CPO Rising’s Technology Round-Up series continues this week 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!
Euna Solutions Relaunches Its Full-Cycle Procurement Solution
TORONTO & CHICAGO — Euna Solutions®, a leading provider of purpose-built, cloud-based solutions for the public sector, relaunched Euna Procurement as a full-cycle procurement solution powered by the industry’s largest and fastest-growing buyer and supplier network.
The relaunch is a result of integrating and optimizing functionality from Euna’s acquisitions of Bonfire, DemandStar, EqualLevel, and Ion Wave Technologies and leverages the solutions’ extensive buyer and supplier community to address the growing demand for network-powered procurement.
The company stated that the solution is designed to meet the unique needs of public sector organizations, with Euna Procurement becoming one of the fastest growing public sector “full cycle” solutions. It offers tools to post and award solicitations, facilitate complex evaluation processes, manage supplier contract relationships, provide an AI-powered marketplace of pre-negotiated contracts, and streamline invoice processes.
According to Tom Amburgey, CEO of Euna Solutions, “Euna Procurement is redefining the way government staff engage in the procurement process by providing full-cycle capability, from sourcing to invoicing to supplier management,” he said.
“Euna Procurement is designed to leverage our extensive networks to bring unprecedented levels of collaboration amongst public sector teams, enabling smarter, faster purchasing decisions that truly serve their communities.”
The five core modules offered within Euna Procurement include:
Sourcing. A one-stop shop for all solicitations — whether they’re simple price-only bids or complicated, multi-faceted RFPs.
Contracting. Manage active agreements and proactively assess supplier performance and stakeholder satisfaction.
Marketplace. Ensure compliant spend by providing staff with a centralized shopping marketplace filled with approved suppliers and pre-negotiated contract pricing.
Invoicing. Streamline the receipt and reconciliation of invoices, making the entire process more efficient and secure.
Supplier Management. Serve a s the connection between the various modules and your suppliers.
Read the full announcement here.
AvidXchange Announces Partnership with Workamajig
CHARLOTTE, N.C. — AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle-market businesses and their suppliers, announced a strategic and exclusive partnership with Workamajig, a leading agency management software for the creative industry.
The company stated that AvidXchange will be the exclusive, embedded provider of invoice automation solutions within the Workamajig software platform. Workamajig enables creative and media agencies to collaborate and manage project workflows from first inquiry to final invoice.
This partnership will enable Workamajig’s 3,500 customers to automate their full AP processes with AvidXchange’s invoice to payment automation tools offering real-time updates and visibility between the platforms.
According to Dan Drees, president of AvidXchange, “At AvidXchange, we are committed to empowering our customers with innovative solutions that drive efficiency and growth,” he said.
“Our exclusive partnership with Workamajig exemplifies this commitment, building on our current payment integration, offering media companies the tools they need to navigate today’s challenges and thrive in a rapidly changing landscape.”
In today’s hybrid work environment, the company says the ability to access technology from anywhere is critical. This integration not only supports flexibility and collaboration but also enhances security and reliability, reducing the risk of fraud within the AP process.
Read the full announcement here.
Centime Introduces New AP Solution
BOSTON — Centime, a Boston-based fintech that offers comprehensive cash management and banking solutions to small- to midsize businesses (SMBs), announced an innovative approach to accounts payable (AP) automation that goes beyond the basic promise of ROI. Centime’s new offering not only streamlines the AP process but also provides businesses with an opportunity to earn cash-back interest, transforming AP functions into profit centers.
The company stated that although most finance professionals know that automating AP can reduce the administrative burden of manually processing invoices and payments, most AP bank accounts are non-interest-bearing, meaning valuable funds sit idle without generating any income. This is a missed opportunity for many businesses.
According to BC Krishna, CEO and founder of Centime, “We understand the financial constraints that businesses are facing right now, and the importance of demonstrating tangible ROI that actually puts cash in your bank account,” he said.
“That’s why we’re packaging our AP automation solution in a way that not only streamlines operations, but also gives you a clear path to recouping your spend, and even turning a profit on AP, right away. On average, clients earn $10,500, covering the cost of automation and more.”
By adopting Centime, businesses can:
- Earn interest on AP float: Transform vendor payments into a source of income.
- Offset the cost of AP solution: Use interest earnings to cover Centime AP subscription costs, effectively making the software free.
- Transform your AP into a profit center: Enjoy a best-of-breed AP automation solution at no cost and generate a new revenue stream.
Read the full announcement here.
JAGGAER Acquired by Vista Equity Partners
AUSTIN, Texas — Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, announced the acquisition of JAGGAER, a global leader in enterprise procurement and supplier collaboration software, from Cinven. Terms of the transaction were not disclosed.
JAGGAER provides configurable source-to-pay and supplier collaboration software for direct and indirect procurement processes through a single, unified platform. The company’s AI-enabled solutions help optimize and automate sourcing, spend management, contracting, eProcurement, invoicing and supply chain visibility for a diversified group of more than 1,400 customers around the world.
According to Andy Hovancik, CEO of JAGGAER, “This new partnership with Vista underscores JAGGAER’s strong momentum and the compelling value our intelligent software delivers by helping our customers manage and automate complex processes while enabling a highly resilient, responsible and integrated supplier base,” he said.
“Vista is a highly experienced software investor, and I’m confident they will be an exceptional partner to JAGGAER during this exciting next phase of growth and opportunity.”
Read the full announcement here.
