SOVRA has been recognized for pioneering public procurement innovation and transformational growth.
LATHAM, N.Y., Oct. 10, 2024 /PRNewswire-PRWeb/ -- SOVRA, the leading eProcurement platform from mdf commerce, is proud to be the only provider dedicated to the public sector named to the Spend Matters 2024 "50 Providers to Watch" list. This recognition, which highlights rising companies pushing procurement forward through advanced technology and innovation, underscores SOVRA's commitment to transforming public procurement and its singular focus on serving state and local governments.
With over a decade of industry recognition, Spend Matters' "50 Providers to Watch" list showcases companies changing the procurement landscape with cutting-edge solutions and forward-thinking strategies. For SOVRA, this achievement comes at a pivotal moment following its recent rebrand and acquisition by KKR—a global investment firm known for fueling growth and innovation. SOVRA's new brand identity and strategic backing are setting the stage for accelerated product development and the integration of AI-driven features explicitly designed to meet the unique needs of the public sector.
A Milestone in Public Sector Procurement
"We are honored to be recognized by Spend Matters as one of the 50 Providers to Watch, particularly as the only company on the list that is 100% dedicated to the needs of public procurement professionals," said Luc Filiatreault, CEO of mdf commerce. "This award validates of our strategic focus and our team's commitment to supporting governments with solutions that drive value for the communities they serve."
SOVRA is designed to streamline the entire procurement process, from bid management to contract lifecycle management to supplier engagement and more. SOVRA's solutions are purpose-built to address the complexities and regulatory demands of public sector procurement.
"This recognition reflects the progress we've made in evolving our platform to address the complex demands of public sector procurement," added Thierry Jaffry, Chief Growth Officer of SOVRA. "It comes at an exciting time for SOVRA, as we continue to integrate new technologies and expand our offerings to help procurement teams meet their objectives faster, more securely, and more strategically."
SOVRA's unique 360° procurement solution supports buyers and suppliers. The platform is designed to bridge the gap between procurement teams and their supplier communities, creating a truly integrated ecosystem to foster collaboration and efficiency. Advanced AI will soon support this community with features that address core procurement challenges such as compliance, vendor management, contract management, and supplier diversity.
Rising to the Challenge of Procurement Modernization
The inclusion in the "50 Providers to Watch" list is a significant milestone for SOVRA as it accelerates its mission to modernize public procurement. The evaluation process for this recognition was rigorous, including a detailed product demonstration, customer references, and a Request for Information (RFI) with over 300 data points. SOVRA competed against hundreds of major and niche procurement platforms in an increasingly competitive market, spanning both the Private and Public Sector.
About SOVRA
SOVRA represents the culmination of over 20 years of mdf commerce's expertise and innovation, integrating the strengths of industry-leading brands like Bidnet Direct, Periscope, and Merx. Serving over 7,000 buyers and connecting them with more than 1,000,000 suppliers across North America, SOVRA delivers the most advanced procurement solutions available. With a focus on transparency, efficiency, and effectiveness, SOVRA empowers governments to optimize every tax dollar and deliver exceptional community services. Discover how SOVRA can transform your procurement processes by visiting http://www.sovra.com.
About Spend Matters
Spend Matters is the leading solution intelligence source for procurement and supply chain professionals. Each year, the "50 Providers to Watch" list identifies fast-rising companies delivering innovative products and services in the procurement and supply chain market. Combining deep technology analysis, tailored advisory services, and daily news coverage, Spend Matters is trusted by CPOs, consultants, investors, and solution providers as their procurement technology intelligence partner.
Media Contact
Bertrand Guignat, SOVRA, 801-765-9245, bertrand.guignat@sovra.com, https://www.sovra.com/
SOURCE SOVRA
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