Procurex
Procurex is a privately held, Erie, Pennsylvania-based reverse auction services company founded in 2002 that provides a cloud-based platform and full-service procurement support to government, education, commercial, and nonprofit buyers across the United States.
- Company typePrivate
- Founded2002
- HeadquartersErie, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Procurex does
Procurex, Inc. is a privately held reverse auction services company founded in 2002 and headquartered in Erie, Pennsylvania. The company operates a cloud-based reverse auction platform that supports the full sourcing event lifecycle, including vendor registration, specification normalization, bid management, live auction hosting, and post-auction reporting, with full integration to the federal SAM database for access to more than 800,000 vetted federal suppliers.
Procurex's core offering is a full-service reverse auction solution in which company professionals act as an extension of the client's procurement team, guiding customers through a six-step process from opportunity assessment and specification development through vendor management, live auction hosting, and post-auction support. The platform features an Auction Wizard for parameter setup, real-time in-auction vendor comparisons, flexible auction formats (sealed bids, flex lot, rank order, automatic extensions), detailed audit trails, and XML-based integration with contract writing systems. Pricing is structured primarily around a supplier-pays transaction model in which the winning vendor absorbs a small fee built into their bid, supplemented by per-event fees, annual seat licensing, and multiple-event packages for high-volume buyers.
The company serves K-12 school districts, higher education institutions, federal, state, and local government agencies, commercial and industrial buyers, and nonprofit organizations across the United States. Named customers include the Defense Logistics Agency, State of Pennsylvania, City of Philadelphia, Yale University, Columbia University, Penn State, Cornell, Cal State, RPI, Drexel, Nashville Public Schools, Halliburton, Siemens, and Accuride, among others. The company is founder/management-owned under CEO Bret Grady and COO Marty Barclay, with no disclosed institutional investors or parent company, and operates with a lean 1–10 employee footprint supported by channel partnerships including the E&I Cooperative Purchasing contract.
Procurex firmographics
Firmographics- Name
- Procurex
- Legal name
- Procurex, Inc.
- Website
- https://procurexinc.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Procurex is a privately held, Erie, Pennsylvania-based reverse auction services company founded in 2002 that provides a cloud-based platform and full-service procurement support to government, education, commercial, and nonprofit buyers across the United States.
- Ownership category
- akta.pro rank
Procurex industry classification
Industry- Product category
- Reverse Auction Software
- NAICS
- Software Publishers (513210)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Catalog & eProcurement Enablement (Punchout, Item Master) (BPAAAJAI)
- akta.pro secondary industry
- Procurement Platforms, Catalogs & Contract Purchasing (Co-ops, GPOs, eProcurement) (EDAEAIAO)
Keywords
Where Procurex is headquartered
LocationHeadquarters
- HQ city
- Erie
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Procurex business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Supplier-Pay Transaction Model: The primary revenue model uses a 'supplier pay' approach where the winning supplier pays a small fee built into their pricing to cover the cost of the event. The buyer organization never receives an invoice from Procurex. This is the standard model described on the homepage and FAQ.
- Per-Event Fee Model: Procurex can customize a pricing model including a per-event fee model where the buying organization pays a fixed fee per reverse auction event conducted.
- Annual Seat Licensing: Annual seat licensing option for buying organizations that prefer to pay a recurring subscription fee to access the platform and run multiple events over a year.
- Multiple Event Packages: Volume-based package pricing for organizations that conduct multiple reverse auctions, offering discounted per-event rates compared to single-event fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Supplier-Pay (Standard Model) |
| Transaction based/ take rate | Pay-as-you-go | Per-Event Fee Model |
| Subscription | Annual | Annual Seat Licensing |
| Subscription | Annual | Multiple Event Package |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels9 records
Procurex product offering
Product offeringCore offering
Procurex provides a full-service reverse auction solution combining proprietary cloud-based software with hands-on procurement services. Buying organizations engage Procurex to scope reverse auction opportunities, normalize RFP specifications, qualify vendors, train suppliers, host live competitive bidding events, and produce award summaries and audit trails. The Procurex Platform is a browser-based SaaS tool developed over 15+ years that supports the full reverse auction lifecycle, with SAM database integration for federal supplier sourcing, flexible auction parameters, real-time bidder comparisons, and secure encrypted environments.
Product overview
Procurex offers a full-service reverse auction solution centered on the Procurex Platform — a cloud-based reverse auction software platform. The core offering combines proprietary technology with professional services, guiding customers through a six-step Procurex Process that includes opportunity assessment, specification development, vendor management, bid process management, auction hosting, and post-auction support. The Procurex Platform features intuitive dashboards, reporting tools, auction wizards, flexible auction parameters, and SAM database connectivity. Additional resources include educational eBooks (IT Playbook, 6 Reverse Auction Myths) and webinar content. The company serves diverse markets including K-12, higher education, government, commercial, and nonprofit sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- Procurex Platform Cloud-based reverse auction software developed over 15+ years by purchasing and procurement professionals. Provides a browser-accessible, secure auction environment with dashboards, an Auction Wizard, flexible auction parameters (sealed quotes, flex lot bidding, automatic extensions), real-time vendor comparisons, reporting, award summaries, SAM database connectivity, and XML data exchange with contract writing systems. Designed for buying organizations running reverse auctions for goods and services.
