppliers and potential suppliers. This suite of new APIs, dubbed the Risk Management API, can reportedly be integrated onto existing supply management or supply risk management platforms, thereby enhancing an organization’s ability to access and scale third-party financial and financial risk assessments. The Risk Management API automatically enters and extracts risk data from across and outside of the organization and combines it to produce its Financial Health Rating of third and fourth parties (as previously mentioned). Three specific APIs include 1) The FHR Generator API, 2) the Portfolio Heath API, which provides access to prior and current FHR data, plus KPIs for public and private organizations, and 3) The Financial Analysis API, which gives detailed financial data and information, including spend concentration, advanced ratio analysis, and custom scenarios.
AppZen Named a Rising Star Among Forbes’ Cloud 100
Some exciting news to share from San Jose, California — AppZen, a provider of automated and intelligent invoice, expense report, and contract auditing solutions, informed us that it was named to Forbes’ prestigious list of 100 Cloud solution providers, and among a select group of 20 “Rising Stars.” These companies are typically young, enterprising, and innovative technology companies that push the envelope for business technology development. AppZen offers a proprietary cloud-based auditing solution, comprised of “computer vision,” machine learning, and natural language processing, to quickly (i.e., in real time) audit contracts, expense reports, and invoices and bring human-level accuracy to identifying and preventing fraud and waste at scale. In the 18 months since its solution went to market, AppZen has won more than 500 customers, notably Amazon, Citi, Tesla, Hitachi, Twitter, Salesforce, DHL, Intuit, and Airbus. Congrats to the AppZen team!
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