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SourceDay Delivers the Only Direct Spend Solution to Offer RFQ, PO, and Accounts Payable Collaboration [Press Release]

Posted by SourceDay on Press Release

Continuing to Modernize How Companies Collaborate with Suppliers

AUSTIN, Texas— SourceDay, the direct spend industry’s leading supplier collaboration engine, today announced the release of SourceDay’s Request for Quote (RFQ) and Accounts Payable (AP) Collaboration products. The two additions to SourceDay’s cloud solution support SourceDay’s mission to prevent the reasons companies miss with their suppliers. SourceDay RFQ  streamlines how companies manage RFQs and select the best suppliers. The new AP product combines PO and AP collaboration to match PO, invoice, and receipt data. Once matched, SourceDay automatically vouchers invoices in the ERP, preventing supplier overpayments and time wasted chasing down invoice discrepancies.

SourceDay’s mission is to prevent the reasons companies miss with suppliers before those misses create problems throughout the business. Our new RFQ and AP products improve our ability to deliver on this promise. Market uncertainty, tariff wars, and labor shortages make it more important than ever for companies to improve visibility and trust in the first mile of their supply chain.”

Tom Kieley, SourceDay CEO

With SourceDay RFQ, buyers can quickly and confidently select the most competitive suppliers in a way that feeds directly into their ERP system. SourceDay AP Collaboration allows up to 95% of invoices to be processed automatically, making it possible for customers to take advantage of early payment discounts. Both products eliminate costly ERP data errors that can lead to planning and production errors and ultimately erode trust throughout a company’s supply chain.

SourceDay RFQ Collaboration

SourceDay RFQ creates, delivers and streamlines collaboration of all RFQs in one place, providing a new product that rescues suppliers and buyers from mountains of emails and spreadsheets while also providing easier access, visibility and process compliance. The RFQ module allows buyers to easily create and issue RFQs to existing and new suppliers, facilitating two-way communication to receive, interact with, and compare quote submissions without ever leaving the SourceDay platform they’ve come to trust for all of their supplier collaboration needs. SourceDay customers can collect responses and historical data and then notify winning bidders for more informed purchasing decisions, all in one place.

“SourceDay’s new RFQ product helps us choose the most competitive suppliers that can meet our product requirements and lead-times, at the most competitive price,” said Josh Owings, ERP Applications Manager, JR Automation. “On top of delivering a fast ROI, SourceDay took most of the load on our implementation.” 

The consolidated features of SourceDay RFQ allow buyers to:

  • Automatically create and distribute RFQs for new materials and parts
  • Make more informed purchasing decisions with a streamlined and centralized RFQ process
  • Increase visibility to RFQ responses throughout the entire organization
  • Choose the best suppliers based on price, lead-time, quality, and performance
  • Ensure the company works with approved suppliers
  • Easily send notifications to multiple suppliers, throughout the lifecycle of an RFQ
  • Centralize communication and documentation like schematics, CAD drawings, and FAQs in one location
  • Capture historical RFQ data to support audit and compliance requirements
  • Create custom lists of groups of suppliers based on part category, commodity or geography for easy and consistent RFQ creation and distribution
  • Accelerate the bidding process
  • Receive more accurate and competitive quotes from suppliers
  • Easily compare and award winners through automated notification
  • Facilitate fast onboarding for both issuing companies and suppliers
  • Support both single-item and multi-item RFQs
  • Chat support to assist customers with onboarding and ongoing usage

Major benefits for suppliers include:

  • Never miss an RFQ or award
  • Visibility into the historical pricing for all locations of customer
  • One place to see frequently asked questions and RFQ documentation
  • Centralize all communication with a customer in one location

SourceDay Accounts Payable Collaboration

SourceDay AP Collaboration brings PO and AP collaboration into one single platform as well, reducing costly inefficiencies by automatically matching purchase order details, receipts, and invoices.

The 3-way matching process quickly identifies and helps resolve supplier invoice discrepancies, which can also be filtered by status and tracked throughout their entire lifecycle, all in a single dashboard. In the AP dashboard, buyers can arrange their view to see invoices by status (mismatched, matched, vouchered or pending), clearly identify exceptions, and quickly resolve any issues.

