Updated: August 27, 2020
Sourcing software is a type of Procurement software that focuses on the identification and selection of suppliers. It achieves this by making collaboration easier, managing documents such as RFPs and providing a platform for making easy comparisons.
2020. Sourcing software provider Keelvar raises $18M
Ireland-based Keelvar strategic sourcing software company, has raised $18 million in Series A. Keelvar provides large enterprises with “Advanced Sourcing Optimization” software and “Intelligent Sourcing Automation” that uses AI to fully automate tactical buying processes. It competes with Coupa and Jaggaer in terms of all three offering sophisticated e-sourcing software. Keelvar says its key competitive advantage is that it provides intelligent bots to autopilot the sourcing projects, thus making the whole process easier, faster and cheaper.
2019. Workday to acquire online procurement platform Scout RFP for $540M
Workday has entered into an agreement to acquire online procurement platform Scout RFP for $540 million. The acquisition builds on top of Workday’s existing procurement solutions, Workday Procurement and Workday Inventory. The company is trying to be the end-to-end cloud back office player and one of their big gaps has been in procurement. A lot of the Workday investments are in portfolio companies that are complimentary to Workday’s larger vision of the future of Cloud ERP. Today’s definition of ERP includes finance, HCM (human capital management), projects, procurement, supply chain and asset management