PROVIDENCE – The Slater Technology Fund will invest an additional $100,000 in local e-commerce technology firm Absolute Commerce, bringing Slater’s total investment in the company to $350,000, Slater announced Tuesday.
Founded in 2012 by Kevin Wilbur, Providence-based Absolute Commerce has developed an e-procurement catalog platform that integrates supplier catalogs with buyer ERP systems to make it easier for large companies to purchase the goods and services they need more efficiently and economically.
Absolute Commerce has already been recognized as a certified partner of Oracle, North America’s leading ERP software provider, and recently launched a partnership with Basware, an e-invoicing and purchase-to-pay solution company, to integrate catalogs into their procurement offerings.
“Having the lowest cost structure is one of the greatest strategic advantages a company can have, but procurement departments routinely shoot themselves in the foot by focusing on heavy procurement software and neglecting their data strategies,” said Thorne Sparkman, managing director of the Slater Technology Fund. “Kevin and his team are using rich data to make existing investments in purchasing infrastructure sing – after all, employees can only act on prices they can see.”
The Absolute Commerce investment is the Slater Fund’s first this year. Slater’s initial $250,000 in Absolute Commerce was made in January 2013. Other 2013 investments included energy firms VCharge, Enhanced Energy Group and VoltServer, as well as the health care mobile messaging platform Care Thread.