Procurement and accounts payable (AP) technology firm XPRO has rebranded and changed its name.
The firm is now known as Bedrock, a name that aligns with its growth and its focus on providing supplier management solutions, according to a Wednesday (Dec. 21) press release.
“We are excited to introduce our new name and brand, which reflects the foundational impact our technology has on our customers’ ability to streamline and improve their procurement and AP processes,” Bedrock Founder and CEO Osama Sabbah said in the release.
The rebranding and name change was spearheaded by Bedrock Chief Revenue Officer Devin Noonan, who joined the company in March and oversees its growth-led initiatives.
“Bedrock is the foundation upon which all things are built, and we’ve built a unique platform that is foundational to supplier management success,” Noonan said in the release. “Our mission is to deliver innovative, powerful procurement and AP solutions to help our clients succeed in today’s constantly evolving business environment.”
These newly announced changes follow Bedrock’s launch of a refreshed website and its relocation to downtown St. Petersburg, Florida, which is an up-and-coming technology hub, according to the release.
The company has also been featured as an Inc. 5,000 fastest growing company in the United States and recently kicked off a Series A round, the release said.
Bedrock’s platform helps automate and streamline procurement and AP processes by providing real-time onboarding, banking and risk verification, clean data, smarter recovery and simplified payments, according to the release.
“We believe that procurement and AP teams require innovative, automated tools to do significantly more with less every single day,” Sabbah said in the release. “We plan to invest more resources to accelerate product development and growth so our clients can do just that.”
PYMNTS research has found that chief financial officers (CFOs) and other financial professionals are looking at automation for various parts of the supply chain or spend management process as they seek to break down some of their organizations’ cash flow barriers.
About one-third of businesses in the United States and the United Kingdom plan to upgrade their spend management and expense controls, and nearly half plan to enable payments from digital invoices in the next three years, according to the “Corporate Spend Playbook,” a PYMNTS and Airbase collaboration.
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