PROVIDENCE – The Slater Technology Fund has committed $250,000 in funding to Absolute Commerce Inc., a company developing solutions to make it easier and cheaper for large companies to purchase the goods and services they need.
Absolute Commerce, which is based in Providence’s Davol Square, uses electronic procurement technology to speed the process of integrating suppliers’ product catalogs with buyers’ enterprise resource management systems.
According to a release, this enables companies to control costs, minimize risks and increase their competitive advantage.
“We’ve seen dizzying innovation in the consumer commerce space, including payment methodologies, price discovery and optimization, and loyalty to name a few, but enterprises across the country continue to struggle with managing their electronic procurement activities optimally,” Thorne Sparkman, managing director of the Slater Technology Fund, said in prepared remarks.
“Absolute Commerce knows the space cold, and [company founder Kevin Wilbur] and his team are bringing a cleverly crafted solution that slashes costs right out of the gate, and also brings the kind of innovation and insight to the enterprise that is so sorely needed,” added Sparkman. “We are excited to be working with Absolute Commerce and look forward to helping them grow.”
A Slater Fund release describes electronic procurement as the “technology-enabled acquisition of goods and services.” Absolute Commerce’s system provides companies a way to more effectively and efficiently integrate organization’s ERP systems with suppliers’ catalogs, effectively saving them “millions of dollars in the process.”
Absolute Commerce has already been recognized as a certified partner of Oracle, North America’s leading ERP software provider.
The company was founded by Wilbur, who has more than 10 years of experience working with Global 2000 organizations to enhance operational effectiveness and efficiency in the purchase-to-play arena. Prior to founding Absolute Commerce, Wilbur ran the global procure-to-pay team for GE Capital and served as head of the Oracle Applications Procurement user Group.
The Absolute Commerce investment is the Slater Fund’s second of the new year. On Jan. 8, Slater announced that it had committed $250,000 to a $750,000 seed round for medical messaging solutions company Care Thread.
Slater’s 2012 investments included med-tech maker IlluminOss Medical Inc. and an energy management services company VCharge, among others.