FairMarkIT Raises First Institutional Fundraising Round to Transform Procurement
Summary
FairMarkITs SaaS platform enables companies to achieve increased savings on their tail spend purchases, by delivering a highly functional product to mitigate risks, reduce costs and drive business value. Gathering insights from unstructured tail spend data and applying machine learning techniques to automate RFQs, FairMarkITs data analysis platform empowers companies to obtain the best price from the ideal supplier, with much less time and effort. They equip the procurement team with the tools and actionable insights they need to deliver value," said CPO, Greg Tennyson. "We are excited to have experienced rapid growth in our business to date and to have the full confidence of our investors as we continue to develop," said Kevin Frechette, CEO of FairMarkIT. 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.
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