Unimarket Company Profile

Background

Unimarket, founded in 2005, is a global provider of spend management and e-procurement software solutions. The company's mission is to simplify and automate procurement processes, offering organizations enhanced visibility and control over their expenditures. Unimarket's solutions are designed to transform source-to-pay processes, enabling compliance and eliminating maverick spending. The company serves a diverse range of industries, including higher education, healthcare, government, research, and financial services.

Key Strategic Focus

Unimarket's strategic focus centers on delivering a comprehensive suite of spend management solutions that integrate sourcing, procurement, contract management, invoicing, and payment functions into a single, user-friendly platform. The company's core objectives include:

Enhancing Procurement Efficiency: By automating time-consuming manual tasks, Unimarket enables organizations to make strategic decisions more quickly, maximize cost savings, and improve overall efficiency.

Ensuring Compliance and Control: The platform provides unprecedented visibility and control over organizational spending, ensuring compliance with procurement policies and reducing unauthorized expenditures.

Serving Diverse Markets: While Unimarket caters to various industries, it has a significant presence in the higher education sector, having increased its customer base in North America by 50% over an 18-month period.

Financials and Funding

Unimarket is a privately held company with backing from private equity firm Accel-KKR. The company has undergone three financing rounds, including a buyout/leveraged buyout. Specific financial details, such as total funds raised and valuation, are not publicly disclosed. The capital raised is intended to support Unimarket's growth initiatives, including product development, market expansion, and enhancement of customer support services.

Technological Platform and Innovation

Unimarket's platform is distinguished by its comprehensive integration of procurement functions into a single cloud-based solution. Key technological features include:

Catalog-Driven Supplier Marketplace: A centralized marketplace that connects organizations with a wide range of suppliers, facilitating streamlined purchasing processes.

Automated Procurement Processes: The platform automates requisitions, approvals, and invoice matching, reducing manual intervention and increasing efficiency.

Real-Time Spend Visibility: Advanced reporting and analytics tools provide organizations with real-time insights into spending patterns, enabling data-driven decision-making.

User-Friendly Interface: Designed with a focus on user experience, the platform ensures ease of use for administrators, buyers, and suppliers alike.

Leadership Team

Unimarket's leadership team comprises experienced professionals dedicated to driving the company's strategic vision:

Phillip Kenney: Appointed as Chief Executive Officer in September 2023, Kenney brings extensive experience in leading technology companies and is focused on expanding Unimarket's global presence.

Darren Blakely: Serving as Chief Revenue Officer and President of North America, Blakely has been instrumental in increasing Unimarket's higher education customer base in North America by 50% over 18 months.

Shane Loomb: As Chief Financial Officer, Loomb oversees the company's financial strategy and operations.

Justin Gillon: The Chief Operating Officer, Gillon manages the company's day-to-day operations and ensures alignment with strategic objectives.

Damien Hollis: Co-founder and Chief Information Officer, Hollis leads the technological development and innovation efforts within Unimarket.

Leadership Changes

In September 2023, Unimarket appointed Phillip Kenney as the new Chief Executive Officer, succeeding Peter Kane, who had led the company since 2012. This leadership change marks a strategic move to further Unimarket's growth and innovation in the spend management sector.

Competitor Profile

Market Insights and Dynamics

The spend management and e-procurement industry is experiencing significant growth, driven by organizations' increasing need for efficient procurement processes, cost savings, and compliance. The market is characterized by rapid technological advancements and a shift towards cloud-based solutions.

Competitor Analysis

Unimarket operates in a competitive landscape with several key players:

SAP Ariba: A leading provider of procurement and supply chain solutions, offering a comprehensive suite of tools for sourcing, procurement, and supplier management.

Coupa: Specializes in business spend management, providing solutions that encompass procurement, invoicing, and expense management.

JAGGAER: Offers a wide range of spend management solutions, including procurement, sourcing, and supplier management, serving various industries globally.

Proactis: Provides spend management and e-procurement solutions aimed at improving procurement efficiency and reducing costs.

Strategic Collaborations and Partnerships

Unimarket has engaged in strategic partnerships to enhance its offerings and market reach:

VendorPanel Merger: In October 2024, Unimarket merged with VendorPanel, a source-to-contract procurement platform, to strengthen its source-to-pay solutions and deliver greater value to customers.

Finexio Partnership: In September 2024, Unimarket partnered with Finexio to launch the Payment Risk Score (PRS), a tool designed to address the growing threat of payment fraud.

Operational Insights

Unimarket's strategic considerations include:

Market Positioning: By focusing on user-friendly, integrated solutions, Unimarket differentiates itself in the market, appealing to organizations seeking comprehensive and easy-to-implement procurement platforms.

Customer-Centric Approach: The company's commitment to exceptional customer support and collaboration has resulted in high customer satisfaction and loyalty.

Innovation and Adaptation: Continuous investment in technology and partnerships enables Unimarket to adapt to evolving market demands and maintain a competitive edge.