CPO Rising’s Technology Round-Up Series returns today with fresh supply management technology news and updates covering a few recent major announcements. 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 info at cporising dot com. Thanks, and enjoy!
Ivalua and C2FO Join Forces to Complete Strategic Payments Journey
REDWOOD CITY, Calif., June 28, 2022 — Ivalua, a global leader in cloud spend management solutions, announced a strategic partnership with C2FO, the largest global platform for working capital, to empower Ivalua customers with enhanced supplier selection and the ability to streamline costs and drive targeted bottom-line growth.
Through early payments, suppliers can be paid before terms, creating a powerful liquidity tool. Traditional invoice-driven approaches prevent realizing the full cash potential. However, the C2FO platform enables a CFO to control the liquidity and the yield captured, while suppliers can select same- or next-day early payments offered with Ivalua.
According to Pascal Bensoussan, chief product officer for Ivalua, “Our partnership with C2FO creates a dynamic source-to-pay solution that improves how companies access and manage capital, enabling our customers to turn their cash into a more powerful tool for liquidity,” he said. “Embedding payments was the first step and now we can help our customers generate even more value from their supplier relationships and focus on bottom-line growth.”
Read the full announcement here.
PRO Unlimited Announces Environmental, Social, and Governance Policy
BURLINGAME, Calif., June 21, 2022 — PRO Unlimited, an integrated workforce management (IWM) platform provider, unveiled its environmental, social, and governance (ESG) commitment focused on several goals for maintaining the sustainability of the environment, the community, and the economies in which PRO operates.
According to Kevin Akeroyd, CEO at PRO Unlimited, “Our business is about making people’s work lives better — and that extends beyond the four walls of an office. It’s no secret that socio-economic and environmental factors affect individuals’ health, happiness and productivity,” he said. “At PRO Unlimited, we view our ongoing ESG initiatives as integral to our overall mission.”
In March 2022, the company announced its intention to align with the United Nations’ Sustainable Development Goals on climate action. As part of this initiative, PRO committed to prioritizing sustainable operations by:
- Working toward net-zero status with Science-Based Targets initiatives.
- Switching its electricity mixture to include maximum renewable energy available at all sites.
- Reducing business travel and renting hybrid or electric vehicles whenever possible.
- Training managers to weigh the environmental impact of their decisions.
- Reevaluating in-office recycling and reuse policies.
The company is also part of the United Nations’ Global Compact, the world’s largest corporate sustainability initiative.
Read the full announcement here.
SOVOS Plans Office Expansion to Meet the Needs of the Future of Work
ATLANTA, June 2, 2022 — Sovos, a global tax software provider, announced that it is moving its office from the outskirts of Atlanta to the heart of the city to attract diverse and rich talent for new roles in sales, technology, and finance positions. In the next year, the company will expand its local team by 10% to 20%.
Spanning 25,000 square feet, the new office at Star Metals is more than 70% larger than its predecessor and will be designed to align with Sovos’ future of work philosophy, “In-Person for a Purpose,” enabling flexibility based on employees’ preferences around hybrid work.
According to Colleen Schagel, chief talent officer for Sovos, “Sovos is at the forefront of the future of work, and we’re committed to enabling employees to connect digitally as the workplace shifts from in-person to remote to hybrid,” she said. “Atlanta is home to the busiest airport in the world and top-ranked universities, making it a great market for accessibility, tech talent and work-life balance.”
With a culture built on collaboration and inclusivity, Sovos is headquarter-agnostic and has a distributed executive team and more than 2,400 employees across 14 countries. The larger office space in Atlanta will not only accommodate a growing local team, but also serve as a central gathering place when needed for teams working across Latin America, Europe, and the U.S.
Read the full announcement here.
Vamstar Closes $9.5M Series A to Expand Its Healthcare Supply Chain Platform
LOS ANGELES & LONDON, June 22, 2022 — Vamstar, a leading AI-enabled global sourcing and procurement platform for medical supplies and pharmaceuticals, announced the close of its $9.5 million Series A funding round. Alpha Intelligence Capital (AIC) and Dutch Founders Fund (DFF) led the round, which also included existing investors btov Partners and Antler.
According to Praful Mehta, founder and CEO of Vamstar, “Healthcare supply chains are under tremendous pressure with ongoing crises like COVID-19, the war in Ukraine, and rising inflation,” he said. “There is very little data available to help healthcare procurement managers and suppliers make decisions in real time. At Vamstar, our goal is to empower supply chain professionals, clinicians, hospital administrators, and their suppliers to collaborate in innovative ways to create meaningful relationships. It is only by enabling a shared vision for collaboration, fueled by better data and insights, that we can deliver greater value for all stakeholders and the wider community within the healthcare ecosystem.”
The company states that Vamstar will use this investment to accelerate market and product development plans, deploying artificial intelligence (AI) to enhance its consumables and generics exchange platform, improving data quality for faster e-commerce, and digitizing procurement and sourcing processes for both buyers and suppliers across the industry.
Read the full announcement here.
Related Resources
Technology Round-Up – June 22, 2022
Technology Round-Up — June 3, 2022
IvaluaNow: Enabling Procurement’s Role in Carbon Reduction
EcoVadis @IvaluaNow: Enterprises Catching ESG Tailwinds
