BOSTON, June 6, 2018 /PRNewswire/ -- FairMarkIT today announced that it has joined the Oracle Scaleup Ecosystem program and has been nominated for a Future of Sourcing Award through the Sourcing Industry Group (SIG). FairMarkIT is a Boston-based procurement startup, focused on tail spend management.
FairMarkIT will work with the Oracle Scaleup Ecosystem, the global resources, cloud technology and expertise offered, as the company moves into its next phase of growth. Through their SIG nomination, the inaugural Future of Sourcing Awards program recognizes FairMarkIT as an organization that shows innovation, leadership and transformation in the sourcing industry.
FairMarkIT's Tail Spend Solution delivers a highly actionable product to mitigate risks and drive business value. By gathering insights from unstructured tail spend data and applying machine learning techniques to automate RFQs, FairMarkIT enables companies to obtain better prices from the ideal supplier, with much less time and effort.
Oracle's global startup mission is to provide enriching, collaborative partnerships to enable next-generation growth and drive cloud-based innovation for startups throughout all stages of their journey. To that end, Oracle offers residential and nonresidential startup programs that power cloud-based technology innovation and enable co-creation and co-innovation.
"Oracle Scaleup allows us to partner with companies tackling big, global problems, like FairMarkIT developing solutions to address the complications of tail spend management," said Reggie Bradford, Oracle senior vice president, Startup Ecosystem and Accelerator.
SIG, the premier membership organization for sourcing, procurement and outsourcing has nominated FairMarkIT for the Innovation in Sourcing category showing achievement in terms of fundamentally changing the nature of business in a rapidly transforming industry.
"We look forward to the strategy expertise, integration resources, mentoring, and exposure that these relationships will bring us," said FairMarkIT CEO Kevin Frechette. "Oracle's depth of knowledge in the cloud technology space will allow us to further drive our growth and it is an honor to be nominated for a Future of Sourcing Award by SIG."
Founded in 2017, FairMarkIT is a Boston-based tail spend management startup. FairMarkIT uses clients' unstructured tail spend data and delivers functional results to drive business value and automate the procurement process for small to medium sized purchases. Learn more or see the software live at fairmarkit.com.