SAN FRANCISCO, Jan. 10, 2022 /PRNewswire-PRWeb/ -- Simfoni, the world's most accessible digital procurement vendor, today announced that it has completed its acquisition of EC Sourcing Group, an established leader in eSourcing and decision award optimization. The combination of Simfoni's market-leading Spend Intelligence module and EC Sourcing Group's market-leading eSourcing platform will deliver enterprise customers a unique package that enables seamless data integration in turn powering insights across the strategic sourcing lifecycle.
"Spend Analytics and eSourcing technologies are like 2 sides of the same coin–they are an essential combination for leading procurement practitioners–yet the market offers few best-of-breed, integrated solutions of this nature." said Chirag Shah, Chairman, Simfoni. "There are tremendous synergies between the two companies in addition to the product fit. The combined entity supports hundreds of enterprise customers across multiple industry verticals and offers global capabilities that are unmatched by other vendors.
"Ron Emma and Andy Caetta are both proven procurement professionals that have used their domain expertise to build highly intuitive and feature-rich products that have positioned EC Sourcing as the standout leader in the Spend Matters Solution Map and a '50 to Know' vendor in the Procurement Almanac," commented Shah. "I'm delighted to be joining forces with them to create a powerhouse in the Source 2 Contract segment."
This acquisition caps a banner year in which Simfoni grew across all key performance indicators:
- Over a 300% increase in MRR
- Over a 350% increase in Customer Count
- $15M Strategic Investment from PeakSpan Capital
- Over 200%+ increase in employee headcount
It continues to propel Simfoni's composable procurement philosophy by offering a Spend Automation solution for end users to better control tail spend, while freeing the procurement team to focus on higher value activities with a plug and play set of modules—each with market leadership in its respective segment.
Providing a One-stop eProcurement and eSourcing Shop for Procurement Teams
EC Sourcing Group's eSourcing solution offers market-leading eRFX, eAuction, and Contract Management features, and has standout capabilities for automation of sourcing award decisions. Its Optimization module is best-in-class and provides sourcing professionals with an easy-to-use capability that can process highly complex scenarios in just a matter of seconds - providing significant benefits in terms of time and money. These data-driven solutions are the perfect complement to Simfoni's Spend Intelligence platform and further enhance the flexibility of its Spend Automation platform in the area of tail spend management.
Customers of both companies will benefit from increased global reach, increased investment in product development and innovation, while enjoying the same high quality of customer and service delivery support that they have come to expect from Simfoni and EC Sourcing.
"After almost 20 years building EC Sourcing into one of the leaders in the eSourcing and award optimization segment it was very important for us that we found a partner that would respect our legacy. With Simfoni, we found a team that truly shared our view about the future of leveraging data to automate the strategic sourcing lifecycle, and have the complementary resources to enable us to build a dominant position in the S2C market," said Ron Emma, Co-founder, EC Sourcing Group. "I would like to take this opportunity to thank the EC Sourcing team for their dedication and commitment and of course our customers who have supported us over the years; we look forward to continuing to serve them with the same professionalism and an even greater selection of innovative products and services."
Jason Busch, CEO of Spend Matters commented, "We've tracked Simfoni and EC Sourcing Group for many years and both vendors exceed the SolutionMap analyst/functional and customer satisfaction benchmark average for all segments of the market in which they compete. But what is most curious to me about this acquisition is the unique pedigree of the Simfoni executive team in the strategic sourcing technology area -- which multiple members of the team are expert in from previously leading tech firms in this segment. Given this expertise and operating knowledge, combining Simfoni spend analytics, tail spend management and spend managed services with a top performing strategic sourcing technology seems about as low a risk, high upside combination as anyone could put together from an M&A perspective in the fast- growing procurement technology sector."
About Simfoni
Simfoni provides Spend Analytics and Spend Automation products to leading global enterprises. The Simfoni platform utilizes machine learning and artificial intelligence to accelerate and automate key aspects of the procurement process, saving customers time and money and paving the way toward supply chain sustainability. With offices in the USA, Europe, Australia, and the Middle East, Simfoni works with its customers and the wider vendor community to improve vendor diversity and achieve strategic CSR objectives. For additional information, please visit https://simfoni.com/.
About EC Sourcing Group
EC Sourcing Group is a global procurement technology provider comprised of former procurement and sourcing veterans. Recognized for its robust functionality, ease of use, and compatibility with other technologies via an open API architecture, EC Sourcing Group's solutions include eSourcing, eAuctions, Optimization, Supplier Management, Contract Management, and Workflow.
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Media Contact
Rebecca West, Helium Communications, +1 415-260-6094, [email protected]
Trish McLoughlin, Simfoni, +1 561-929-1408, [email protected]
SOURCE Simfoni
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