Globality, the technology company behind the leading AI-powered digital solution for sourcing services, and Aquanima, a Santander Group company present in 14 countries and specializing in procurement process management, announced today that they have entered into an agreement for Aquanima to use Globality’s Smart SourcingTM Platform.
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(Graphic: Business Wire)
With this agreement, Aquanima will utilize Globality’s Platform and technology across all the countries in which it operates, having a direct impact on the way in which its users undertake the process of defining their needs and selecting suppliers. Globality’s Platform uses cutting-edge AI technology to automate the demand creation, supplier identification, proposal evaluation, and statement of work processes.
Banco Santander users will be able to utilize Globality’s AI advisor, “Glo,” together with its natural language processing technology, to search for the best suppliers quickly and easily for consulting, marketing, IT, financial, legal, HR, and real estate services.
“We are delighted that Santander is deploying Globality’s Platform globally,” said Joel Hyatt, Co-founder, Chairman, and CEO of Globality. “The financial group is renowned for being at the forefront of utilizing technology to gain a competitive edge, and working together will allow us to transform services sourcing through the use of AI.”
This collaboration with Globality and the commitment to a model that facilitates self-service procurement and self-sourcing brings increased agility and efficiency and ensures compliance with the necessary policies and protocols. Jorge de la Vega, Global Head of Aquanima, added, “It represents an evolution of our procurement function toward a more strategic vision and allows us to increase collaboration by reinforcing our value contribution to the user.”
The partnership with Globality also supports the streamlining of the Santander Group’s processes. As Javier Maldonado, Head of the Group’s Cost Division, points out, “Strengthening our product offering and value to our customers is fundamental for Santander, and the digitalization of our processes has become our priority for achieving it.”
Aquanima is a Santander Group company that manages procurement processes and relationships with third parties. Established in 2000, with 100% Santander capital, it has a presence in the main geographies of Europe, North America, and Latin America where the parent Group is present. In total, it covers 14 countries and has more than 500 employees, who provide principal support both for the Group and for other external clients. In 2020, it managed a turnover of more than €6 billion, achieving average savings of 12%.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal, and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025 as well as financially empowering more than 10 million people over the same period. At the end of 2020, Banco Santander had more than a trillion euros in total funds, 148 million customers — of whom 22.8 million are loyal and 42.4 million are digital — 11,000 branches, and 191,000 employees.
Globality is a Silicon Valley-headquartered technology company co- founded by Joel Hyatt and Lior Delgo to connect global companies with the best suppliers at the right price for any sourcing need across every service category. Through its AI-powered Platform and Smart SourcingTM technologies, Globality is bringing digital transformation to the sourcing industry. Globality’s AI digital solution replaces the archaic analog Request for Proposal, efficiently and effectively scoping needs, managing demand, matching companies with outstanding suppliers that meet their specific service needs, and cutting the sourcing process from months to hours while delivering savings of 20% or more. In January 2021, Globality raised $138 million from Sienna Capital and the SoftBank Vision Fund, bringing the total investment it has raised since its founding five years ago to $310 million. For more information, visit Globality’s website at www.globality.com.