Cofactr (a source-to-pay and logistics platform for critical hardware manufacturers) announced the acquisition of hardware sourcing platform Cogbase.
Value proposition: The critical hardware manufacturers and R&D teams that depend on Cofactr to streamline procurement and logistics will gain access to Cogbase’s network of over 450,000 suppliers, such as machine shops, metal fabricators, injection molders, wire harness assemblers, and PCB fabricators and assemblers. And manufacturers can now easily search, evaluate, and connect with an expanded group of U.S. suppliers that meet their exact part and production requirements within Cofactr’s platform.
Most manufacturers replace at least one supplier yearly, often due to disruptions such as declining quality, rising costs, inventory shortages, or unexpected closures that shut down production for two weeks on average. And with growing uncertainty around the impact of tariffs, it has become even more of a priority for manufacturers to expand their supplier options to ensure production remains uninterrupted. However, the process to source a new supplier can be especially complex and time-consuming for critical hardware manufacturers whose products require hundreds of unique parts and must comply with strict regulations.
Rather than procurement teams spending three to six months manually researching suppliers, requesting quotes, and coordinating meetings (with no guarantee of finding the right partner), Cogbase utilizes data and automation to make faster, more reliable sourcing decisions.
What Cogbase does: Cogbase automates the process of identifying, contacting, and vetting mechanical and electrical suppliers–that build everything from custom components to off-the-shelf materials–so manufacturers can strengthen and scale their supplier networks in the U.S.
By integrating Cogbase’s supplier network and capabilities directly into its unified platform, Cofactr provides procurement teams with a full end-to-end, automated sourcing process to efficiently scale and diversify suppliers.
Cogbase has powered over $55 million in sourcing transactions for leaders and emerging players across robotics, automotive, electronics, industrial automation, and other industries, including TRIC Robotics, Milton Industries, Burro, Fulfil.ai, Lab0, and Motivo. And manufacturers can upload 2D or 3D drawings and process documentation to Cogbase, which the platform uses to extract key specifications and match procurement teams with suppliers that meet their exact requirements. Then the platform automates outreach to these suppliers, so manufacturers can vet and engage the right partners and quickly start building.
With the acquisition of Cogbase, Cofactr unlocks more supplier options for manufacturers and improves outcomes for their multi-sourcing, onshoring, de-risking, and cost-reduction initiatives. And Cogbase’s CEO and Co-Founder Doug Platz will join Cofactr as the company’s Head of Supplier Network to grow Cogbase’s ecosystem of supplier partners under Cofactr and equip both suppliers and manufacturers with data-driven insights to make more informed and strategic decisions.
KEY QUOTES:
“Going through multiple rounds of searches for new suppliers has often become the norm for hardware procurement teams because of the lengthy processes and decades-old tools that are currently available to them. But with supply chain disruptions becoming more frequent, manufacturers need to be able to accelerate the sourcing process and quickly connect with suppliers–even for the most complex parts in their bill of materials. With Cogbase, we’re expanding our ability to solve this challenge for manufacturers and quickly grow their supplier network.”
Phillip Gulley, CSO and Co-founder, Cofactr
“Most manufacturers only start to look for supplier replacements when they have to—which often means they’re doing it under pressure, at exactly the wrong moment. By simplifying the sourcing process, we’re helping manufacturers to discover new suppliers not only when they urgently need them, but also proactively—so they can stop disruptions before they happen and keep production on schedule. We’re excited to join Cofactr and make this vision even more of a reality for manufacturers.”
Doug Platz
