Supplier relationship management and eProcurement solutions provider Aquiire has just acquired new intellectual property.
The company announced in a press release on Thursday (June 14) that it has been granted a patent by the United States Patent and Trademark Office (US PTO) relating to “methods and systems for integrating procurement systems with electronic catalogs.”
“The award of this patent provides further recognition of Aquiire’s innovations,” the firm’s CEO Mike Palackdharry said in a statement. “We are proud of our heritage of bringing forward real-time solutions that transform and change how buyers and sellers communicate and transact in procurement.”
The patent is the latest in a series of patents secured by Aquiire. The company highlighted several of them, including “methods and systems for integrating procurement systems with electronic catalogs,” as well as its “integration of buy-side procurement with web-enabled remote multi-format catalog sources.”
The company noted it has several other patent applications pending with the US PTO.
Last year, Aquiire announced it had acquired intellectual property from search firm Zakta to enhance its machine learning capabilities and collaborative search technology. The company said at the time that it would integrate that technology into its procure-to-pay platform to enhance search experiences and social media product reviews.
“Procurement departments will gain the ability to visually analyze spend on poorly structured order data, improve real-time collaboration with existing suppliers and other buyers throughout the organization and perform supplier discovery, profiling and market intelligence activities via an intuitive, visual interface,” the company said at the time.
In a white paper released last July, Aquiire emphasized employees’ heightened expectations for speed and accuracy in the procurement department.
“Internal procurement is a highly visible area where this shortfall occurs regularly,” the company concluded, adding that friction often drives professionals to make business purchases from third-party sites outside of traditional procurement platforms, spiking rogue spending and increasing risk exposure.