Afternoon Coffee: TCV acquires AI-spend management provider Oversight; Walmart to take on Amazon Prime; Ford cutting salaried jobs

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Oversight — an artificial intelligence platform providing spend management solutions — announced its acquisition by TCV today. TCV is a growth equity firm that has invested over $13 billion in technology companies.

Spend optimization is estimated to be a $5.7 billion market, according to Oversight, and the COVID-19 disruption has seen more companies take a critical eye to spend management. An AI-platform like Oversight has the ability to monitor every transaction, vendor, purchase order, invoice and payment — an automated process that alerts companies immediately of suspicious activity and monitor wasteful spending practices, Oversight said in a press release. The investment and expertise from TCV are expected to help Oversight expand its product innovation and build upon its portfolio of enterprise spend risk solutions.

“We are excited by this latest milestone in our company's trajectory," Oversight CEO Terrence McCrossan said in the press release. "TCV brings to the table a rich portfolio of growth-stage companies in the technology industry. Their expertise and track record of taking companies to the next level fits perfectly with our vision for Oversight."

Look for more coverage of this sector in a Spend Matters Nexus column, which offers insights about investors, technology markets and M&A in a private newsletter and subscription service.

Walmart will launch a membership service, hopes to compete with Amazon

On Sept. 15, Walmart will officially launch its online sales plan to take on Amazon Prime with a new membership service called Walmart+, according to the Associated Press.

Walmart+ will offer same-day delivery of about 160,000 products, a fuel discount at specific gas stations and a no-wait checkout process in stores. However, Walmart will have to compete with Amazon Prime’s 150 million members. Walmart’s online sales have grown rapidly, especially with the COVID-19 pandemic, according to the article. Walmart is expected to handle 6% of online sales this year, compared to Amazon’s estimated 38%.

“We’re launching it to meet the needs of our customers,” said Janey Whiteside, Walmart’s chief customer officer. “And it really was designed to make their busy lives easier.”

Ford plans to trim workforce in company restructuring plan

Ford Motors on Wednesday told employees that it plans to trim its white collar workforce with buyouts from some salaried workers, according to CNBC.

The company will hope to cut about 1,400 jobs through a strategy of targeting salaried employees eligible for retirement at the end of the year. Employees accepting the buyout offer will leave the company by the end of this year. Those that don’t accept the buyout may face layoffs, according to the article. The workforce reduction plan is part of an overall $11 billion restructuring plan for Ford.

“The program is part of our ... process to increase Ford’s global fitness and effectiveness, which includes reprioritizing products and services and staffing the company accordingly, so we’re more streamlined and successful,” Ford spokesman T.R. Reid said in the CNBC post.

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