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by corry
1935 days ago
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Hi there - Bonfire founder here - this is firmly SMB which is a distinct category. Bonfire is gov focused, Scout was mid-market focused (trying to get into enterprise, and now owned by Workday), and obviously Coupa and Jaggaer are F500 focused (with Jagger also having a footprint in state gov / academia). Also note that Coupa/Jagger are really more of P2P platforms with some light sourcing and CLM in there. Bonfire and Scout are very Sourcing focused. There is MAJOR differences between these markets. None of Bonfire’s gov clients, for instance, would be a good fit for a sourcing platform meant for, say, small rubber manufacturers. Conversely, Bonfire probably isn’t a great fit for a logistics company that mostly procures transport services. IMO there really is very little in the SMB space for Sourcing and CLM. Procurify is likely the closest but it’s more P2P focused (great company and team though). Up until recently, I think most players in the space struggled to figure out SMB Sourcing or rather don’t think it’s a huge opportunity on its own. Smaller companies typically don’t do much sourcing volume, so providers that try to play in that space tend towards P2P. And the mid market is HUGE for sourcing. Now it could be classic innovators dilemma, and these guys will figure it out and then move upmarket to mid-market. I hope they do! The world needs better buying tools, regardless of size. A new flavour are the full-service procurement vendors out there. The idea being you basically outsource your procurement to them on specific categories (like IT, SaaS, etc). They offer some compelling value to SMBs. Anyways, I wish these guys luck - it’s an exciting opportunity if they can crack the SMB nut. |
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I don’t want to out my prior employer, but just wanted you to know we thought the pricing was very good. Maybe it’s different for other gov entities, but we were definitely open to paying more.