Fairmarkit

Fairmarkit's journey began in 2017, born from a realization by co-founders Kevin Frechette, Tarek Alaruri, and Victor Kushch that companies lacked efficient ways to compare prices for their numerous smaller purchases. They observed that many businesses, for convenience, consistently turned to the same suppliers rather than exploring other options, potentially missing out on significant savings. This insight sparked the creation of an intelligent sourcing platform designed to automate and optimize the procurement process, particularly for what's known as 'tail spend' – the high volume of low-value purchases that often go unmanaged.

The company, headquartered in Boston, Massachusetts, set out to transform this overlooked area of procurement. Fairmarkit's platform leverages artificial intelligence and machine learning to streamline how organizations source goods and services. It automates the request for quotation (RFQ) process, identifies suitable vendors, and analyzes bids, ultimately helping businesses reduce costs, increase efficiency, and ensure compliance. Early adopters like the Boston Metro (MBTA) quickly saw substantial savings, validating Fairmarkit's approach. This initial success paved the way for partnerships with major enterprises such as Siemens, ServiceNow, and Boston University. Over the years, Fairmarkit has continued to innovate, expanding its capabilities to include GenAI and integrations with leading ERP and procure-to-pay systems like SAP Ariba, Coupa, and Oracle. This focus on seamless integration and continuous improvement has fueled significant growth, with the company tripling its annual revenue and customer base in its early years and securing substantial funding rounds to further its mission of revolutionizing enterprise procurement globally.