Afternoon Coffee: J&J has vaccine supply chain issues for EU delivery; Greensill Capital partner Taulia adds JPMorgan financing heft; PRO Unlimited launches DirectSource

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Johnson & Johnson told the European Union it is facing supply chain issues that could complicate plans to deliver 55 million doses of its new COVID-19 vaccine to the bloc, according to Reuters.

J&J told the EU that issues with ingredients and equipment mean the company may not be able to deliver all of its promised doses by the end of June. Any delay would be yet another blow to the EU vaccination plan, which has been hampered by varying levels of supplies from vaccine makers and a slow rollout of shots in many member states, the article said.

The company committed to deliver 200 million doses of its vaccine to the bloc this year, with 55 million coming in the second quarter of the year. An EU official close to the matter told Reuters it’s not impossible for J&J to meet the goal, but that it is showing caution.

Greensill Capital partner Taulia, JPMorgan step up to finance client invoices

More bad news for the troubled supply chain financing firm Greensill Capital: One of its key technology partners, Taulia, got a pledge of $3.8 billion from JPMorgan Chase to continue serving Taulia's clients, according to BNN Bloomberg. The funding is expected to derail talks for Greensill to sell part of its operating business to Athene Holding Ltd.

Taulia, a fintech provider of working capital solutions, landed the funding from JPMorgan after an immediate need for liquidity because of Greensill’s recent insolvency declaration made Monday. Taulia provided front-end technology that enabled businesses to have their supply chains financed by Greensill. Greensill’s attempt at receiving aid was the cap of a stunning collapse for the SCF firm, the article said.

A deal between Greensill and Athene, backed by Apollo Global Management Inc., is likely improbable now. Apollo emerged as the sole credible bidder for some of Greensill’s assets. Athene at one point offered $60 million for Greensill’s IT and intellectual property, the article reported.

In addition to JP Morgan, Taulia also lined up financing support from UniCredit, UBS and BBVA. That group of four funding partners has made more than $6 billion available to suppliers, Taulia said in a press release.

Cedric Bru, CEO of Taulia, said it's important to offer ways for clients to choose their financing.

“Taulia’s priority, first and foremost, has been to enable businesses both large and small to unlock liquidity trapped in their supply chain in order to invest, operate and thrive. In the current environment, with the potential loss of a funder, our commitment to providing choice has become even more paramount," Bru said in the press release. "We are pleased to work with leading financial institutions. It speaks volumes about their commitment to their clients, supply chain finance and the role it plays in global supply chains.”

PRO Unlimited goes direct with new DirectSource solution

PRO Unlimited, the workforce management services and technology solutions provider, has announced its launch of DirectSource PRO. The company described DirectSource PRO as “a platform to help organizations source the best candidates from their own private talent pools.” The platform leverages AI capabilities delivered through a partnership with Eightfold AI.

According to the press release, ”DirectSource PRO enables employers to complete the entire sourcing process more efficiently — from identifying candidates that meet predetermined criteria (D&I priorities, location requirements, etc.) to submitting queries [directly] to these candidates.”

Direct sourcing can drive cost savings, improve talent quality and speed up time to fill. But “it’s critical that various technology and service components are not only present, but also seamlessly integrated,” the announcement also stated.

PRO Unlimited’s CEO, Kevin Akeroyd, said in the press release that “DirectSource PRO is an industry game-changer,” and it “will power significant cost savings and drive many other benefits ... for the Global 2000, giving them a significant competitive advantage.”

Spend Matters has been following the emergence of contingent workforce direct sourcing and the technology solutions that can support it. For further information, see Spend Matters' PRO research briefs, “The Direct Sourcing of Workers/Services (DSW/S) Solution Market Landscape” and “An Executive’s Guide to Direct Sourcing of Contract Work/Services, Part 1, Part 2 and Part 3.”

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