If Palo Alto, California, is the heartland of innovation, Xerox PARC was its epicenter in 1996. Selectica was founded in that vortex of advanced ideas and technology. It all started with a vision that "selection and configuration expertise" could guide teams to make better decisions during the sales process, which lead us to build a powerful configure price quote solution.
This allowed companies with the most complex catalogs to configure products and services efficiently and in countless ways. Quoting cycles decreased along with the time required to propose a solution and provide accurate pricing. The market responded favorably as Selectica went public in 2000 on NASDAQ. Today, our patented algorithm helps companies power their sales cycles by configuring their own configure price quote (CPQ) applications.
As an early innovator of Contract Lifecycle Management in 2005, our goal was to improve contract workflows across complex enterprises. Make compliance paramount, and simplify management through oversight, accessibility and transparency.
Our CLM was so configurable, it went beyond legal to procurement, sales, HR, real estate, all the way to building business relationships. Scalability took CLM effectiveness to the enterprise level, breaking down silos between departments, offices and countries. Give the C-suite a dashboard where unparalleled contract insights can help drive corporate goals.
CLM is a case study of how we innovate to meet the demands and dynamics of our customers, instead of forcing them to make concessions to oversimplified solutions. Their mandate became our mantra: Solve problems today, prepare for the future, integrate and scale to the future. Solutions they can call their own.
CLM revealed the need for corporations to link upstream and downstream procurement. Contracts connected sourcing and procure-to-pay functions and provided the visibility that enabled better supplier management. What became obvious was the interdependent nature of sourcing, supplier management, P2P and contracts; each becoming more powerful by informing and working with the other.
The source-to-pay continuum required a solution that put compliance and risk management on par with cost savings. In 2014 we joined forces with industry-leader Iasta, a Gartner Magic Quadrant visionary. Immediately, our combined platform gave customers complete situational awareness and control across supply management. Not just through procurement, but business lines, finance, legal, IT and other stakeholders.
By integrating strategic sourcing and analytics with our robust CLM, companies could follow the money with hyper-clarity. And ultimately, transform spend and supplier data into process efficiency and savings. Real, repeatable results.
Our drive to complete the S2P picture led to our merger with another Magic Quadrant visionary; recognized P2P leader b-pack. As the final link in the corporate source-to-pay chain, b-pack's cloud-based solutions have transformed procurement from an operational service to a vital strategic role. Effectively using technology to provide real-time information and generate value optimization across organizations.
We're the sum of three complete solutions—developed independently, but destined to intersect. Not just three industry-leading technologies, but technology from three industry leaders.
Our collective DNA is a shared heritage of innovation, depth of capability and collaboration. We're in a constant state of refinement and adjustment. We demand creativity in all things, and refuse to accept the status quo.
Where will that take us next? You tell us. We're listening.