Riyadh - Sharikat Mubasher: The Saudi cloud-based Source-To-Pay solution, Penny Software, eyes digitizing procurement processes for large companies in Saudi Arabia, the Saudi Small and Medium Enterprises General Authority (Monsha’at) stated in its latest report "SME Monitor".

The Saudi company is planning to achieve its goal through offering cutting-edge technologies that make the experience incredibly user-friendly and seamless.

The Co-Founder and CEO of Penny Software, Iyad Aldalooj, commented on the pivotal role that the company plays in digitizing the procurement processes and enhancing businesses saying: “We were driven by a mission to build a world-class software brand right here in Saudi Arabia and then bring it to the world, which is something that has motivated us from day one and still energizes us every day. In the early days, we analyzed the market and realized that the procurement space was severely under digitized, locally and globally.”

He further added: “Our philosophy is that if we only focus on product engineering rather than sales in the early stages of the company, we can build a much stronger foundation. So far, the majority of our customers have been inbound, both locally and globally, chiefly by companies that are keen to implement or digitize procurement and are proactively looking for procurement software.”

Aldalooj added that the company recently formed a partnership with McKinsey & Company to assist the second’s clients and address their procurement challenges. He further elaborated: “While we have received a significant number of inbound customers, we also have plans to proactively pursue business development and expand our operations. However, our immediate focus remains on prioritizing customer satisfaction.”

Founded in 2020, Penny Software is a cloud-based Source-To-Pay solution provider that digitizes and streamlines the procurement cycle by simplifying RFQ management, quotation comparison, and purchase order generation into one intelligent system.