Like many manufacturers, reconciling mismatched invoices has always been a challenge for us. SourceDay’s new AP Collaboration product has saved us money and made our lives easier. We process 95% of our invoices automatically now, which ensures we earn early payment discounts on most of our spend. It’s a smart choice for any organization looking to make a short-term investment that pays you back in just a few short months.”

Louise Mayer, ERP Implementation Manager with Napoleon

The key features of SourceDay AP Collaboration include:

Digital invoices

  • Buyers can upload suppliers’ invoices for fast and easy processing
  • Invoices can be emailed and read into SourceDay AP with automated email capture

Three-way match

  • SourceDay automatically compares invoices to final PO data and receipts with automated 3-way matching

Automatic vouchering

  • Matched invoices are instantly vouchered in the ERP, and suppliers are informed at each stage as manufacturers process their payment, enabling buyers to take advantage of early payment discounts. 

SourceDay RFQ and AP can be combined with SourceDay’s PO Collaboration, and Quality products for end-to-end direct spend procurement lifecycle management. All of these products are available immediately from SourceDay.  

About SourceDay

SourceDay is the collaboration engine that brings people, information, and processes together to modernize how companies manage orders with their suppliers, drive collaboration and ship orders on time. From Fortune 100 companies to mid-size manufacturers, thousands of organizations use SourceDay to connect their teams and vendors/suppliers, centralize order data, and drive their businesses forward. Since 2013, SourceDay has helped more than 100 manufacturing customers process more than 1 billion POs with a daily average spend of $1 million.

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SourceDay Expands Executive Team Amid Triple-Digit Growth [Press Release]

Posted by SourceDay on Press Release

Chief Customer Officer, CTO and VP of Product to Build on Strong Market Positioning

AUSTIN, Texas— SourceDay, the direct spend industry’s leading supplier collaboration engine, today announced a major investment in its executive team with the appointment of Jim Hilbert as Chief Customer Officer (CCO), Peter Feldman as Chief Technology Officer (CTO) and Josh Tong as Vice President of Product. These strategic hires will drive SourceDay’s continued growth and expand its strong foundation of customer success. SourceDay is now used by more than 5,000 companies worldwide, driving year-over-year growth of 122%.

We are delighted to bring Jim, Peter and Josh to the SourceDay team. Each of these executives bring skills and experience that our business needs at this exciting time in our history. Our success is a direct result of the quality of our people, and these three hires demonstrate our commitment to be the best as we continue to revolutionize supplier collaboration.”

Tom Kieley, CEO & Co-Founder of SourceDay

As Chief Customer Officer, Hilbert brings three decades of high tech leadership experience to SourceDay, where he is focused on the customer experience and success. Building a predictable revenue model by mentoring and investing in the sales team, Hilbert helps customers apply new technology to business process improvement. Prior to SourceDay, he served as Chief Revenue Officer at Cradlepoint and Aryaka Networks, and has also held senior roles with Armor Cloud Security, Rackspace and EMC Corporation.

“With a net retention rate of 112%, it’s clear that SourceDay’s customer experience is top-notch,” commented Hilbert. “I could not be more excited about our momentum and the opportunity we have to build the next great, Austin-based sales and customer success team.”

Feldman joins SourceDay as CTO and will lead the company’s development and technical operations teams. He has more than 25 years’ experience in product development and operations, and most recently served as Chief Operating Officer for Carnegie Technologies. Prior to this, he served in executive roles at M87, AT&T Wi-Fi and Nomadix.

“A big part of the SourceDay success story is the company’s commitment to building a great product that solves a real problem in a new way. I can’t wait to take this to the next level by driving even faster innovation,” said Feldman. “I look forward to working closely with every part of the organization to deliver even more value to our customers.”

Tong, SourceDay’s new VP of Product, brings over a decade of experience building customer-centric, category-defining products. He brings expertise in blending customer insights with technology and data science to create innovative new products for customers. In this new role, Tong will be responsible for driving product strategy and execution for the SourceDay product portfolio. He previously held strategic product roles at venture-backed companies including SpareFoot, Shelfbucks, and Tallwave.

