OpenMarkets

What OpenMarkets does

OpenMarkets is a Chicago-based, privately held SaaS company founded in 2011 that operates a cloud-based healthcare capital equipment procurement platform serving both buy-side healthcare providers and sell-side equipment suppliers. The platform is purpose-built to address the roughly $82 billion U.S. healthcare capital equipment market, where hospitals, health systems, and integrated delivery networks have historically faced fragmented procurement processes, limited equipment standardization, and disconnected approval workflows. The product suite comprises four integrated offerings: Formulary (an approved equipment catalog with AI-powered quote extraction via OM QuoteFlow), CapConnect (capital equipment planning, budgeting, and workflow automation), Optimizer (data-driven strategic sourcing with a 14-step quote optimization process and on-demand price negotiation), and Exchange (a self-guided marketplace with over 100,000 product listings available at no charge to providers).

The underlying technology is a Clojure and ClojureScript cloud platform that integrates with the major hospital ERP systems — Workday, Oracle, Infor, Coupa, PeopleSoft, Lawson, OneStream, and Strata — to automate the flow of quotes, supplier attachments, equipment catalogs, approved standards, and purchase order history between systems. The proprietary Exchange marketplace and 100,000+ product catalog with accumulated pricing and specification data represent significant accumulated content assets. The company also offers AI-assisted ERP data entry (OM QuoteFlow) that extracts line items from vendor quotes and writes them directly into ERP systems.

OpenMarkets makes money through recurring provider subscriptions (CapConnect, Optimizer), tiered supplier subscriptions (Entry, Standard, Enhanced, Strategic), and supplier transaction fees on Exchange-mediated sales, while providers access Formulary and Exchange for free. Distribution is primarily through a direct enterprise sales team targeting hospital systems and IDNs, supplemented by a product-led growth motion via the free Exchange marketplace and a provider referral channel where existing customers invite their suppliers onto the platform. Named customers include Guthrie Health, Banner Health, Endeavor Health, UConn Health, Surgery Partners, Shannon Health, and a prominent academic medical center that has generated over $1.1 million in hard cost capital savings, indicating meaningful but not concentrated enterprise traction. The company is led by CEO Trevor Wood (founder since 2011) with a small management team and a headcount of 11-50 employees.

Name

OpenMarkets

Legal name

OpenMarkets

Website

https://openmarketshealth.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

OpenMarkets is a Chicago-based SaaS company, founded in 2011, that operates a cloud-based procurement platform connecting hospitals and health systems with medical equipment suppliers for capital planning, sourcing, and standardized purchasing.

Ownership category

akta.pro rank

Product category

Healthcare Capital Equipment Procurement Software

NAICS

Software Publishers (5132)

SIC

Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047)

akta.pro industry

PRIMARYCRAFAHAG

Medical, Dental & Lab Supply Marketplaces

Consumer Products & Retail/E-commerce & Marketplaces/Wholesale/B2B E-commerce Marketplaces

Keywords

• Healthcare procurement software
• Capital equipment planning
• Medical device marketplace
• Equipment formulary management
• Supplier sourcing platform

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Operations

Revenue model

1. Provider Platform Subscription: Healthcare providers (hospitals, health systems) subscribe to the platform for capital planning, budgeting, and procurement software. CapConnect and Optimizer operate on subscription model.
2. Supplier Subscription and Transaction Fees: Suppliers pay subscription fees based on tier level (Entry, Standard, Enhanced, Strategic) and/or transaction fees for products offered on the Exchange platform. No transactional fees charged to providers on purchases facilitated through the platform.
3. Supplier Tier Upgrades: Tiered supplier packages offering increasing levels of visibility, user seats, advertising, data reporting, and partner badges. Entry level is free, with upgraded tiers unlocking enhanced features.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

OpenMarkets operates a cloud-based healthcare capital equipment procurement platform connecting hospitals and health systems with medical equipment suppliers. Its four integrated products—Formulary, CapConnect, Optimizer, and Exchange—enable providers to research, plan, budget, standardize, and purchase capital equipment while giving suppliers a digital channel to reach buyers. The platform includes AI-powered quote data extraction and integrates with major ERP systems to automate procurement workflows.

Product overview

OpenMarkets is a cloud-based healthcare capital equipment procurement platform consisting of four integrated products: Formulary (approved equipment catalog with AI-powered quote extraction), CapConnect (capital equipment planning and workflow automation), Optimizer (equipment research and price negotiation SaaS), and Exchange (self-guided marketplace with 100,000+ listings). The platform enables health systems to research, plan, budget, standardize, and purchase capital equipment through connected workflows and direct supplier access. OM QuoteFlow, an AI-powered feature within Formulary, automates manual data entry by extracting line items from quotes and sending them to ERP systems.

