Deal builds out Beroe’s leadership in category-level procurement intelligence, with the addition of supplier insights
RALEIGH, N.C. and LONDON, June 27, 2024 /PRNewswire/ — Beroe, the provider of the SaaS procurement intelligence and analytics platform used by the majority of Fortune 500 companies, today announced a strategic investment in Forestreet, the leading artificial intelligence-driven software solution for supplier and innovation discovery. Building on Beroe’s existing partnership with Forestreet, this investment will drive further joint innovation, to support the incorporation of the latest AI technology in category- and supplier-level intelligence. The deal will also see Beroe Founder and CEO, Vel Dhinagaravel, join Forestreet’s board of directors.
Beroe’s investment will accelerate the integration of Forestreet’s best-of-breed supplier discovery tools. The availability of real-time access to trusted market insights and supplier discovery will ensure that Chief Procurement Officers (CPOs) and their teams have the most up-to-date and curated information, as they face new demands to proactively mitigate risk and build resilient supply chains.
“We are excited to not only invest in Forestreet’s fast-growing business but also to leverage its technology expertise alongside Beroe’s existing AI capabilities, to deliver greater value to our customers,” said Vel Dhinagaravel, CEO at Beroe Inc. “Combining advanced AI algorithm-driven solutions for supplier discovery with our domain expertise, category insights, pricing intelligence, and benchmarks gives Beroe LiVE.Ai a compelling market advantage. Investing in its future development ensures that we will continue to empower procurement teams with the essential intelligence, to achieve savings objectives, navigate inflation challenges, and sidestep supply chain disruptions.”
Forestreet offers a comprehensive suite of tools for uncovering market insights and understanding companies within a market. As procurement professionals navigate an increasingly complex procurement landscape, they are required not only to access category-level intelligence but also to be able to delve deeper into supplier insights. The combination of category and supplier intelligence will equip businesses to build resilient supply chains, to manage sustainable success in an evolving market.
“Our clients tell us that our technology is unique; so, working with an established market leader like Beroe, with its 18 years of success in supporting procurement domain decision-making, will allow us to provide that capability at scale,” said Alex Miller, CEO and Co-founder of Forestreet. “With new challenges cropping up daily, it is important that CPOs can quickly react to changing dynamics. Partnering with Beroe, we can offer the widest possible customer segment the AI-driven tools they and their teams need to get a clear view of the whole market in one glance, making what can feel like an impossible task seem simple.”
Using the Beroe LiVE.Ai platform, companies can determine the impact of event-led disruptions on supply chains, along with multi-tier supplier mapping and associated risks in real-time as well as check financial, ethical, cyber, and environmental compliance credentials for over 300 million suppliers.
“The investment by Beroe in Forestreet creates an incredible opportunity, to eliminate uncertainty for procurement professionals globally,” said James Fox, Lead Investor on the Guinness Ventures’ Series A investment in Forestreet. “With the information and intelligence that Beroe and Forestreet can provide together, CPOs will gain unprecedented insights.”
About Beroe
Beroe has been on procurement’s leading edge since the company’s founding in 2006, bringing a world of insights forward. The unique combination of Beroe’s expertise, artificial intelligence tools, and vast amounts of data enables organizations to make smarter, faster, better procurement decisions. Not tomorrow, not today, but now. Beroe helps thousands of organizations sift through the data noise, mitigate risk, face fewer surprises, and ultimately, gain a competitive edge. To learn more, please visit — https://www.beroeinc.com.
About Forestreet
Founded in 2017, Forestreet is a SaaS Supplier and Market Discovery Tool at the forefront of transforming business research. Leveraging cutting-edge AI, Forestreet enables businesses to revolutionise their sourcing processes, allowing users to map new categories in minutes rather than months, effectively de-risking their supply base. This empowers procurement teams with the speed and confidence to make informed decisions, swiftly accessing supplier led innovation and driving business growth. To find out more, please visit https://www.forestreet.com/
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