FairMarkIT, Inc.
| Privately held company | |
| ISIN | 🆔 |
| Industry | Procurement |
| Founded 📆 | March 2017 |
| Founder 👔 | Kevin Frechette, Tarek Alaruri |
| Headquarters 🏙️ | , Boston , United States of America |
Area served 🗺️ | |
| Products 📟 | Tail spend management software |
| Members | |
Number of employees | |
| 🌐 Website | www.fairmarkit.com |
| 📇 Address | |
| 📞 telephone | |
FairMarkIT is a Boston-based software company that specializes in tail spend management. The company's core offering uses unstructured tail spend data to streamline the procurement process and produce insights that increase the volume of bids received, vendors engaged, and save time and money. [1]
In January 2018, the MBTA announced a new partnership with FairMarkIT, to modernize its tail spend management processes; transitioning from legacy systems to a transparent, web-based platform. [2] The MBTA was FairMarkIT's first customer, though it now has six customers, including YETI Coolers and vision care health insurance company VSP. [3]
FairMarkIT is a part of Oracle's Scaleup Ecosystem Accelerator that supports growing technology startups and was nominated in June 2018 for Sourcing Industry Group's 'Future of Sourcing' Award. [4]
FairMarkIT announced their first round of institutional funding and Board of Directors in May 2018. Some of the venture capital firms include NewFund Capital, NewStack Ventures, MassVentures and VT Technology Ventures. [5]
References
- ↑ "Home - FairMarkIT - Tail Spend Management". FairMarkIT - Tail Spend Management. Retrieved 2018-04-30.
- ↑ "MBTA Modernizes Procurement Process by Partnering with Boston Tech Startup FairMarkIT | MassDOT Blog". blog.mass.gov. Retrieved 2018-04-30.
- ↑ "This 'tail spend' startup saves the MBTA $100K per month". www.bizjournals.com. Retrieved 2018-07-09.
- ↑ "FairMarkIT Selected for the Oracle Scaleup Ecosystem Accelerator and Nominated for Future of Sourcing Award". www.bizjournals.com.
- ↑ "FairMarkIT Raises First Institutional Fundraising Round to Transform Procurement". https://finance.yahoo.com. Retrieved 2018-07-09. External link in
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