Top 10: Fastest-Growing Procurement Platforms
As businesses face increasing pressure to optimise supply chains and control costs, procurement platforms have emerged as vital tools for managing purchasing and supplier relationships more efficiently.
The fastest-growing procurement platforms are harnessing cutting-edge technology, including automation, AI and real-time analytics, to streamline procurement processes and enhance decision-making.
Procurement Magazine explores the top 10 procurement platforms that are rapidly gaining traction in the market. These platforms are transforming how organisations approach procurement, offering solutions that improve agility, transparency and scalability, making them essential for businesses looking to stay competitive in a dynamic global market.
10. Procurify
Revenue: US$42m
Employees: 200
CEO: Aman Mann
Founded: 2011
Procurify is the leading all-in-one intelligent spend management platform, uniquely unifying purchasing, AP automation and data analytics into one user-friendly platform.
Trusted by hundreds of customers across dozens of industries, Procurify manages more than US$30bn in global spend.
Recognised as a purchasing leader by G2, the platform stands out with its comprehensive mobile app for iOS and Android, rapid onboarding and world-class support.
Guided by a mission to offer unprecedented visibility and control over business expenses, Procurify is set on empowering organisations to harness unified spend data, unlocking millions in time and cost savings.
9. Arkestro
Revenue: US$15m
Employees: 102
CEO: Neil Lustig
Founded: 2017
Since 2017, Arkestro has led the way in predictive procurement orchestration. Arkestro’s predictive procurement platform uses data science, machine learning and behavioural science to help companies quickly get to a market competitive price, every time.
Top enterprises leverage Arkestro to confidently optimise their procurement cycles with direct actions and clear recommendations, managing spend at scale without increasing headcount.
8. Ramp
Revenue: US$295m
Employees: 725
CEO: Eric Glyman
Founded: 2019
Self-described as the ultimate platform for modern finance teams, Ramp is designed to simplify expense management with an array of tools offering real-time insights and automation.
It offers users automated expense reporting and real-time spend analysis, along with budgeting and forecasting tools, all of which help businesses to maintain financial control.
Ramp also automates and streamlines procurement workflows and vendor management so businesses can control spend before it happens, with initial projects such as customised intake forms, flexible approvals, purchase order management and AI-powered vendor management.
7. Tonkean
Revenue: US$8.4m
Employees: 68
CEO: Sagi Eliyahu
Founded: 2015
Tonkean is an AI-powered process orchestration platform that works behind the scenes to help procurement teams build processes ‘people actually follow.’
The business looks to modernise and unify internal procurement processes, which are typically complex and difficult to follow – with the objective of creating processes that emulate the consumer experience.
Tonkean's AI-powered solutions empower shared-service teams to improve user adoption – including that of P2P platforms like Coupa – and increase process efficiency, all while reducing the burdens of change management.
6. Tipalti
Revenue: US$68.1m
Employees: 1,100
CEO: Chen Amit
Founded: 2010
Tipalti is renowned for its end-to-end AP automation capabilities, handling everything from invoice processing to global payments.
It features intuitive procurement intake forms to capture purchase intent early, rule-based approval flows for spending control and streamlined purchase and supplier onboarding processes.
All this enhances control over spend management and includes the automatic generation of purchase orders (PO) synced with ERP systems upon approval.
5. SpendHQ
Revenue: US$25M
Employees: 124
CEO: Scott Macfee
Founded: 2012
Founded by procurement experts with a mission to optimise procurement visibility and reporting, SpendHQ helps procurement teams turn vision and strategy into clearly-defined action.
The company’s innovative solution combines spend intelligence with performance management to build its clients’ pipelines of sourcing projects and activities.
By centralising accurate data on spend and procurement performance, SpendHQ makes it easy to see and capitalise on optimisation opportunities across the business.
4. Airbase
Revenue: US$72.5m
Employees: 456
CEO: Thejo Kote
Founded: 2017
Airbase offers an all-in-one spend management platform designed to provide finance teams with control, visibility and automation over their company's spending.
It caters specifically to mid-sized companies – those employing between 100 and 5,000 people.
The platform enables finance teams to streamline processes related to workflows, payments and accounting, particularly focusing on non-payroll expenditures. It integrates with other business systems to facilitate seamless data management and risk mitigation across
3. ORO Labs
Revenue: N/A
Employees: 90
CEO: Sudhir Bhojwani
Founded: 2020
Through the use of AI, ORO Labs drives innovation, enhancing supplier relationships and optimising spend management through intelligent automation.
The platform provides AI-powered supplier recommendations, spend analysis and seamless integration with existing procurement systems, ensuring businesses can make data-driven decisions to maximise their procurement efficiency.
Features include its demand to pay, allowing users to create tailored and intuitive experiences for their organisation to navigate procurement and adjacent processes with speed, compliance and intelligence.
2. Focal Point
Revenue: US$19m
Employees: 20
CEO: Anders Lillevik
Founded: 2017
Focal Point, as described by its founder Anders Lillevik, is built by CPOs for CPOs.
Its main objective is to empower procurement leaders to shift their departments from pure cost centres to strategic contributors to the top and bottom line for their organisations.
The platform excels in providing a unified view of financial and operational data, helping businesses align their strategies by offering insights that drive informed decision-making.
Focal Point centralises data management and features advanced analytics and customisable dashboards, giving businesses the tools they need to monitor performance and make strategic adjustments.
The platform incorporates advanced analytics and AI-driven insights to identify cost-saving opportunities, optimise supplier relationships and enhance overall procurement performance. By bridging the gap between procurement and finance, Focal Point enables organisations to align their purchasing strategies with broader business objectives.
Focal Point's innovative approach has positioned it as a game-changer in strategic procurement management.
1. Zip
Revenue: N/A
Employees: 300
CEO: Rujul Zaparde
Founded: 2020
Zip stands out as a leading orchestration platform, known for its comprehensive approach to procurement and vendor management.
Founded in 2020, the company has enjoyed a rapid rise, gaining significant market share and an impressive customer base.
Built on the core product of a streamlined procurement solution that serves as a "single front door" for employees to initiate and complete purchase requests and vendor interactions, Zip constantly evolves with the modern procurement landscape.
It has introduced significant AI enhancements aimed at transforming procurement operations and providing better control over spending.
Recent innovations announced at Zip's annual conference include: preferred supplier purchasing, which streamlines vendor selection and encourages spending with existing suppliers; AI invoice coding, using AI to automatically code invoice lines based on historical data; and budget integration with Workday Adaptive Planning, providing real-time budget visibility for informed purchasing decisions.
These new features further cement Zip's position as a leader in innovative procurement solutions.
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