Cofactr announces the acquisition of AI-based solution Factor.io. Cofactr will integrate Factor.io’s capabilities into its unified platform, where critical hardware manufacturers and R&D teams manage and automate every process involved in getting products to market fast while navigating rigorous corporate and governmental processes. Now, they will have complete visibility into the status of every part in their Bill of Materials (BOM), across the end-to-end direct material management process.
“Whether an organization is supplying U.S. government agencies with critical hardware or working to meet ambitious product goals in an emerging space, they’re all looking for new ways to optimize old processes that stand between them and their need to iterate at breakneck speeds,” says Matthew Haber, CEO and co-founder of Cofactr. “Through this acquisition, we’re giving them another way to do that with acute visibility into their full bill of materials across the many suppliers they work with, directly through our platform.”
Key Takeaways:
- Factor.io automatically tracks supplier communications on every purchase order that manufacturers issue–across every supplier they work with. The company’s AI solution automatically reviews emails and attachments and compares the information and inventory details it finds with data in the company’s ERP solution. Factor.io then sends a daily exceptions report to companies to keep them informed of any purchase discrepancies or changes and automates supplier follow-ups to save team's time. The platform integrates with manufacturers’ existing systems, including NetSuite, Oracle, SAP, infor and Siemens. Factor.io’s capabilities are now available through Cofactr.
- Within Cofactr’s platform, companies can handle supplier procurement across a network of U.S. suppliers that comply with governmental requirements, approve and pay for orders, move items between vendors, ship and track delivery progress and understand real-time stock availability. Factor.io’s CEO and co-founder Doug Shultz will join Cofactr as the company’s head of strategic accounts to further expand Cofactr’s work in industries including defense, aerospace, consumer electronics, automotive, robotics and medtech.
