Bedrock’s acquisition of Procoto expands enterprise procurement and sourcing capabilities, seamlessly automating the RFP and supplier management processes.
Bedrock Technology Inc. “Bedrock”, a leading provider of supplier management solutions for procurement and accounts payable leaders, is thrilled to announce the acquisition of Procoto, a prominent innovator in automated RFP technology. This strategic acquisition significantly enhances Bedrock’s ability to deliver superior supplier management and procurement solutions to enterprise clients.
As we integrate Procoto into Bedrock, we are setting the stage for an unprecedented era of innovation and leadership in supplier enablement.”
— Osama Sabbah, Bedrock President & Founder
Strategic Acquisition to Enhance Procure-to-Pay Processes
With this acquisition, Bedrock takes a decisive step to integrate Procoto’s innovative RFP solutions, positioning the company at the forefront of the procure-to-pay (P2P) process. “Procoto’s capabilities perfectly align with our vision to streamline and fortify the entire supplier management lifecycle,” said Osama Sabbah, Bedrock’s President and Founder. “Integrating their source-to-contract technology enables us to offer a comprehensive, end-to-end solution that is proactive in managing supplier relationships.”
“We always envisioned Procoto as a solution to a specific portion of the broader procurement cycle,” Procoto founder and CEO Michael Otis added. “By joining Bedrock, our now collective customers have immediate access to a more holistic platform for their entire procure-to-pay process.”
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Strengthening Local and Global Connections
This move underscores Bedrock’s commitment to fostering connections both locally in the Tampa Bay area and globally. “As we expand our presence on a global scale, we remain dedicated to contributing positively to the local economy and strengthening our community ties,” added Bedrock’s President. This acquisition highlights Bedrock’s dedication to building bridges within the Tampa and Saint Petersburg areas, ensuring robust local engagement while pursuing global growth.
Involvement of Major Industry Players
Along with the acquisition comes the pedigree of local venture capital pioneer TampaBay.Ventures and the prestigious startup accelerator Y Combinator. The collaboration demonstrates the significant industry confidence in Bedrock’s strategy and potential as well as the acquisition’s importance in the broader market.
Expanding Offerings and Enhancing Supplier Health
Looking ahead to the second half of the year, Bedrock plans to pilot additional services aimed at enhancing data verification across critical areas such as ESG, cybersecurity, compliance, supply chain, and international banking verification. “Our goal is to make Bedrock a one-stop solution for supplier health, ensuring robust and comprehensive verification processes that meet the evolving needs of our clients,” stated Sabbah.
With over one million active suppliers on its platform, Bedrock is also excited to announce the launch of a new supplier marketplace. This platform will empower businesses by providing access to a vetted, reliable network of suppliers, streamlining procurement and sourcing while fostering transparency across industries.
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Enhanced Capabilities for Enterprise Clients
Enterprise clients will particularly benefit from this acquisition as Bedrock enhances its portfolio of procurement solutions. By leveraging Procoto’s advanced technology, Bedrock will provide superior procurement services, including automated RFP management, comprehensive supplier lifecycle management, and enhanced data verification processes. These improvements will help enterprises streamline their procurement operations, reduce costs, and improve supplier relationships.
Statement from Bedrock’s President & Founder
“As we integrate Procoto into Bedrock, we are setting the stage for an unprecedented era of innovation and leadership in supplier enablement. This acquisition is a cornerstone in our strategy to transform the P2P landscape, and we are thrilled to pioneer new paths that will define the future of our industry. At Bedrock, we are more than just participants; we are leaders dedicated to shaping a more efficient and forward-thinking world. We embrace this exciting new chapter and will continue to drive transformative change together.”
