EXECUTIVE INSIGHT
Founded in 2020 by Iyad Aldalooj , Majid Aldalooj and Mohamad Ibrahim , Penny Software is a B2B procurement platform that tailors to the needs of its users .
The cloud-based source-to-pay ( S2P ) solution is a modular system that is quick and easy to implement . The solution helps organisations to digitise and manage the entire procurement cycle , allowing professionals to track procurement in full , extract reports and conduct analysis .
Penny is dedicated to providing efficiency through innovations and empowering organisations around the world to make operations easy and consolidate spending needs into one intelligent system .
CEO and Co-Founder of the company , Iyad Aldalooj , sat down with Procurement Magazine to discuss the inspiration behind its creation , why digital procurement is vital in today ’ s landscape and how it will evolve over the coming years .
Q . CAN YOU SHARE THE STORY BEHIND THE FOUNDING OF PENNY SOFTWARE AND WHAT INSPIRED YOU TO START THIS COMPANY ?
» Penny Software was established with the inspiration to build a worldclass software brand that addresses significant and meaningful problems . Before co-founding Penny , I served as a General Manager at Careem , joining during its early days in Saudi Arabia . In 2020 , Careem was acquired by Uber for over US $ 3bn . This exit was a major milestone in the regional
“ Our vision and commitment are clear : to establish Penny Software as the leading brand in procurement technology worldwide ”
startup ecosystem and it inspired me to embark on the next mission .
Our aspiration to solve a major problem led us to focus on procurement . Admittedly , the decision to target procurement was somewhat biased . Our co-founder , Majid , has a strong background in procurement and had already established a procurement-asa-service company . Through conducting gap analyses and assessments in this space , we built conviction that procurement was lagging behind other business verticals in terms of digitisation . Procurement is the backbone of every organisation , and improving the efficiency of procurement processes and decision-making through artificial intelligence and digitisation became a mission we are passionate about .
Our goal at Penny Software is to elevate procurement to new heights by leveraging advanced technology
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