Spend Matters met Arachnys around a year ago, and the firm, which has the tag line “instant worldwide due diligence,” quickly struck Spend Matters as a strong candidate for the 50 to Watch list. Based in London and with an office in New York as well, the firm was founded in 2010 by David Buxton, who previously worked as an “investigator” for global risk consultancy Control Risks in Russia and Eurasia, which sounds exciting and probably was. The firm is staffed by an interesting mix of technologists, linguists, investigators and supply chain folk. They come together to use “human expertise and cutting edge technology to monitor and retrieve critical business information,” according to the company’s website.
The Arachnys platform covers “global and local news sources, corporate registries, government information, court documents and global sanctions lists.” But it is not just an artificial intelligence and search-technology driven approach. “All Arachnys data and information is curated constantly by risk and language experts to ensure reliability.” Hence the linguists and investigators.
Its platform is equally useful to procurement, legal and compliance professionals and anyone interested in due diligence on firms and even individuals – so applications in M&A, investments and finance, as well as supply chain. The platform allows standard checks to be done in seconds, but the data goes far deeper than that, including a strength in emerging markets that few other firms currently replicate.
Three of the top 10 investment banks and 4 of the top 10 accountancy firms in the world use the platform, but it is fair to say that Arachnys is still relatively undiscovered by the procurement profession. That may well change over the next year or 2, we suspect. Certainly, anyone who has critical suppliers situated in emerging countries, or those where business practices can be questionable, would be advised to take a look at their services.
Source: Spend Matters