“SourceDay is uniquely positioned to transform how companies collaborate with suppliers,” said Tong. “The team’s laser focus on solving direct spend challenges has truly set it apart and helped it produce tremendous results. I’m excited to join the team as we build on this foundation by expanding the breadth and depth of the product portfolio.”

About SourceDay

SourceDay is the collaboration engine that brings people, information, and processes together to modernize how companies manage orders with their suppliers, drive collaboration and ship orders on time. From Fortune 100 companies to mid-size manufacturers, thousands of organizations use SourceDay to connect their teams with their suppliers, centralize order data, and drive their businesses forward. Since 2015, SourceDay has helped more than 5,000 companies process more than $20 billion in direct spend, across more than 20,000 POs a day.

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SourceDay Achieves ‘Built for NetSuite’ Status [Press Release]

Posted by SourceDay on Press Release

New SourceDay SuiteApp Meets the NetSuite SuiteCloud Platform Development Standards and Documented Best Practices

AUSTIN, Texas— SourceDay, a pioneer in automating direct spend procurement, purchase order management and supplier collaboration, announced today that its SuiteApp has achieved “Built for NetSuite” status. The new SuiteApp, built using the Oracle NetSuite SuiteCloud Computing Platform, is a procurement management solution that automates communication between buyers and suppliers to help reduce waste and inefficiencies that can erode margins and reduce on-time deliveries. 

Built for NetSuite is a program for NetSuite SuiteCloud Developer Network (SDN) partners that provides partners with the information, resources and methodology required to help them verify that their applications and integrations meet NetSuite standards and best practices. The Built for NetSuite program is designed to give NetSuite customers additional confidence that SuiteApps have been built to meet these standards.

“Procurement is often a huge pain point in the supply chain as miscommunication and incorrect data can lead to unnecessary costs and wasted productivity,” said Clint McRee, COO, SourceDay. “Our SuiteApp enhances automation to help make it easy for companies to master the procurement process and increase efficiencies across the supply chain.”

For manufacturers and distributors, SourceDay’s SuiteApp allows NetSuite users to digitize their supply chains, automate supplier collaboration and improve supplier on-time delivery performance by up to 35 percent. SourceDay helps its customers improve productivity while helping to ensure that NetSuite has the most up-to-date and accurate supply chain data. Furthermore, unlike other vendor portals that are one-way views for the buyer only, SourceDay drives actionable two-way collaboration between the buyer and supplier.

“Organizations need an efficient and responsive supply chain to stay ahead of constantly changing expectations and that requires open lines of communication across the entire value chain,” said Guido Haarmans, VP, SuiteCloud Developer Network and Partner Programs, Oracle NetSuite. “With the launch of its SuiteApp, SourceDay is driving efficiencies between manufacturers, distributors and their suppliers by providing accurate, transparent and real-time data to break down procurement communication barriers.” 

For information about Built for NetSuite SuiteApps, please visit www.netsuite.com/BuiltforNetSuite. For more information about the integrated solution, please visit www.suiteapp.com.

About SuiteCloud

Oracle NetSuite’s SuiteCloud is a comprehensive offering of cloud-based products, development tools and services designed to help customers and commercial software developers take advantage of the significant economic benefits of cloud computing. Based on NetSuite, the industry’s leading provider of cloud-based financials / ERP software suites, SuiteCloud enables customers to run their core business operations in the cloud, and software developers to target new markets quickly with newly-created mission-critical applications built on top of mature and proven business processes.

The SuiteCloud Developer Network (SDN) is a comprehensive developer program for independent software vendors (ISVs) who build apps for SuiteCloud. All available SuiteApps are listed on SuiteApp.com, a single-source online marketplace where NetSuite customers can find applications to meet specific business process or industry-specific needs. For more information on SuiteCloud and the SDN program, please visit http://www.netsuite.com/developers.

About SourceDay

SourceDay is how manufacturers and distributors trust their supply chain. SourceDay’s SaaS solution automates purchase order (PO), request for quote (RFQ) and accounts payable (AP) management to remove costly waste and errors from global supply chains. By freeing manufacturers, distributors and suppliers from unorganized email threads, sticky notes and cumbersome spreadsheets, SourceDay dramatically improves a customer’s ability to maximize margin and meet their customer commitments on time. By seamlessly integrating with all major Enterprise Resource Planning (ERP) systems, SourceDay extends ERP purchasing capabilities and ultimately improves supplier performance. Since 2013, SourceDay has helped more than 100 manufacturing customers process more than 1 billion POs with a daily average spend of $1 million.

