Strategic sourcing software developer Procuri Inc. announced Monday the acquisition of SupplierInsight Inc. for an undisclosed sum.
The addition of SupplierInsight is part of Procuris product roadmap to round out its development efforts in supplier relationship management—SupplierInsights area of expertise.
With the acquisition, Procuri is able to include critical components to its suite: the ability to identify and qualify suppliers and the ability to transfer that information to an RFI (request for information), RFP (request for price) or online bidding event.
Its also the first step in moving forward with the growth plan Procuris investment cohort Insight Venture Partners put in place earlier this year.
Specifically, SupplierInsight will bring supplier portal identification and assessment capabilities to Procuris suite of products.
With the identification capability suppliers will be able to complete custom registration forms that can be made available to Procuris customer base, providing a way for suppliers to reach those buyers—as well as new suppliers accessible through a database maintained by Procuri.
Buyers, for their part, can search for suppliers by specific criteria—commodity, location and diversity status, for example—and can also search by the UNSPSC (United Nations Standard Products and Services Code) and the NAICS (North American Industry Classification System) systems.
The supplier portal is customizable and enables customers to create supplier registration and assessment forms. Through the portal, suppliers can register and provide information on their company and buyers can assess them.
Procuri 4.0 allows users to collaborate with suppliers in a sourcing cycle, collect and evaluate information, and, finally, negotiate and make sourcing decisions.
The Atlanta-based company also announced that through an arrangement with BNC Resources Co. Ltd., which has a proprietary database of suppliers and a network of field auditors for offshore markets and product categories, Procuri will offer supplier discovery and evaluation services.
BNC is a partner of SupplierInsight, also of Atlanta.