Acquisition of state-of-the-art product
breakdown technology expands Exiger's AI-driven multi-tier
supply chain visibility, data and mapping capabilities
WASHINGTON, July 8, 2024 /PRNewswire/ -- Exiger, the
market-leading supply chain and third-party risk AI company, today
announced the acquisition of Versed AI. Born out of the
University of Cambridge's Language
Technology Lab, Versed AI's artificial intelligence technology
accelerates the process of extracting and aggregating multi-tier
supplier networks, creating automated bills of material and
generating proprietary value chain graph data. The integration of
Versed AI into Exiger's award-winning supply chain management
platform allows Exiger customers to rapidly expand multi-tier
visibility with access to unrivaled advancements in supply chain
tracing, orchestration and mapping.
"Procurement and supply chain professionals across the public
and private sector are overwhelmed by the amount of data they have
to navigate to meet daily operational and regulatory requirements
like tariff analysis, alternative vendor sourcing, forced labor
checks, environmental impact assessments and CSDDD compliance,"
said Exiger CEO Brandon Daniels.
"This acquisition allows us to offer a beautifully simple solution
to those challenges."
Exiger leads the market with the fastest, most accurate and
advanced solution for supplier mapping and risk analysis –
technology that runs on proprietary data created from open source
content and BOMs. Versed AI's capability further streamlines this
offering, alleviating the burden on procurement teams and negating
the need for BOMs or technical data packages. Versed AI extracts
supplier relationships and other insights from publicly available
content to harmonize the breakdown of an individual product into
its component parts, creating a synthetic BOM for highly-relevant,
product-specific supply chain mapping.
"The addition of this capability completes the equation in terms
of what Exiger offers," added Daniels. "It creates a revolutionary
multi-tier visibility solution that's holistic, autonomous and
universally deployable for any company and any product in a value
chain, allowing customers to assess the impact of events within
their supply chain in a matter of minutes and make informed
decisions that deliver value and mitigate risk."
"We're excited by the disruptive power created by combining
Versed AI and Exiger's best of breed capabilities," said
Fenella Boyle, Versed AI Co-founder
and CEO. "After surveying the competitive landscape, we feel
strongly that our technology will have the greatest impact when
deployed within Exiger's market-leading AI and across their vast
and rapidly growing customer base."
Versed AI won first prize in Cambridge Enterprise's Postdoc
Business Plan Competition and was named one of Gartner's "Cool
Vendors" in Sourcing and Procurement Technologies for its
innovative use of AI, natural language processing and machine
learning to gain visibility into multi-tier supplier networks. The
company was also selected for KPMG's competitive Future Tech
Program and SAP.io Foundry for Digital Supply Chain.
Exiger has already begun integrating the award-winning
technology into its supply chain platform and UX 1Exiger. The
integration will enrich Exiger's dataset and enhance the
operational and multi-tier visibility capabilities of Supply Chain
Explorer and SDX, making these solutions faster and more
comprehensive. The new capabilities will be immediately available
to Exiger customers.
"We're constantly looking for ways to deploy new technologies to
solve the supply chain problems our clients are struggling with,"
said Exiger CPO Brendan Galla. "Versed AI's technology capabilities
and domain expertise will be an incredible asset to Exiger and have
an immediate impact on our customers."
"We're thrilled to join an organization that shares our
commitment to developing exceptional technology – not only to
satisfy and streamline day-to-day business demands but to make the
world more ethical and transparent," said Versed AI Co-founder and
CTO Dr. Simon Baker.
Union Square Advisors LLC served as financial advisor to Exiger
in this transaction. Dechert served as legal counsel.
About Exiger
Exiger is revolutionizing the way
corporations, government agencies and banks navigate risk and
compliance in their third-parties, supply chains and customers
through its software and tech-enabled solutions. Exiger's mission
is to make the world a safer and more transparent place to succeed.
Empowering its 550 customers across the globe, including 150 in the
Fortune 500 and over 55 organizations across the Defense Industrial
Base and government agencies, with award-winning AI technology,
Exiger leads the way in ESG, cyber, financial crime, third-party
and supply chain management. Named one of Fast Company's 2023
'Brands That Matter' and recipient of the Third Party Risk
Association's 2024 Innovator Award, Exiger's work has been
recognized by 40+ AI, RegTech and Supply Chain partner awards.
Learn more at Exiger.com and follow Exiger on LinkedIn.
About Versed AI
Versed AI automatically maps and
contextualizes complex supply chains, providing customers with
unrivaled multi-tier supply chain intelligence. The company applies
cutting-edge AI technology to help leading enterprises rapidly
illuminate their n-tier supply chains, analyze them and act –
tackling risks from disruption, regulatory compliance and
reputational damage. With product-specific supply chain visibility,
Versed AI's automated Bill-of-Material mapping data helps customers
cut through the noise to the suppliers that matter. Versed AI is a
spin-out from Cambridge University, a
Gartner Cool Vendor in Sourcing and Procurement Technologies, and
is ISO 27001 certified
For more information, please contact:
Kody Gurfein
Chief Marketing Officer for Exiger
1.914.393.0398
kgurfein@exiger.com
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