A St. Petersburg supplier management technology firm has acquired a company that focuses on request-for-proposals tech.
Bedrock Technology Inc. will acquire Procoto for an undisclosed amount. Procoto works on the front end of the RFP process, whereas Bedrock takes over once supplier management services are needed.
Osama Sabbah, Bedrock's president and founder, and Michael Otis, Procoto's founder and CEO, told Tampa Bay Inno they have been in talks about the deal for 18 to 24 months. The deal enhances Bedrock's ability to deliver supplier management and procurement services.
"Procoto’s capabilities perfectly align with our vision to streamline and fortify the entire supplier management life cycle," said Sabbah in a statement about the deal. "Integrating their source-to-contract technology enables us to offer a comprehensive, end-to-end solution that is proactive in managing supplier relationships."
Bedrock was founded five years ago and has grown to over 40 employees. Procoto employees have "found other homes," Otis said.
Otis said he will stay on with Bedrock in an advisory role and then move on to a new startup he's working on in the restaurant food supply procurement space.
TampaBay.Ventures made its first investment in Procoto in 2021. The company relocated from Atlanta to St. Pete and worked with the prestigious Y Combinator.
"It’s always been the vision of growing from within the ecosystem we have in Tampa Bay," Sabbah told Tampa Bay Inno. "This acquisition highlights Bedrock’s dedication to building bridges within the Tampa and St. Petersburg areas, ensuring robust local engagement while pursuing global growth."
Bedrock has over 1 million active suppliers on its platform, Sabbah said.
