Tech giant Microsoft acquires artificial intelligence startup Suplari that specializes in developing solutions for corporate expenditure and cash flow analysis.
Suplari’s platform is also capable of predicting fund inflow and trend tracking. With this acquisition, Microsoft plans to integrate Suplari’s artificial intelligence-powered platform with its cloud-based Dynamic 365 solution.
The merger would help businesses to maximize financial visibility by analyzing current data and previous trend patterns from various data sources using artificial intelligence technology.
According to Microsoft, more than half of the businesses worldwide would use artificial intelligence cloud services for financial analysis needs by the year 2022.
Vice President of Dynamic 365 at Microsoft, Frank Weigel, said, “Together with Dynamics 365, the Suplari Spend Intelligence Cloud will help customers maximize financial visibility by using AI to automate the analysis of current data and historical patterns from multiple data sources. This acquisition will further empower Microsoft to help our customers turn data into actionable insight.”
He further added that this advancement would help enterprises to move beyond transactional financial management to artificial intelligence solutions that would enable them to make informed decisions, scrutinize risks, and reduce supplier costs.
Sulpari is a Seattle-based startup founded in the year 2016 by Nikesh Parekh that specializes in developing artificial intelligence solutions to allow businesses to make faster purchasing decisions using antiquated enterprise systems.
CEO of Sulpari, Nikesh Parekh, said, “We are excited for the new road ahead with Microsoft. I am ecstatic to report that 100pc of our team is continuing to work together to extend Suplari’s Spend Intelligence Cloud at Microsoft.”
He also mentioned that now the consumers can expect the company to develop better predictive and perspective insights generating platforms for the financial needs of various businesses.