Virtual Procurement Services, a Westport-based pricing analytics service and technology company, said that it would split into three separate companies in a companywide restructuring plan.
The company, since its 2009 founding, has offered access to data analytics services that help companies and organizations reduce costs when making purchases, which they achieve through a pricing predictive analytics tool called the Virtual Vendor Index.
“Our process helps our customers benchmark procurement spending to retain and recover capital,” Scott Robins, CEO and founder of Virtual Procurement Services, said in a statement.
“The Virtual Vendor Index uses publicly available data sets and processes them through an AI-driven analytic engine to calculate predictive pricing. We are the only company that pairs these advanced analytics with proprietary processes to reduce the cost of new purchases and recover money already spent. That’s what sets us apart.”
The new companies are VPS Analytics, which serves clients through a technology buying service including maintenance contracts, software licensing and cloud subscriptions; FF&E (Furniture, Fixtures & Equipment) Analytics, which helps clients buy items such as office furniture, hospital beds, flooring, displays, kitchen appliances, restaurant furniture and similar items; and OS&E (Operating Supplies & Equipment) Analytics, which helps clients secure tools, uniforms, PPE, cleaning supplies, kitchenware and hotel toiletries, among other necessary items.
The three companies were all previously divisions within Virtual Procurement Services.
The division was cited by the company as a result of growth and a need to better serve clients through separate, more focused efforts.
