Afternoon Coffee: Creactives-KPMG partnership deepens; Jaggaer, Finexio team up; SourceDay raises $31.5 million; Avetta One unveiled; Tropic raises $40 million

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The data-quality specialist Creactivesannounceda tighter partnership with KPMG, a global consultancy that handlescomplex business problems for enterprises. KPMG has been certified to implement Creactives’ AI-basedKnowledge Engineering Platform, which addresses master data management and material master data governance.

“毕马威和Creactives建立了collaborative program to deliver to the market a unique and comprehensive offer of procurement & supply chain services and technology solutions, powered by Creactives Artificial Intelligence and Data Quality Management solutions,” according to a news release.

Both companies have an international presence, and according to our analyst coverage of Creactives (hereandhere), the vendor serves large enterprises seekingERP harmonization, multiple taxonomy amalgamation, MDM/MMDG, enhanced analytics and multilingual challenges.

Creactives is on our“50 Procurement Providers to Watch”list, and KPMG is a featured provider in our just-completed nine-part series,“Procurement Services Market Landscape Report andDirectory.” Read aboutKPMG in Part 7and look up strategic information about it among the 34 provider profiles in the directory.

Jaggaer-Finexio team up on B2B payments

The source-to-pay suite vendorJaggaerand the B2B payment technology Finexio have joined forces to add fintech capabilities to the Jaggaer ONE solution, according to anannouncement.

Branded Jaggaer Pay, the Finexio-infused Jaggaer solution offers a “streamlined AP payment experience covering a wide variety of payment types and channels, including ACH, wire, card and paper checks,” according to the announcement. “These capabilities deliver customers greater ROI by eliminating manual processes, lowering payment costs, and eliminating the risk of payables fraud.”

Jaggaer CEOJim Bureau said enterprises want plug-and-play access to solutions like this to speed up their time to value.

“By automating the AP process, Jaggaer Pay will enable our customers to automatically capture discounts, generate cashbacks and extend payment terms, ultimately optimizing working capital. It transforms AP from a cost center into a profit center," Bureau said.

The move comes as Jaggaer, a vendor ranked in ourSolutionMap benchmark of 68 peers, beefed up its plans with the acquisition of a contract lifecycle management provider. Last week, it announced theacquisition of DocSkiff and Spend Matters analyzed the deal. OurSpend Matters PROanalyst coverage included this: “DocSkiff fits with Jaggaer not just as a patch for a current CLM gap but as an enabling component of Jaggaer’s longer-term AI/ML strategy it calls ‘autonomous commerce.”

Check out Spend Matters’ 5-step “Procurement Technology Buyer’s Guide” for tech-selection tips.

SourceDay raises $31.5 million

SourceDay, which is known for its supplier collaboration solution and direct materials procurement capabilities,announcedthat it raised a $31.5 million series C round with Norwest Venture Partners, ATX Ventures, Baird Capital, Draper Associates, Ring Ventures and Silverton Partners.

The Austin, Texas-based firm said it plans to invest in recruiting (doubling its product and engineering teams and bringing on an executive-level product leader), to beef up sales and marketing, and to continue funding operations and customer success.

SourceDay is one of Spend Matters’“50 Procurement Providers to Watch.”

Avetta One platform is unveiled

Avetta,supply chain risk management (SCRM) software provider, announced theAvetta One™ Platform, a single-source solution for managing operational, reputational and regulatory compliance risks.

“Business is shifting from a digital transformation to a societal one, as markets demand corporate accountability regarding safety, security, sustainability & ESG, ethics and social initiatives,” said Arshad Matin, president and CEO of Avetta. “Avetta One provides organizations analytical insights into how they measure up to their risks and goals across the entire supply chain.”

Avetta appeared in our series onESG-centric providerprofiles, and is a Spend Matters50 To Know.

SaaS procurement platform Tropic raises $40 million

Following a $25 million Series A funding round last August and doubling its revenue in the past four months, SaaS procurement platformTropicannouncedit has raised another $40 million in a Series B funding, bringing its total raised to $65 million. Led by Insight Partners this latest round will help the firm expand its global footprint, add staff and launch four new software modules this year.

By providing a turnkey, end-to-end SaaS procurement system, Tropic manages an organization’s entire SaaS contract lifecycle, from solution discovery to renewal, while helping customers uncover savings. As demand for software procurement savings continues and global spend on enterprise software surpasses initial forecasts for the end-2022 period, Tropic is “filling an important gap in the market with a procurement platform that is elegant, easy to use, and built for SaaS,” according to Tropic CEO David Campbell.