Exiger acquires Versed AI, boosts supply chain AI and supplier visibility

Supply chain and third-party risk AI company Exiger announced on Monday the acquisition of Versed AI. Born out of the University of Cambridge’s Language Technology Lab, Versed AI’s artificial intelligence technology accelerates the process of extracting and aggregating multi-tier supplier networks, creating automated bills of material (BOM) and generating proprietary value chain graph data. 

The integration of Versed AI into Exiger’s supply chain management platform allows Exiger customers to rapidly expand multi-tier visibility with access to unrivalled advancements in supply chain tracing, orchestration and mapping.

“Procurement and supply chain professionals across the public and private sector are overwhelmed by the amount of data they have to navigate to meet daily operational and regulatory requirements like tariff analysis, alternative vendor sourcing, forced labour checks, environmental impact assessments and CSDDD compliance,” Brandon Daniels, Exiger CEO, said in a media statement. “This acquisition allows us to offer a beautifully simple solution to those challenges.”

Exiger offers solutions for supplier mapping and risk analysis that utilises proprietary data derived from open-source content and BOMs. Versed AI’s capability further streamlines this offering, alleviating the burden on procurement teams and negating the need for BOMs or technical data packages. Versed AI extracts supplier relationships and other insights from publicly available content to harmonise the breakdown of an individual product into its parts, creating a synthetic BOM for highly relevant, product-specific supply chain mapping.

“The addition of this capability completes the equation in terms of what Exiger offers,” added Daniels. “It creates a revolutionary multi-tier visibility solution that’s holistic, autonomous and universally deployable for any company and any product in a value chain, allowing customers to assess the impact of events within their supply chain in a matter of minutes and make informed decisions that deliver value and mitigate risk.”

“We’re excited by the disruptive power created by combining Versed AI and Exiger’s best-of-breed capabilities,” said Fenella Boyle, co-founder and CEO of Versed AI. “After surveying the competitive landscape, we feel strongly that our technology will have the greatest impact when deployed within Exiger’s market-leading AI and across their vast and rapidly growing customer base.”

Exiger has already begun integrating the technology into its supply chain platform and UX 1Exiger. The integration will enrich Exiger’s dataset and enhance the operational and multi-tier visibility capabilities of Supply Chain Explorer and SDX, making these solutions faster and more comprehensive. The new capabilities will be immediately available to Exiger customers.

“We’re constantly looking for ways to deploy new technologies to solve the supply chain problems our clients are struggling with,” said Exiger CPO Brendan Galla. “Versed AI’s technology capabilities and domain expertise will be an incredible asset to Exiger and have an immediate impact on our customers.”

“We’re thrilled to join an organisation that shares our commitment to developing exceptional technology – not only to satisfy and streamline day-to-day business demands but to make the world more ethical and transparent,” said Simon Baker, co-founder and CTO at Versed AI. 

Union Square Advisors LLC served as financial advisor to Exiger in this transaction. Dechert served as legal counsel.