CHICAGO, May 22, 2019 /PRNewswire/ — supplier.io is pleased to announce it has executed a definitive purchase agreement to acquire CVM Solutions from Kroll, a division of Duff & Phelps. Both supplier.io and CVM Solutions are leading providers of supplier diversity technology, data and services. When combined, the entity will serve over 65% of Fortune 500 companies. Terms of the deal were not disclosed.
“Since our founding in 2011, supplier.io has brought advanced technology and analytic services to our customers. We work with leaders across many industries – including automotive, insurance, advanced manufacturing, healthcare and others – to improve spend with diverse suppliers and increase supplier diversity manager productivity. With the purchase of CVM Solutions, we add strengths in financial services, pharmaceutical and many other markets, and will be adding significant scale to our team and operations. We are very excited to bring these two leaders together and are anxious to speed new services to market to help our combined client base, which is unparalleled in our industry, continue to improve and grow,” states Neeraj Shah, CEO and President of the combined company.
supplier.io and CVM Solutions are both headquartered in the Chicago metro area and the combined entity, to be referred to as CVM, a unit of supplier.io, will maintain its headquarters there.
“supplier.io is known as an innovator in the supplier diversity space and we are excited to infuse the supplier.io technology into the core CVM systems to improve and expand services for our clients,” adds Jeff Angtuaco, Managing Director of CVM Solutions.
Supplier diversity programs help corporations and procurement organizations strengthen their supply chains by working with suppliers that are led by or owned by various disadvantaged or under-represented groups, such as minorities, women, veterans, LGBT or disabled. Buying organizations want to work with suppliers that represent their customer populations, or that help them meet the needs of government contracting regulations. They offer these small and diverse suppliers support and development opportunities to expand their reach and more broadly offer services. The nature and profiles of smaller suppliers constantly change and tracking certifications for suppliers is difficult. It is also challenging to demonstrate the economic impact of supplier diversity programs. supplier.io and CVM help these programs manage their diverse supplier base, analyze spend and project employment impacts from purchasing with these suppliers.
supplier.io is the leading provider of solutions that enable companies to manage, optimize, and scale their supplier diversity programs. Working as a trusted advisor to the Supplier Diversity community, supplier.io’s mission is to support every program by providing innovative and superior end-to-end Supplier Diversity solutions. Equipped with unparalleled data intelligence, superior technology and expert guidance, supplier.io’s customers can establish and advance their supplier diversity initiatives effectively and strategically. For more information, visit www.supplier.io or www.cvmsolutions.com.