Source: citybiz
Cofactr, a source-to-pay and logistics platform for critical hardware manufacturers, today announced the acquisition of hardware sourcing platform Cogbase. Cogbase automates the process of identifying, contacting, and vetting mechanical and electrical suppliers–that build everything from custom components to off-the-shelf materials–so manufacturers can strengthen and scale their supplier networks in the U.S.
The critical hardware manufacturers and R&D teams that rely on Cofactr to streamline procurement and logistics will gain access to Cogbase’s network of over 450,000 suppliers, including machine shops, metal fabricators, injection molders, wire harness assemblers, and PCB fabricators and assemblers. Manufacturers can now easily search, evaluate, and connect with an expanded group of U.S. suppliers that meet their exact part and production requirements within Cofactr’s platform. By integrating Cogbase’s supplier network and capabilities directly into its unified platform, Cofactr offers procurement teams a full end-to-end, automated sourcing process so they can efficiently scale and diversify suppliers.
Cogbase has powered over $55 million in sourcing transactions for leaders and emerging players across robotics, automotive, electronics, industrial automation and other industries, including TRIC Robotics, Milton Industries, Burro, Fulfil.ai, Lab0 and Motivo. Manufacturers can upload 2D or 3D drawings and process documentation to Cogbase, which the platform uses to extract key specifications and match procurement teams with suppliers that meet their exact requirements.
“Going through multiple rounds of searches for new suppliers has often become the norm for hardware procurement teams because of the lengthy processes and decades-old tools that are currently available to them,” said Phillip Gulley, CSO and Co-founder, Cofactr. “But with supply chain disruptions becoming more frequent, manufacturers need to be able to accelerate the sourcing process and quickly connect with suppliers–even for the most complex parts in their bill of materials. With Cogbase, we’re expanding our ability to solve this challenge for manufacturers and quickly grow their supplier network.”
“Most manufacturers only start to look for supplier replacements when they have to—which often means they’re doing it under pressure, at exactly the wrong moment,” said Platz. “By simplifying the sourcing process, we’re helping manufacturers to discover new suppliers not only when they urgently need them, but also proactively—so they can stop disruptions before they happen and keep production on schedule. We’re excited to join Cofactr and make this vision even more of a reality for manufacturers.”