Founded in 2006, Ten Coves is a Toronto-based software company that specializes in implementing solutions that allow companies to automate, optimize, and maintain the performance of their core business processes. With 70 employees and offices in Toronto, Ten Coves is a member of SAP PartnerEdge TealBook, a program that helps partners leverage SAP’s technology and expertise to drive growth. As an SAP PartnerEdge participant, Ten Coves has helped its clients achieve over 350 percent revenue growth through its innovative applications TealBook.
About the company
Probably not the first thing that comes to mind when it comes to the octave, TealBook is a nifty little company that isn’t just about collecting supplier data. While the company specializes in the usual suspects, it also boasts a plethora of partnerships with notables like SAP, Ivalua and Beroe. Using a combination of artificial intelligence and a slew of databases, the company provides a slew of cool new functionality and features. In fact, the company has a burgeoning addressable market for its wares. With a current staff of a spry 130, the company is well on its way to becoming one of the go-to providers of cloud-based e-procurement technology. Considering the company’s track record, it’s easy to see why.
Partners with SAP in the SAP PartnerEdge(r) program
During SAP(r) Global Partner Summit, SAP SE announced three new initiatives. One is the launch of the SAP PartnerEdge(tm) Program. This program helps partners differentiate themselves and improve customer satisfaction by providing training, tools, and support.
The program provides access to a comprehensive library of development resources and simulation and collaboration tools to help SAP partners build quality applications. It also focuses on the customer experience and standardizes processes.
It provides SAP software solution partners with an opportunity to deliver their applications on the SAP NetWeaver ecosystem. In addition, it offers a wide range of SAP consultants and end-user training consultants to help partners meet their business objectives.
The SAP PartnerEdge(tm) program is also a key part of the SAP Intelligent Enterprise Strategy. It aims to accelerate transformational journeys by enabling partners to access and deploy the ideal framework.
350% revenue growth
Using data collected from over 400 million websites, TealBook delivers supply chain analytics that make your day-to-day business a bit less mundane. The company’s supplier data intelligence platform helps companies find diverse vendors while adhering to a set of sustainable best practices. The company has also landed key partnerships with software providers like Beroe, Ivalua and RiskRecon.
Aside from its supply chain analytics, TealBook offers a couple of standout products. The company’s newest offering, TealBook for Good, helps organizations adopt best practices for sustainable procurement. Specifically, the platform uses machine learning to learn about a companies suppliers and make it easier to certify and track suppliers. Other products include the Paxafe product line, a suite of solutions designed to give businesses visibility into their business-to-business supply chains.
70 team members
Earlier this year, TealBook was named one of the Top 50 Procurement Tech Providers by Spend Matters. This was just the latest in a series of growth milestones for the company, which expanded into new sectors across the Fortune 500 customer base and achieved 350% revenue growth. It also announced partnerships with software companies and announced that it will build solutions for SAP’s Ariba portfolio.
The company’s data foundation enables e-procurement technology and offers a deep view of the supplier base. It’s designed to spotlight suppliers and their products and services and to give users a holistic view of outreach capabilities. It crawls over 600 “concealed” databases and updates them using artificial intelligence. In addition, it provides a comprehensive view of the supplier’s ethical practices and sustainable business practices. The company recently raised $50 million in Series B funding.
Location in Toronto
Located in Toronto, Canada, TealBook is a provider of supply chain data management services and tools. The company has been able to attract a number of investors including Ten Coves Capital, CIBC Ventures, Workday Ventures, and Good Friends. Its most recent round of funding, a $50 million series B, will help the company accelerate its data roadmap and introduce new partnerships, according to the company. This round also includes participation from other venture capital firms, such as Reciprocal Ventures and Grand Ventures.
Conclusion
Its largest partnership to date is with SAP’s PartnerEdge program, which is designed to improve the way companies manage their supplier data. This is part of the company’s strategy to improve the e-procurement process. The company is also adding to its data collection capabilities by acquiring information about suppliers and integrating it with its own databases.