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SourceDay Snags Spredfast Executive and Channel Development Veteran Amid Rapid Growth [Press Release]

Posted by SourceDay on Press Release

Sarah Moore and Emeka Obianwu Join Leadership Team as CMO and SVP, Alliances & Channel 

AUSTIN, Texas— SourceDay, the leading supply chain automation SaaS solution, today announced it added two seasoned executives to its leadership team. Spredfast veteran Sarah Moore joined the company as its new Chief Marketing Officer (CMO), and former NSS Labs and Ping Identity executive Emeka Obianwu, filled the SVP, Alliances and Channel role. Moore and Obianwu joined SourceDay to help accelerate the company’s rapid growth. 

SourceDay secured $6.5 million in Series A funding late last year to continue growing its customer base and to bring new products to market. In addition to expanding the leadership team, SourceDay grew its annual recurring revenue more than 125% over the prior year and maintains a customer renewal rate of more than 95%. This demonstrates the value SourceDay customers recognize in the platform and clearly establishes the company as a leading technology partner to the $8 trillion US manufacturing and distribution industry. 

SourceDay’s success can be attributed to the unique way it resolves supply chain challenges that others have been unable to address. The first mile in every manufacturer’s supply chain is riddled with waste and inefficiency, eroding margins and reducing on-time deliveries. These problems originate externally but affect every functional area—procurement, IT, finance, sales and customer service. That’s why a growing number of manufacturers leverage SourceDay in their digital transformation to improve supplier relationships. 

“Attracting seasoned leaders like Sarah and Emeka is an important milestone for us as we prepare for next-level growth,” said Tom Kieley, CEO, SourceDay. “Sarah’s unique experience driving high-growth companies will be instrumental as we extend the reach of SourceDay’s brand, and Emeka’s proven track record developing alliance relationships will help us build a world-class partner program.” 

“This kind of opportunity doesn’t come along every day,” said Moore. “We have the rare combination of proven product-market fit, customers who love our product and renew at crazy-high rates, founders who lead with integrity and commitment, and world-class investors who are ready to pave our way to continued growth. I’m thrilled to be building the next big, Austin-born, SaaS brand.” 

“Since inception, SourceDay has collaborated with complementary technology and consulting companies.” added Obianwu. “But the next phase opens up a much bigger opportunity for SourceDay’s partners to participate in a paradigm shift whereby manufacturers will fundamentally change the way they engage the supply chain. I’m excited to help build out a community of partners that will deliver the right combination of technology and advisory services to fulfill the promise of supply chain digital transformation.”   

As CMO Moore will lead SourceDay’s global brand, product, digital and performance marketing programs. She is a 23-year veteran of the Austin tech community, where she most recently served as Vice President of Brand and Revenue Marketing for Spredfast. Prior to her six-year tenure at Spredfast, Moore led go-to-market teams at Socialware, Lombardi Software, pcOrder.com/Trilogy and several others. 

As Senior Vice President of Alliances & Channel, Emeka Obianwu will be responsible for the strategy and management of SourceDay’s technology and consulting partner ecosystem. For more than ten years, Emeka has led sales, channel and corporate development functions at leading software and consulting services organizations including NSS Labs, Ping Identity, BuildForge, IBM and more.  

About SourceDay

SourceDay is how manufacturers and distributors trust their supply chain. SourceDay’s SaaS solution automates purchase order (PO), request for quote (RFQ) and accounts payable (AP) management to remove costly waste and errors from global supply chains. By freeing manufacturers, distributors and suppliers from unorganized email threads, sticky notes and cumbersome spreadsheets, SourceDay dramatically improves a customer’s ability to maximize margin and meet their customer commitments on time. By seamlessly integrating with all major Enterprise Resource Planning (ERP) systems, SourceDay extends ERP purchasing capabilities and ultimately improves supplier performance. Since 2015, SourceDay has helped more than 100 manufacturing customers process more than 1 billion POs with a daily average spend of $1 million.

