The San Francisco-based company said in the Thursday (Nov. 19) release that it will add Simfoni’s spend analysis capabilities to its procure-to-pay solution.
Companies use platforms like Vroozi to lower costs, get a better handle on spending and improve financial performance, with the deal between the two firms enhancing all three selling points, the companies said in the release.
In particular, through the use of Simfoni’s analytics, businesses using Vroozi’s procurement platform will be better able to zero in on opportunities for savings while also being able to use Vroozi’s platform to automate the procurement actions needed to make this happen, said Shaz Khan, co-founder and chief strategy officer at Vroozi, in the release.
“Spend intelligence and automation are critical to driving cost savings in procurement,” Khan said.
Chirag Shah, executive chairman at Simfoni, said in the release that the firm has “explored partnerships with various eProcurement partners,” but was “particularly impressed with the Vroozi platform.”
“It has rich functionality and is easy to deploy,” Shah said.
The two companies’ corporate philosophies — and a stress on “ensuring customers realize the savings from the platform” — also meshed nicely, Shah said in the release.
“We equip organizations with a holistic and data-based perspective on business spending,” Shah said.
The agreement comes several months after Vroozi expanded in the United Kingdom and Ireland under a deal with Stratus. When it announced the deal in February, Vroozi noted it would enable the company to launch a procure-to-pay option aimed at mid-market companies in the two island nations.
Stratus works with companies to digitalize their operations and reduce or eliminate their reliance on manual or paper-based processes.