CPO Rising’s Technology Round-Up returns today with an 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 are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Scoutbee Secures $12 million for Smarter Supplier Discovery Suite
Last week, Germany-based Scoutbee, a provider of intelligent supplier discovery solutions for procurement teams, informed us that it has raised $12 million in Series A funding to further develop its platform and continue to gain market share in the European and US markets. Scoutbee’s supplier discovery tool enables users to intelligently “scout” for potential suppliers prior to beginning a strategic sourcing event. Founded in 2015, the company has seen its customer base grow in both markets, and recently opened its US headquarters in Arlington, VA. Scoutbee hopes to reinvest a part of this funding to continue to gain market share and expand its customer roster on both continents.
Determine De-Registers with SEC, Ceases Trading on Global Markets
We can officially close the book on Determine, Inc.. After filing the Company’s Certificate of Dissolution, effective June 14, the Carmel, Indiana-based provider of contract management and source-to-settle solutions for the cloud has officially deregistered with the U.S. Securities and Exchange Commission (SEC) and ceased trading on the OTCQB. It is now officially part of Corcentric, a New Jersey-based provider of financial process automation and procure-to-pay (P2P) solutions. Company officials still plan to redistribute assets to its shareholders at a rate of between $0.10 to $0.14 per share of common stock. Company officials still do not have an official date for distribution but intend to make the distributions as soon as practically possible. Ardent Partners covered the news of Determine’s acquisition by Corcentric (click here to read about it).
Ivalua Offers Pre-Packaged Solutions for State and Local Governments
Last week, our friends at Ivalua, the Redwood City, California and Paris, France-based provider of strategic sourcing and procure-to-pay solutions, announced the release of pre-packaged spend management solutions for the public sector — specifically for state and local government bodies. The solution suite is built with the same code base as solutions geared towards the private sector, but incorporates best practices and other considerations for sourcing and procuring within the public sector. According to Ivalua, the pre-packaged solutions will enable users to better respond and adapt to new legislation, changing regulations, and requirements unique to the public sector, like complying with Freedom of Information Act (FOIA) requests. It will feature a public portal for accessing catalogs, filing FOIA requests, and protesting bids. It will enable suppliers to provide more diversity and inclusion information about themselves. It will allow public entities to pay sub-contractors, provide them with smart forms, and enable them to manage pCards. And it will allow public entities to manage the source-to-contract process with subcontractors — from supplier discovery to compliance management.
Icertis Partners with Microsoft to Expand Blockchain Framework, Drive Supply Chain Sustainability
Seattle, Washington-based contract management SaaS provider, Icertis, announced last week that it is partnering with Microsoft to expand the Icertis Blockchain Framework to drive supply chain transparency and sustainability. As partners, Icertis will leverage the Microsoft Azure Blockchain Workbench to provide Icertis Contract Management customers with the ability to rapidly prototype and provision Blockchain-based digital ledgers on the Icertis Blockchain Framework. The two companies will also connect Microsoft’s Service Bus, Azure Active Directory, Logic Apps, and other components within the Azure Blockchain Workbench environment to the Icertis Blockchain Framework, which will serve as the bedrock for Icertis’s smart contract capabilities. Finally, Microsoft will connect Azure Cognitive Services components with the Icertis Blockchain Framework and Icertis Contract Management (ICM) application to create a “smart” environment for users that will enable them to establish product provenance, track and trace products, push for certifications and compliance, and even create an outcome-based pricing model for ICM.
Coupa Software Releases First Quarter 2020 Financial Results
Earlier this month, Coupa Software (NASDAQ: COUP), the San Francisco-based provider of business spend management (BSM) solutions in the cloud, released financial performance results for the first quarter of fiscal year 2020, which ended on April 30 of this year. Rob Bernshteyn, CEO of Coupa, said that the company had achieve “record” numbers for “quarterly total revenues, subscription revenues, and calculated billings.” Moreover, he stated that Coupa now manages nearly $1.2 trillion in spend under management for its customers and is the “clear leader” in BSM. Highlights from Q1 2020 include:
- $81.3 million in total revenue, up 44% from Q1 2019;
- $73.0 million in subscription-based revenues, up 46% from Q1 2019;
- $17.8 million in operating losses, compared to $12.1 million in losses from Q1 2019;
- $20.5 million in net losses, compared to $15.5 million from Q1 2019;
- $18.8 million in operating cash flows and $16.1 million in free cash flows
Divvy Partners with TripActions, Breaks Out on Business Travel Spend Management
Finally, earlier this month, Ardent Partners learned that Divvy, a Utah-based expense management and payment platform provider, has partnered with TripActions, a California-based travel and expense (T&E) management solutions provider, to launch Divvy Travel. The partnership will combine Divvy’s expense management and payment platform with TripActions’ T&E management applications to create one end-to-end, mobile-first corporate T&E platform. Divvy users will be able to use one platform to book travel and submit expense reports, while managers will have access to travel plans and expenses in real-time. With automated and integrated workflows, expense reports are generated at the point and time of purchase and run against travel budgets. Divvy Travel also uses pCards for a more secure payment process. Divvy Travel is the fruit of year-long partnership between Divvy and TripActions.
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