Spend Matters names the top vendors in the 50 Providers to Know, 50 Providers to Watch and Future 5 start-up lists for 2023

After 12 months of intense debate, Spend Matters is delighted to release the 2023 ‘50 Procurement Providers to Know’ and ‘50 Procurement Providers to Watch’ lists.

This year celebrates 10 consecutive years of the 50/50 lists, released in conjunction with the fifth year of recognizing five innovative procurement tech startups — the Future 5.

The lists were announced at the SIG Global Executive Summit in Scottsdale, Arizona.

Each year Spend Matters procurement technology analysts rigorously assess the capabilities of procurement technology solutions to determine a list of 105 vendors in total. These lists represent the best-in-class solutions that the industry needs to know about and the up-and-coming, growing firms to keep an eye on.

Get to know all the procurement tech providers that made our lists this year.

50 To Watch and 50 To Know

The ‘50 Providers to Watch’ are the relative newcomers to the market that are pushing procurement forward — those we believe offer the latest and most innovative solutions in the industry.

The ‘50 Providers to Know’ list highlights leading technology and services providers that continue to raise the bar for procurement. These are the firms that set the industry standard, firms that every CPO should know about.

This year, 11 vendors made their debut on the To Watch list, and three made the leap from a Provider to Watch to a Provider to Know. Look out for forthcoming coverage of those three movers, Onventis, Scoutbee and Spendata, to find out what they achieved in the past 12 months to effect this transition.

The Future 5 of 2023

Throughout the year, our analysts scour the market to find and scrutinize procurement tech newcomers. This list is composed of the most impressive procurement technology start-ups that meet our criteria:

They must:

• Be less than 5 years old.
• Have 5+ customers.
• Have an innovative, interesting application of technology.
• Maintain clear momentum and sustainability.
• Have less than $10 million in revenue.

The recognized Future 5 providers are:

• akirolabs
  read our interview here
• Calculum
  read our interview here
• dSilo
  read our interview here
• Mithra.Ai
  read our interview here
• ORO Labs
  read our interview here
  

10 years of innovative tech provider recognition

In recognition of this 10-year milestone of highlighting the best in procurement technology development and innovation Nikhil Gaur, research analyst at Spend Matters, said:

“The procurement technology market has continued to evolve in 2023. The progression of existing macroeconomic trends, combined with the proliferation of new technologies such as generative AI, have forced software providers to make crucial product development and resource allocation decisions.

“As procurement departments are looking to technology for increased efficiency as well as cost savings, providers are using new means to appeal to the market. To help make sense of these developments and the long-term market outlook beyond the hype, we’re pleased to present Spend Matters’ tenth annual ‘50 Providers to Know,’ ‘50 Providers to Watch’ and ‘Future 5’ listees, sourced and calculated by the entire Spend Matters analyst team to represent the best of the technology providers that serve procurement, finance and supply chain organizations.

“This year’s lists are the first to feature a numerical scoring scale to quantify factors previously considered ‘soft’ as the first step in the analyst selection process. In conjunction with criteria added in previous years such as mindshare in the market and customer reference requirements, the process behind these lists has become more programmatic and objective. The market can be confident that the providers chosen for these lists are truly the most impressive in the industry.”

Learn more

If you missed our analyst-led webinar on October 31 but you’d still like to understand more about our 50/50 decision-making process, you can still register for a recording of the event.

If you’d like to be considered for next year’s lists, reach out to Nikhil at contact@spendmatters.com