**London**: ORO Labs has acquired ProcureTech to strengthen its procurement digitization efforts. This strategic acquisition aims to enhance global growth and foster collaboration with partners, addressing challenges in procurement processes through innovative AI solutions and orchestration technologies.
ORO Labs has announced its acquisition of ProcureTech, a digital accelerator with a focus on the future of procurement. This strategic move aims to enhance ORO’s global growth potential and broaden its connections with consulting and integration partners, creating opportunities for collaborative innovation and value generation in the procurement space.
Enterprises often face challenges with fragmented technology systems and intricate procurement processes that can hinder digital transformation and reduce return on investment. ORO’s GenAI procurement orchestration solution seeks to address these issues by integrating various technologies, processes, and data into a cohesive, user-friendly ecosystem.
Sudhir Bhojwani, CEO and co-founder of ORO Labs, stated: “This acquisition marks a defining moment in procurement digitization. The market is flooded with AI and tech innovation, yet enterprises continue to leave significant value on the table.” He emphasized that orchestration could resolve long-standing inefficiencies within procurement, pushing Chief Procurement Officers (CPOs) to innovate with AI-powered solutions. Bhojwani noted that the ProcureTech team’s extensive network will foster faster implementation of these solutions.
ORO and ProcureTech have collaborated for over four years to assist major corporations, such as GSK, Liberty Blume, and Roche, in enhancing their procurement operations through orchestration and artificial intelligence technologies. The acquisition will bring ProcureTech’s team of 20 specialists into ORO, bolstering the company’s operations in the Europe, Middle East and Africa (EMEA) regions. The integration aims to leverage ProcureTech’s network of tech, consulting, and integration partners to foster collaboration on new use cases for orchestration.
Lance Younger, the CEO of ProcureTech, who will serve as ORO’s new Executive Vice President of EMEA and Global Alliances, remarked: “The ProcureTech team joining ORO is a generational opportunity to shape the future of procurement.” He highlighted the commitment to collaborate with leading enterprises and partners to drive transformation through user-centric design thinking.
ProcureTech has spent the last five years focused on digital enhancements in procurement, making it well-known among the Global 2000 companies. This acquisition is expected to deepen ORO’s expertise in procurement, enhancing its credibility as a leading enterprise procurement orchestration platform.
Source: Noah Wire Services
