Vertice acquires Vendr with the goal of creating what it describes as the largest procurement dataset.

      Vertice has acquired Vendr. The AI procurement firm based in London announced on Monday that it has taken over the US software pricing company, stating that this merger results in the largest procurement intelligence dataset globally by merging the data from both companies regarding purchasing and negotiation methods. The financial details of the acquisition were not revealed.

      According to Vertice, the unified dataset encompasses over $75 billion in global indirect expenditures across 32,000 vendors and features real-world pricing and human interactions sourced from 250,000 negotiated contracts involving software and services.

      Roy Tuvey, the founder and CEO of Vertice, mentioned that the consolidated software pricing data exceeds two million price points, significantly outmatching its closest competitors.

      The argument is that a larger dataset enhances automated negotiation capabilities. Vertice operates an autonomous negotiation agent named Ana, which, as they claim, is trained on hundreds of thousands of actual negotiations. Buyers can set their priorities, policies, and limits, and Ana interacts directly with vendors to achieve outcomes like cost reductions, improved payment conditions, or compliance with policies. By integrating Vendr's negotiation data, Tuvey asserted that this agent becomes “even more powerful.”

      Both companies currently manage over 60 procurement AI agents which are actively utilized by more than 1,000 clients globally, addressing processes ranging from intake and pricing optimization to assessing third-party risks. Clients such as ARM, Brex, Duolingo, Twilio, and Santander will have direct access to the merged data within the Vertice platform, with insights provided at the moment of decision-making. Vendr's clients will also gain access to Vertice's Intake-to-Procure platform.

      Tuvey remarked that both Vendr and Vertice share a vision for AI in procurement, aiming for purpose-built AI agents trained on real-world data suited to specific procurement roles. Ryan Neu, Vendr’s CEO, characterized the acquisition as a step forward from the company’s foundational concept, which highlighted that buyers of million-dollar contracts often possess considerably less information than their vendor counterparts. Joining forces with Vertice, he stated, enriches that intelligence and integrates it into the procurement decision-making process.

      Vertice, which is based in London and recognized by the Financial Times as the UK's fastest-growing scale-up, also has a presence in New York, Boston, Sydney, Brno, Linz, and Johannesburg. The company was founded by brothers Roy and Eldar Tuvey, who previously established ScanSafe and Wandera, both of which were sold to Cisco and Jamf, respectively.

      The firm claims that its platform handles more than $75 billion in expenditures and has been designated a leader in Intake-to-Procure platforms by Lionfish Tech Advisors. However, the announcement lacks specifics regarding the acquisition price, closing date, or details on how the two entities and their overlapping agent inventories will be integrated, all of which Vertice has chosen to keep undisclosed for now.