In Case You Missed It … Procurement and Supply Market Roundup

We can't comment on every press release that hits our desks, but here are a few market news stories this week that we thought we should bring to your attention, and some of our own you may have missed - we'll have more from our analysts in the coming days  ...

Why SolutionMap Revamp Is Such A Big Deal

Our big news is that yesterday Spend Matters launched its Q2 SolutionMap release which marks two full years of Spend Matters’ procurement technology benchmark rankings. It coincides with a major overhaul of the scoring process. Q2 not only includes new providers but Spend Matters added much more granularity to the requirements to delve deeper into functionality and ensure objective scoring scales, it now also assesses a vendor’s “platform” capability in what is the first major “revamp” since SolutionMap’s 2017 launch. Check out the new release here and for more understanding of why it's such a big deal, listen to Jason Busch explain here.

E-invoicing and E-document Compliance Experts Join Capabilities 

Pagero and Gosocket, two experts in e-invoicing and e-document compliance, have just announced that they are joining forces and merging their capabilities for e-invoicing, continuous transaction control compliance and global interoperability, to create world’s largest open, compliant e-invoicing network. . The partnership offers customers a single channel to obtain full AR and AP e-invoicing compliance and reach over 4.5 million entities in more than 65 countries across Europe, North and South America, the Middle East and Africa, Asia and Oceania. Read more here.

News from CoupaInspire19

Coupa made several announcements at Coupa Inspire in Las Vegas this week, including innovations for the spend management community to spend smarter together, the expansion of its AWS relationship to strengthen its business spend management, the launch of R24, including innovations across community intelligence, contingent workforce, and core platform, and updates to its Coupa Pay offering as well as strategic partnerships with global payments technology provider TransferMate, CitiBank, PayPal and Stripe. Read Spend Matters’ take here and here. And read here an overview from Jason Busch, with more indepth coverage (in fact the first is here) to come next week from our other analysts.

Procurify Raises $20 million in Series B Funding for Global Expansion

Canada-based spend management vendor Procurify has raised $20 million in a Series B funding round and said in an announcement that it plans to grow its team and expand into global markets. The firm reports that it has more than $7 billion of client spend management passing through its platform annually, and will be developing a prepaid card programme. Recent Spend Matters’ analyst coverage looked at Procurify’s solution, addressed its strengths and weaknesses, and analysed its market position. Read that here and here.

Procurements Ongoing Struggle To Adopt Latest Tech

Procurement advisory firm Odesma has released new data highlighting the procurement priorities of UK businesses and uncovers that many are still struggling to adopt procurement tech, despite there being a wider range available than ever before. Ed Cross, executive director at Odesma, said: “This reticence to prioritise technology in procurement strategy reflects a lack of understanding of the tech market and current price points. It also shows a failure to acknowledge the proven benefits gained through improved efficiency. Education of c-suite decision makers on the long term savings to be made through short-term investment is vital for making any form of progress here.”

LevaData Named in Supply & Demand Chain Executive Top 100

Supply & Demand Chain Executive’s user manual helps senior execs with successful supply and demand chain transformation. The SDCE 100 list identifies projects that show how supply chain solution and service providers help their customers achieve supply chain excellence, improve their operations, and prepare their supply chains for success, and LevaData has been included for the second year. Read the press release here.

New CFO of Basware Appointed

Following the appointment last week of Klaus Andersen as CEO of Basware, this week sees the appointment of Martti Nurminen as the CFO and member of the Executive Team. Mr Nurminen will join Basware at the latest in January 2020. Read more here.

European Commission Approves Acquisition of Red Hat by IBM

This week the EC has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Red Hat by IBM, both information technology companies based in the US. The Commission concluded that the transaction would raise no competition concerns. Read more here.

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