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SourceDay Attracts Prominent Austin Board Members with Strong 2018 Growth [Press Release]

Posted by SourceDay on Press Release

SourceDay achieves 230% revenue growth YOY and welcomes former Dell executive Paul Bell and ATX Seed Ventures’ Christopher Shonk to its Board of Directors

AUSTIN, Texas— SourceDay, the pioneer in automating direct spend procurement, purchase order management and supplier collaboration, today announced that former Dell executive and current Operating Partner at Lead Edge Capital, Paul Bell, and longtime business advisor and investor, Christopher Shonk, General Partner at ATX Seed Ventures, have joined SourceDay’s board of directors. SourceDay welcomes Bell and Shonk to its board after a 2018 full of strong growth and key milestones, including 230 percent YOY revenue growth and a successful Series A round of funding.

“SourceDay is on the brink of something big,” said Bell. “They are leading the charge in defining a new industry category by solving the procurement industry’s most prevalent problems in new innovate ways, and I’m excited to do what I can to help the company see even more success.”

“SourceDay not only offers a product that is completely revolutionizing the world of procurement; it’s a smart, strategic business run by some of the hardest working, most innovative entrepreneurs I know,” said Shonk. “I’ve been working with and investing in SourceDay since shortly after they founded the business, and I’ve been continually impressed by the company’s ability to grow and succeed in a completely new field, the digitization of procurement. Joining SourceDay’s board is a great honor for me, and I look forward to being able to help build on the company’s incredible 2018 momentum as an official part of the company.”

In addition to tremendous percent revenue growth, in 2018 SourceDay saw its number of customers grow by 58 percent, the number of employees grow by 87 percent and the addition of 20 new ERP and channel partners. On top of this growth, SourceDay closed out the year with $6.5 million in Series A financing, bringing its total funding amount to $10.8 million since launching its platform in 2013, all while receiving prestigious industry distinctions including being named to Built in Austin’s 50 Startups to Watch list and included in Red Herring’s Top 100 Global Winners and Top 100 North America Winners lists.

“We’re incredibly proud of the success and growth we’ve seen over the past several years, and adding Paul and Chris to our board is just another step towards building the elite team that will help us build on and accelerate that growth,” said Tom Kieley, CEO of SourceDay. “Since nearly day one, Chris has been an integral part of every victory, from both an advisory and financial perspective, and we couldn’t be more excited to now welcome him as an official member of the SourceDay family. We are also truly fortunate to now be able to benefit from Paul’s notorious expertise and incredible technology network. We’re pinching ourselves really, with these two new powerhouses on the board.”

Bell has been Operating Partner at Lead Edge Capital since 2013 where he has worked with portfolio companies including Xamarin, Spredfast, Toast and Kapost. Prior to that he was at Dell for 15 years where he served variously as president of the EMEA region, the Americas region, the global Consumer and Small Business unit, and the global Large Enterprise and Public Sector unit. He has an MBA from Yale and BS and BA degrees from Penn State.

Shonk, an entrepreneur since the age of 14, has been a partner with ATX Seed Ventures since 2014. Shonk is also the co-founder of Virtus Financial Group (now Virtus Real Estate), EZ Money Pawn and Sneaky Games. Additionally, Shonk and his wife Myrna were among the first investors in and the largest franchisees of Massage Envy, of which they continue to own numerous locations in Central Texas. Prior to these successes, Chris served in the US Army and worked as an analyst at Merrill Lynch to begin his post-military career. Shonk is a graduate of Campbell University and Acton School of Business, where he earned his BA and MBA, respectively.

About SourceDay

SourceDay is a Software as a Service (SaaS) solution that automates procurement and purchase order management and supplier collaboration by seamlessly integrating with Enterprise Resource Planning (ERP) systems. SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance.

