Beroe and Forestreet: Driving Procurement Intelligence

Beroe, the provider of a SaaS procurement intelligence and analytics platform used by the majority of Fortune 500 companies, has announced a strategic investment in Forestreet, the leading artificial intelligence-driven software solution for supplier and innovation discovery. 

By building on the existing partnership between the pair, this investment will drive further joint innovation to support the incorporation of the latest AI technology in category- and supplier-level intelligence.

This deal will also see Vel Dhinagaravel, Beroe Founder and CEO, join Forestreet’s board of directors.

Given CPOs the vital information 

This investment by Beroe will accelerate the integration of Forestreet’s best-of-breed supplier discovery tools.

With the availability of real-time access to trusted market insights and supplier discovery, this will ensure CPOs and their teams have the most recent and curated information when facing 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,” says Vel Dhinagaravel, CEO at Beroe.

“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.”

Strong suite of tools

Through its comprehensive suite of tools, Forestreet is the ideal tool for uncovering market insights and understanding companies within a market.

With procurement professionals navigating an increasingly complex procurement landscape, people 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,” says 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.”

Gaining unprecedented insights

Through the use of the Beroe LiVE.Ai platform, organisations 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 credentials for over 300 million suppliers.

“The investment by Beroe in Forestreet creates an incredible opportunity to eliminate uncertainty for procurement professionals globally,” adds James Fox, Lead Investor on Guinness Ventures’ Series A investment in Forestreet.

“With the information and intelligence that Beroe and Forestreet can provide together, CPOs will gain unprecedented insights.”

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