MORRISTOWN, N.J., Oct. 13, 2020 /PRNewswire/ -- EC Sourcing Group, a leading global provider of SaaS sourcing technology solutions, has announced its acquisition of procurement solution provider, BidMode, with full terms of the merger remaining confidential. The integration of both organizations has been underway for over a year with significant impact realized for EC Sourcing Group across its leadership, personnel, solution capability, and annual recurring revenue (ARR).
In terms of the impact to EC Sourcing Group's leadership team, BidMode CTO, Ian Diakov, has joined EC Sourcing as an equity owner and been named its Chief Technology Officer where he brings with him a seasoned team of procurement software developers, solution engineers, and data scientists. Prior to founding BidMode, Ian led teams at Iasta and MOBI where he was deployed against solving some of the market's most pressing eSourcing, Award Optimization, and Analytics-related challenges. "Based on Ian's extensive background and proven success in accelerating value as a procurement technology leader, we are thrilled to have him leading our technology and data management strategy as our CTO," states EC Sourcing Group co-founder and Chief Marketing Officer, Ron Emma.
EC Sourcing Group, has also seen a tremendous impact from the merger in its solution capability and ARR as highlighted below:
- Impact on Technology Capability – Expanded use of machine learning, artificial intelligence innovations, and integration methodologies.
- Impact on eSourcing & Optimization – BidMode's technology has been fully integrated into EC Sourcing's toolkit, including its rapid bid analysis functionality, award optimization, and advanced freight scenario modeling.
- Impact on Analytics & Reporting – Flexibility to ingest unlimited dimensions of data across source systems. Increased analysis functionality extended to all EC Sourcing Group modules, including custom categorization capability and line-item analytics advancements.
- Impact on Annual Recurring Revenue – EC Sourcing Group continues to see a significant lift via the consolidation of shared sales cycles in terms of new ARR. As an example, across the last six weeks alone it has welcomed five new clients in industries such as consulting, food & beverage, healthcare, distribution, and manufacturing.
About EC Sourcing Group
Founded in 2001 and based in Morristown, N.J., EC Sourcing Group is a global procurement technology solutions provider comprised of former sourcing & procurement veterans. Recognized for its robust sourcing-centric functionality and practical ease of use with any existing technologies, EC Sourcing Group's solutions include EC Spend, EC eSourcing, EC Optimize, EC Contracts, EC Supplier, EC Workflow, and EC Insights.
SOURCE EC Sourcing Group