Pactum Named a Finalist in Digital Procurement World Amsterdam 2022 Startup Competition
Pactum, the creator of the AI-driven autonomous negotiation market, has been named a finalist in Digital Procurement World Amsterdam (DPW)'s DEMO Startup Competition in the Early-Stage Track. This is Pactum's second year competing at the event as they were named the winner in the Automation and Efficiency category in 2021.
"As the global economy continues to be disrupted by inflation, autonomous negotiations will be crucial for enterprises to remain nimble," said Kristjan Korjus, Pactum Co-Founder and CTO. "On average, we improve the contract value by 4.2 percent, and for low-margin businesses, this could be 40-50 percent of extra profitability per supplier. That is why we are honored that the DPW Amsterdam judges recognized the value we bring to our customers by choosing our demo as the finalist among 100 other startups."
Pactu's conversational AI uses advanced mathematical models, cognitive science, and best-in-class negotiation techniques to enable enterprises to unlock value in deals they don't have the capacity to negotiate with their people. The technology evaluates hundreds of thousands of possible agreements to create mutually beneficial deals while accounting for supplier preferences on payment terms, costs, service levels, and contract length.
Started by DPW in 2019, DEMO is the procurement industry's largest startup pitch competition. 20 startups were selected out of 100 pre-qualified applicants to compete in the semi-final round. The top 10 startups, including Pactum, were then invited to pitch live on Center Stage at the DPW Amsterdam 2022 conference. Pactum's live demo of autonomous negotiations was judged by leaders in procurement and venture capital.
Pactum helps global companies to digitally conduct personalized commercial negotiations on a massive scale. Pactum works with $5B+ revenue companies, including many top Fortune 500 organizations such as Walmart and Maersk. The company is based in Mountain View with engineering and operations in Estonia. Learn more at www.pactum.com.