Differentiator

Problem solved

Functional benefit

Brands

• Formulary: Digital front door to equipment procurement process - build organization-approved equipment catalog, research, quote and buy based on organization's unique formulary
• CapConnect
• Optimizer
• Exchange

Products and services

• Formulary Digital equipment procurement platform that enables healthcare providers to build organization-approved equipment catalogs, research products, get quotes, and buy based on their unique formulary. Includes OM QuoteFlow AI-powered ERP data extraction and integrates with Workday, Oracle, Strata, and other ERP systems. Free for providers, with no transaction fees on purchases facilitated through the platform.
• CapConnect Capital equipment planning and management platform that organizes, manages, and automates the capital equipment planning process across multiple internal stakeholders and departments. Provides configurable finance tracking tools, multi-year capital planning, capital request workflows, and integrates with Coupa, OneStream, and Infor for financial planning and procurement data synchronization.
• Optimizer Data-driven SaaS product providing comprehensive equipment research and analysis for strategic sourcing support. Uses a 14-step process with Adaptive Sourcing to deliver quote optimization, market comparables, and on-demand price negotiation for new, refurbished, and demo equipment. Offered as a flat monthly subscription with ROI typically achieved in under 60 days.
• Exchange Self-guided healthcare equipment marketplace with over 100,000 product listings where providers can research, buy, and sell new, refurbished, and demo equipment and connect directly with suppliers. Available at no charge to providers; suppliers pay subscription fees based on tier level (Entry, Standard, Enhanced, Strategic) and/or transaction fees on sales generated through the platform.

Quantifiable outcome

• 60-70% time savings on capital requisition creation through ERP integration
• +4 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability3 records

Feature7 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• PearlercoreStrategic or Co-development Partner · 14 December 2025Extended broking services agreement with Pearler, an Australian digital finance platform, until mid-2029. Pearler has grown rapidly since its 2021 launch, managing over $2.8 billion in assets and offering various investment products for Australian investors.
• StratacoreTechnology or IntegrationFormulary integrates with Strata for seamless data synchronization and workflow automation between platforms.
• OraclecoreTechnology or IntegrationFormulary and CapConnect integrate with Oracle ERP systems for data synchronization and procurement automation.
• WorkdaycoreTechnology or IntegrationFormulary integrates with Workday for seamless equipment catalog and procurement data synchronization.
• CoupacoreTechnology or IntegrationCapConnect integrates with Coupa for capital procurement workflow and budget tracking capabilities.
• OneStreamcoreTechnology or IntegrationCapConnect integrates with OneStream for financial planning and budgeting capabilities.
• InforcoreTechnology or IntegrationCapConnect integrates with Infor ERP systems for capital equipment planning and procurement data synchronization.
• ERP Integration PartnerscoreTechnology or IntegrationBroad integration ecosystem including Workday, Lawson, Infor, Oracle, PeopleSoft, and Coupa enabling automated data synchronization between OpenMarkets and hospital ERP systems.
• TPC (Strategic Purchasing Network)minorStrategic or Co-development PartnerShannon Health is a member of TPC network; OpenMarkets used by TPC members to aggregate needs across membership for improved capital contracts.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Vizient: Vizient is the largest healthcare performance and supply chain services company in the US, serving more than half of acute care providers. Comparable as a broad incumbent in healthcare procurement and GPO services overlapping with OpenMarkets's provider value proposition.
• Coupa Software: Coupa provides a broad business spend management (BSM) platform including procurement, invoicing, and supplier management. Comparable as a wider procurement technology incumbent where OpenMarkets has a native integration and competes for capital equipment workflows.
• McKesson: McKesson is one of the largest medical product distributors and offers supply chain technology and procurement services to hospitals. Comparable as a broad incumbent adjacent to OpenMarkets's provider/supplier exchange business.
• HealthTrust (HealthTrust Performance Group): HealthTrust is a healthcare GPO and supply chain operator serving hospitals and IDNs with contract aggregation and procurement services. Comparable to OpenMarkets's aggregation and supplier-marketplace model.
• Medline Industries: Medline is a major medical supply manufacturer and distributor serving hospitals across the US with procurement and supply chain offerings. Comparable to OpenMarkets's supplier side of the marketplace as a large medical product supplier.
• Premier Inc. Premier is a leading healthcare GPO and performance improvement company serving hospitals and health systems. Comparable to OpenMarkets as an incumbent in hospital procurement, supply chain analytics, and capital decision support.
• Provista (Vizient subsidiary): Provista is a healthcare supply chain and procurement services organization serving non-acute and ambulatory providers. Comparable to OpenMarkets's broader provider procurement and supplier aggregation value proposition.

Direct peers

• Global Healthcare Exchange (GHX): GHX operates a healthcare-focused supply chain technology platform connecting providers and medical product suppliers. Directly comparable to OpenMarkets's Exchange marketplace and supplier-facing transaction model.
• Symplr (TractManager): Symplr's TractManager platform provides healthcare contract management, capital planning, and supplier management for hospitals and health systems. Most direct comparable to OpenMarkets's CapConnect and Formulary in capital equipment planning and procurement workflow.
• Curvo Labs: Curvo provides a healthcare supply chain platform focused on automating contract management and purchased services for hospitals. Comparable to OpenMarkets's Formulary and Optimizer as a hospital procurement workflow tool.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/_openmarkets
• Facebookfacebook.com/openmarketshealth
• LinkedInlinkedin.com/company/openmarkets-llc
• Instagraminstagram.com/openmarketshealth

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OpenMarkets