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EC Sourcing acquires BidMode, a sourcing optimization specialist

10/13/2020 By and

EC Sourcing Group on Tuesday announced it acquired Indiana-based BidMode late in 2019 and over the last year has integrated the sourcing optimization specialist’s solutions, including for rapid bid analysis functionality, award optimization and advanced freight scenario modeling.

Terms of the deal were not disclosed, but New Jersey-based EC Sourcing told Spend Matters that it will go to market under one name after making BidMode Founder Ian Diakov the CTO of EC Sourcing and bringing aboard his team of procurement software developers, solution engineers and data scientists.

“Joining forces with EC was a natural fit for the BidMode team,” Diakov told Spend Matters. “The core values and culture of both organizations are completely aligned. Moreover, we are both uniquely positioned to handle the market’s most complex bid and award scenarios with relative ease. These factors, along with our recent advancements in analytics, data mining and AI-related innovations, have us well-positioned as a dominant solution for strategic procurement’s most pressing challenges.”

Ron Emma, EC Sourcing’s co-Founder and Chief Marketing Officer, told Spend Matters that the company had a plan before announcing the acquisition. He said EC Sourcing wanted to work with BidMode’s customers, integrate its solutions and unveil a more complete product for the market.

The deal also has given the company a boost in annual recurring revenue and led to recently signing five new customers, the provider said.

EC Sourcing also plans to continue expanding its solution throughout what it calls the spend-to-contract space.

“We added the spend analysis solution in Q3 this year,” it said. “And we are enhancing our services model to support additional value-added opportunity capture.”

BidMode had been on SpendMatters’ list of 50 Procurement Vendors to Watch for the last three years, and EC Sourcing is on the 50 to Watch list this year.

EC Sourcing participates in Spend Matters’ SolutionMap ranking for the Sourcing technology category. Its solution ranks in the map’s top area as a Value Leader, which shows vendors with high scores for both functional capabilities and for customer satisfaction.

Previous PRO coverage from Spend Matters’ analysts includes:

Look for more coverage of the EC Sourcing-BidMode deal in the coming weeks.