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SourceDay Secures $6.5 Million Series A Financing from Leading Venture Firms [Press Release]

Posted by SourceDay on Press Release

Direct spend management automation company to aggressively accelerate sales, marketing and execution of product roadmap

AUSTIN, Texas— SourceDay, the pioneer in automating direct spend procurement, purchase order management and supplier collaboration, today announced it has completed a $6.5 million Series A round of financing from three venture capital firms, Silverton Partners, Draper Associates and ATX Seed Ventures. These investors focus on startups that excel in their business sectors. The investment brings SourceDay’s total funding to $10.8 million since launching its revolutionary platform, and will allow the company to aggressively expand its sales and marketing efforts as well as broaden and accelerate innovative product development.

Austin-based SourceDay announces it has completed a $6.5 million Series A round of financing.

SourceDay’s software is well-timed with the rapidly increasing demand for solutions that digitize the supply chain,” said Morgan Flager, General Partner with Silverton Partners. “We see direct spend purchasing and procurement as areas ready for improvement. Also, we are seeing expanding interest in SourceDay as awareness of this ideal automation solution expands across the industry.

According to Gartner’s May 2018 report, Magic Quadrant for Procure-to-Pay Suites, “the procure-to-pay market is growing rapidly as organizations seek automation and innovation to control spend and improve supplier collaboration…By 2025, over 50% of the global midmarket and large enterprise will have deployed procure-to-pay suits via a cloud delivery model.”

“SourceDay delivers a powerful solution and we are excited to collaborate with and support them as they work to build a great company in an exciting category,” said Tim Draper, Founder/Managing Partner with Draper Associates. “We believe manufacturers will rapidly expand spending into this niche when they see the opportunities to maximize direct spend management provided by the application.”

In 2015, SourceDay launched the manufacturing and distribution industries’ first procurement management software as a service (SaaS) for direct spend. SourceDay standardizes the entire procurement lifecycle and automates managing POs, from purchase order acknowledgment to supplier collaboration and supplier invoice, for both buyers and suppliers, in one easy-to-use, centralized, cloud-based application. The SourceDay solution transforms procurement from a time-consuming, error-prone manual operation to a fully-automated process that significantly reduces cost, accelerates operational performance and diminishes risk to the supply chain.

“SourceDay is just scratching the surface when it comes to the potential in powerful direct spend procurement automation combined with supplier collaboration,” said Tom Kieley, CEO of SourceDay. “By replacing outdated manual processes with automated efficiency, manufacturers, distributors and their suppliers are bridging the gaps in productivity, resource management, collaboration and margins. Our customers are not only experiencing 35 percent savings, on average, in on-time material deliveries, but with SourceDay, their supply chains avoid the multiple risks for disruption created by outdated manual processes.”

“Having the financial support and confidence of Silverton Partners, Draper Associates and ATX Seed Ventures will help us execute our vision even more rapidly and broadly,” added Kieley. “We will focus on growing our team, continuing to innovate our product and maintain our established category leadership position in direct spend management.”

About SourceDay

SourceDay is a Software as a Service (SaaS) solution that automates procurement and purchase order management and supplier collaboration by seamlessly integrating with Enterprise Resource Planning (ERP) systems. SourceDay extends ERP purchasing capabilities by centralizing and managing the PO lifecycle for buyers and suppliers, eliminating manual processes while improving supplier performance.

About Silverton Partners

From idea to exit, the Silverton team works with exceptional entrepreneurs who are committed to attacking growth markets and building lasting companies. In partnering with Silverton, companies benefit from our deep network and lessons learned over many decades of operating and investing experience. Founded in 2006, Silverton Partners is based in Austin and has been the initial investor behind Convio, WP Engine, SpareFoot, SailPoint, Silicon Labs, TurnKey, The Zebra, AlertMedia, SpyCloud, Convey, Aceable, Big Squid, and Billie among many others. CB Insights has recognized Silverton as the most active venture capital firm in Texas. For more information, visit www.silvertonpartners.com.

About Draper Associates

Draper Associates, founded in 1985 and based in California, is a seed-stage venture capital firm that encourages entrepreneurs to drive their business to greatness, transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth.

About ATX Seed Ventures

ATX Seed Ventures is an early-stage venture capital firm specializing in Texas. The company’s investments focus on software, IoT, e-commerce and mobile applications. ATX Seed Ventures was created by expert entrepreneurs to serve emerging entrepreneurs.

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