California-based Coupa has strengthened its position in the procurement and spend management software market by acquiring Scoutbee, a pioneer in AI-powered supplier discovery. The aim of this acquisition is to create the world's most intelligent procurement network, capable of instantly connecting buyers and suppliers (such as Walmart or Unilever), while improving the transparency, resilience and sustainability of supply chains. By acquiring Scoutbee, Coupa aims to simplify the lives of buyers and suppliers alike.
Scoutbee's predictive search technology helps purchasing teams quickly identify the best partners, without spending hours comparing scattered data. Thanks to AI, companies can identify the most reliable and responsible suppliers, while suppliers gain visibility and access to new business opportunities. This new intelligent network between buyers and suppliers will enable more efficient, transparent and mutually beneficial relationships. "By bringing our technologies together, we offer a smoother, smarter and more connected procurement experience," commented Salva Lombardo, Chief Product and Technology Officer at Coupa.
This acquisition is in line with Coupa's long-term strategy of building the world's largest interconnected purchasing community, which already boasts over 10 million suppliers and $8,000 billion worth of transactions analyzed in real time on its platform. Coupa has helped its customers (such as Nvidia and GAP Inc.) save over $273 billion since its creation in 2006.
