Bloom Procurement Services Company Profile

Background

Founded in 2012, Bloom Procurement Services specializes in providing a dynamic supply chain marketplace tailored for the UK public sector. The company's mission is to streamline the procurement of professional services, ensuring quality outcomes through a pre-approved network of suppliers and consultants. By offering a fully compliant, open-access marketplace, Bloom enables public sector organizations to procure services efficiently, paying only for delivered outcomes. This approach has positioned Bloom as a significant player in the public sector procurement landscape.

Key Strategic Focus

Bloom's strategic focus centers on delivering comprehensive procurement solutions that encompass specification development, supplier identification and onboarding, contract management, and lessons learned post-project completion. The company leverages its proprietary NEPRO³ framework, an OJEU-compliant managed procurement service, to facilitate faster and more efficient contract awards. Bloom targets various public sector segments, including local and central government, health and social care, education, housing associations, and emergency services, aiming to enhance procurement efficiency and transparency across these sectors.

Financials and Funding

In April 2021, Bloom secured £14 million (approximately €16.1 million) in funding from growth capital investor BGF. This investment was intended to support the company's expansion and further development of its procurement services. As of 2019, Bloom reported a revenue of £173.3 million, with a gross profit of £6.1 million and a net income of £178.7 thousand.

Technological Platform and Innovation

Bloom distinguishes itself through its technological platforms and innovative methodologies:

NEPRO³ Framework: An OJEU-compliant managed procurement service that streamlines the procurement process for specialist professional services and consultancy.

Pro-vide 2.0: A cloud-based platform facilitating procurement processes, including supplier onboarding, spend control, specification development, evaluation, and payment.

ERP Implementation Support: Assistance in selecting and implementing ERP systems for public sector organizations to enhance operations, financial control, decision-making, and service delivery.

Leadership Team

Bloom's leadership comprises experienced professionals dedicated to advancing the company's mission:

Amabel Grant: Chief Executive Officer

Samuel Peachey: Chief Financial Officer

Barney Markham: Chief Operating Officer

Paul Mitchell: Chief Technology Officer

Pam Lamming: Chief People Officer

These leaders bring diverse expertise to drive Bloom's strategic initiatives and operational excellence.

Leadership Changes

In April 2021, Bloom appointed Amabel Grant as Chief Executive Officer, succeeding founder Adam Jacobs, who transitioned to the role of Executive Chairman. This leadership change aimed to steer the company through its next growth phase.

Competitor Profile

Market Insights and Dynamics

The UK public sector procurement market has experienced significant growth, with the value of contracts awarded via framework agreements increasing from £10 billion in 2019 to over £35 billion in 2023. This expansion underscores the demand for efficient procurement solutions and the critical role of framework providers in facilitating public sector contracts.

Competitor Analysis

Bloom operates in a competitive landscape alongside several key players:

Periscope Holdings: Develops procurement solutions, focusing on technology-driven platforms to enhance procurement processes.

SAP Ariba: Provides supply chain management and business commerce network solutions, offering comprehensive procurement services.

Unison Marketplace: Optimizes government procurement processes by facilitating efficient sourcing of products and services.

These competitors offer various procurement solutions, each with unique technologies and service models, contributing to a dynamic and evolving market.

Strategic Collaborations and Partnerships

Bloom has established significant partnerships to enhance its service offerings:

New Lab, LLC: In November 2023, Bloom partnered with New Lab to launch operations in Detroit's Michigan Central, expanding its reach and capabilities.

Octopus Electric Vehicles: In March 2022, Bloom collaborated with Octopus Electric Vehicles to offer employees access to new electric vehicles as a benefit, reflecting its commitment to sustainability.

Operational Insights

Bloom's strategic considerations include:

Market Position: Leveraging its NEPRO³ framework to offer a compliant and efficient alternative to traditional public sector procurement methods.

Competitive Advantages: Providing a fully managed procurement service that reduces administrative burdens and ensures compliance, distinguishing itself from competitors.