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
Photo - https://mma.prnewswire.com/media/2451351/Versed_AI_Social.jpg
Logo - https://mma.prnewswire.com/media/378374/Exiger_Blk_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/exiger-leads-market-in-ai-driven-multi-tier-visibility-with-versed-ai-acquisition-302190405.html
