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/
Media Contact
Richard Howson
Temono for Beroe
beroe@temono.com
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