Deal adds supplier portal identification and assessment capabilities to solution provider's strategic sourcing offering
Atlanta — November 17, 2003 — Procuri, a provider of strategic sourcing solutions and services, has acquired SupplierInsight, a supplier management software and services company, in a deal that will let Procuri bolster its current offering with supplier portal identification and assessment capabilities.
In a statement, Procuri said the acquisition would accelerate its product roadmap and development efforts in supplier relationship management by rounding out its strategic sourcing solutions with the supplier portal identification and assessment capabilities that SupplierInsight brings to the table.
Financial details of the acquisition were not disclosed. Both companies are privately held.
Industry experts have suggested that the ability to access company-specific criteria in order to more effectively identify and manage suppliers is an important component of a strategic sourcing process. By giving customers a database filled with existing and potential suppliers, buyers can search using criteria that are most important to their organization. After identifying and qualifying suppliers, buyers can transfer this information to a request for information or proposal, or to an online bidding event.
As a result of this acquisition, Procuri will add the following components to its existing solutions:
- Supplier Identification and Assessment — Suppliers will be able to complete custom registration forms that are then available to Procuri's more than 90 customers, a way for suppliers to target Procuri's global customer base. Buyers can search by such specific criteria as commodity, location and diversity status, or by universal categorization codes United Nations Standard Products and Services Code (UNSPSC) and North American Industry Classification System (NAICS). Buyers will also have the opportunity to identify new suppliers through various databases.
- Customized Supplier Portals — Customized for each company and accessible from its Web site, Supplier Portals will allow customers to create supplier registration and assessment forms specific to their companies' business needs. Suppliers will be able to register and provide information on their capabilities and qualifications. Buyers can then organize and assess key qualification criteria.
Additionally, through an exclusive arrangement with BNC Resources (BNCR), an ongoing affiliate of SupplierInsight, Procuri will be able to offer an in-field supplier discovery and evaluation services for low-cost country sourcing. BNCR has a proprietary database of low cost country sourcing suppliers and a network of field auditors for key offshore markets and product categories.
"This acquisition will ensure Procuri's ongoing leadership in the sourcing space," said Mark F. Morel, Sr., Procuri's president and CEO. "With the combination of Procuri and SupplierInsight, our customers will benefit from access to supplier identification and assessment tools."
"This acquisition makes sense from both companies' perspectives," said Bill Sanford, chairman of the board for SupplierInsight. "SupplierInsight's customers are able to take advantage of a world-class sourcing solution, and Procuri's customers are able to leverage additional functionality."
SupplierInsight's customers included such companies as Cleveland-Cliffs, Henkel, Koehler and Moen.