Inovis has announced the acquisition of BetweenMarkets, a company that provides on-demand trading partner applications for supply chain hubs and suppliers. The integration between BetweenMarkets’ applications and the high-volumes of trading partner transactions processed through Inovis’ solutions will enable customers to improve transaction quality and compliance across their trading partners while reducing supply chain data errors, penalties and chargebacks. Financial terms of the transaction were not disclosed.
"The acquisition of BetweenMarkets fuels our momentum towards delivering our Business Community Management vision," said Sean Feeney, president and CEO of Inovis. "With the BetweenMarkets’ applications integrated with our suite of applications and Multi-Enterprise Expert Services Hub (MESH) platform, companies can change the way in which they engage the supply and demand chain for significant profitability and competitive gains."
BetweenMarkets’ applications are already integrated into the Inovis platform and are available today. Applications for supply chain hubs and retailers include: Order Exception Management and Deduction Management, and Partner Performance Management. Applications for suppliers include: Fulfillment Management, Chargeback Avoidance Management, and Compliance Change Management.
Accelerating Business Community Management
The BetweenMarkets acquisition continues a string of significant achievements by Inovis in executing its global Business Community Management strategy. Highlights include:
- Inovis MESH launch provides fully redundant platform designed to deliver 100 percent availability and a data center designed to deliver 99.995 percent availability. MESH provides a solid foundation of quality and operational excellence for all Inovis services.
- Freeway Commerce acquisition provides expanded adaptors and integration with SMB ERP and accounting packages in addition to hosted Web forms solution tailored to small- to mid-sized companies. These capabilities not only expand the Inovis footprint in the UK, but they provide more on-ramps onto the communication network powered by Inovisworks and MESH.
- Webware launch provides the smallest companies with an email-like form solution that allows them to participate in trading communities when they do not have the time, internal IT staff, or money to install and run a complete e-business platform.
Delivering Actionable Intelligence
BetweenMarkets' solutions help trading partners find and fix errors across electronic transactions such as orders, shipment notifications, and invoices. For example, a large retailer might have a thousand suppliers and data errors in up to 20 percent of transactions. These errors, such as mismatched item quantities across orders and shipments, delay shipments to stores and customers, trigger fines and deductions to suppliers and slow down payment cycles.
BetweenMarkets’ applications monitor these transactions against business rules and compliance guides to uncover errors and exceptions before they impact the supply chain. With this Actionable Intelligence, trading partners can collaborate to improve their supply chain network, improving business process compliance and reducing supply chain penalties or chargebacks.
- BetweenMarkets’ simple five-step process includes:
- Review of all critical Key Performance Indicators (KPIs)
- Identify errors and issues down to the item-level in a document
- Isolate problems within documents to their root cause
- Classify and diagnose errors, and
- Remediate by fixing errors across transactions, such as quantity mismatches between a ship notice and an order
"Since we have been working on the integration of BetweenMarkets' applications with our Inovis MESH platform, these new services will be available immediately to our customers," said Steve Cochran, chief technology officer of Inovis. "With a foundation of high quality services and complementary software architecture, Inovis will be able to rapidly launch new supply chain and business process management applications that work well with existing B2B technology investments."
"Inovis is the ideal organization to continue the work we began at BetweenMarkets," said Rob Lynch, president and CEO of BetweenMarkets. "With rock-solid operations, existing distribution, sales and support infrastructure and a solid client base across a number of vertical markets, this acquisition will serve to expand our original vision on a global scale."
Erik Huddleston, founder and chief technology officer of BetweenMarkets, will join Inovis as vice president of strategic applications. In addition, Inovis will retain the rest of the BetweenMarkets development, support, and marketing staff.
Readers can access a video blog with Sean Feeney, Inovis CEO, at www.inovis.com.
About BetweenMarkets
BetweenMarkets helps vendors and retailers improve trading partner transactions by improving vendor compliance and vendor deductions. The company's on-demand software has supported some of the world’s leading supply chains, including IBM, HP, and NetApp. To learn more, visit www.betweenmarkets.com.
About Inovis
Inovis is a leading provider of on-demand Business Community Management solutions that empower companies to transact, collaborate and optimize communications with their entire trading community. By standardizing and automating mission-critical business interactions, companies can dramatically reduce the complexity and cost of supply chain communication. This foundation of high-quality, reliable and secure connectivity provides real-time visibility across the order-to-payment lifecycle. The resulting actionable intelligence enables users to proactively address supply chain issues before they impact profitability, shortening cycle times, improving productivity and increasing customer satisfaction.
With more than 20 years of expertise, Inovis delivers its products and services to more than 20,000 companies over a wide range of industries and markets across the globe.
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