Originally published here in Globe Newswire

San Francisco, CA, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Simfoni, a leading provider of digital spend management solutions, has proudly announced its recognition as a ProcureTech100 company for the third consecutive year as a pioneer in the category of Source to Pay. The 2023 accolade follows previous honors in the areas of sourcing and cost management in 2022.  This acknowledgment also comes after Simfoni’s recent inclusion in the prestigious Spend Matters "50 Providers to Know" list, which together positions Simfoni as a distinguished player in the industry.

The ProcureTech100 represents the most innovative digital procurement pioneers worldwide, meticulously selected after a comprehensive evaluation of over 4,000 digital solutions. This selection is underpinned by enriched proprietary data and analyses in conjunction with the vast expertise of over 70 procurement leaders, technology specialists, and B2B investors.

This recognition underscores Simfoni’s impact on revolutionizing procurement and illustrates how the company’s cutting-edge products and services are setting a benchmark for excellence in the procurement domain. In addition to several major acquisitions and significant year-over-year growth, Simfoni has made remarkable advancements in the application of machine learning technology to expedite the delivery of advanced spend intelligence, equipping users with meaningful and proactive spend insights that drive efficiency, transparency, and sustainable growth.

The prestigious ProcureTech100 list is a collaboration between ProcureTech, a pivotal platform at the intersection of procurement and technology innovation, and Kearney, a leading management consulting firm with global reach. Their mission to accelerate the digital evolution of procurement dovetails with Simfoni’s own commitment to technological excellence and customer success.  

Earlier this year, Kearney and Simfoni announced a strategic partnership aimed at delivering a turnkey tail spend management solution to enterprise-level organizations worldwide. By combining Kearney's consulting prowess with Simfoni's advanced technology, the partnership strives to empower organizations to unlock hidden value, enhance procurement efficiency, and achieve greater overall cost savings through a more comprehensive approach to tail spend management.

In the last year, Simfoni has made notable advancements in its technology suite, embracing machine learning and generative AI to deliver exciting new enhancements within its Strategic Spend Terminal. Simfoni’s offering brings together a cohesive, best-of-breed solution that includes Spend Analytics, eSourcing, and Sourcing Pipeline, giving users the ability to easily identify, execute, and track strategic savings initiatives. The Strategic Spend Terminal takes users on an integrated journey towards simplifying complex procurement processes and delivering tangible business outcomes while highlighting procurement’s strategic value to the organization.

“Our inclusion in the ProcureTech100 list for a third year is not only an honor but also a clear validation of the positive impact we have made across client organizations around the world to optimize spend and supplier performance," said Stefan Dent, Simfoni's Chief Strategy Officer. "Simfoni’s success is also testament to our strong partnerships and deep collaboration with Kearney, which has bolstered our market presence and strengthened our global reach and delivery capabilities. Kearney's collaboration with Simfoni is a powerful validation of our vision to democratize access to digital procurement tools through composable technology that works with existing systems to enhance ROI from total technology investment."

As Simfoni continues to forge the path ahead, this latest honor as a ProcureTech100 company not only highlights the company's continued excellence but also its role as a transformative force in the procurement landscape.

To see the full ProcureTech100 list, go to https://www.procuretech.ai/procuretech100.