- Full-Service Reverse Auction Solution A comprehensive reverse auction engagement service where Procurex professionals act as an extension of the buyer's procurement team, handling opportunity assessment, specification development and normalization, vendor recruitment, vendor pre-qualification and training, live auction hosting, and post-auction summary reports and contract finalization. Typically priced via the 'supplier-pay' model where the winning vendor absorbs the service cost, with alternate per-event fees, annual seat licenses, or multiple-event packages available.
Quantifiable outcome
- Average savings of 18% across all reverse auction events (homepage claim)
- +18 more outcomes
Companies that use Procurex
Customer profileNamed customers22 records
Segments5 records
Ideal customer profiles4 records
Procurex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature10 records
Procurex partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- E&I (Economic & Purchasing Council)coreMembers of E&I (a cooperative purchasing organization) can engage Procurex via a competitively bid contract. This partnership enables E&I's member organizations — primarily in education and institutional markets — to access Procurex's reverse auction services through pre-negotiated purchasing agreements, simplifying the procurement process.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
Procurex competitors and assessment
Company assessmentDirect peers
- GEP Worldwide: GEP provides outsourced procurement services and the SMART by GEP sourcing platform, directly competing with Procurex in the full-service procurement category for enterprise and institutional buyers. Their white-glove service-plus-software model mirrors Procurex's positioning.
- Bonfire Interactive: Bonfire provides eProcurement and sourcing solutions focused heavily on the public sector — including state, local, and K-12/higher-education buyers — overlapping directly with Procurex's strongest verticals. Their sealed-bid and reverse-auction-style workflows compete for the same RFP-driven procurement customers.
- ProcureAbility: ProcureAbility is a procurement services consultancy that helps enterprises and mid-market companies run sourcing events and category management engagements — competing directly with Procurex's full-service, service-led sourcing model for procurement outsourcing dollars.
Emerging players
- Keelvar: Keelvar provides AI-driven sourcing optimization and automated bidding tools for procurement teams, increasingly overlapping with the reverse-auction category. It targets enterprise sourcing teams and is building capabilities in the same event-based sourcing workflows Procurex serves.
- ScanMarket (a Simfoni company): ScanMarket offers an eSourcing platform with strong reverse-auction and RFP event capabilities, serving mid-market and enterprise procurement teams. It competes for the same event-based sourcing workflows Procurex delivers, particularly in non-public-sector accounts.
Broad incumbents
- Zycus: Zycus offers an AI-powered source-to-pay platform that includes sourcing events and reverse-auction capabilities. It serves global enterprises and public-sector buyers, competing with Procurex in the broader sourcing event category with a wider product footprint.
- SynerTrade (Accenture): SynerTrade, now part of Accenture, provides eSourcing and supplier management software that includes reverse auctions as part of a broader procurement suite. It targets global enterprises and competes in the same reverse-auction category Procurex serves.
- Jaggaer: Jaggaer offers an end-to-end source-to-pay suite that includes reverse auctions as a module within a broader eSourcing platform. It serves higher-education and public-sector buyers that overlap with Procurex's customer base but competes with a wider product portfolio.
- Coupa Software (now part of Broadcom): Coupa acquired Periscope, historically one of the closest reverse-auction competitors to Procurex, and now bundles reverse auctions within a comprehensive spend management platform serving enterprise and government buyers.
Regional players
- US eDirect: US eDirect provides reverse-auction and cooperative purchasing services primarily for U.S. public-sector and education buyers — directly mirroring Procurex's verticals and go-to-market approach, and competing for the same cooperative purchasing contracts.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Procurex social profiles
Digital presenceProcurex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Procurex leadership team
Management profileNumber of profiles
Profiles4 records
Procurex funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Procurex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Procurex
What does Procurex do?
Procurex provides a full-service reverse auction solution combining proprietary cloud-based software with hands-on procurement services. Buying organizations engage Procurex to scope reverse auction opportunities, normalize RFP specifications, qualify vendors, train suppliers, host live competitive bidding events, and produce award summaries and audit trails. The Procurex Platform is a browser-based SaaS tool developed over 15+ years that supports the full reverse auction lifecycle, with SAM database integration for federal supplier sourcing, flexible auction parameters, real-time bidder comparisons, and secure encrypted environments.
Is Procurex a public or private company?
Procurex is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Procurex founded?
Procurex was founded in 2002. It employs 1 to 10 people.
Where is Procurex based?
Procurex is headquartered in Erie, United States, in the North America region.
How does Procurex make money?
Four revenue lines are on record. Supplier-Pay Transaction Model is the primary driver. The others are per-Event Fee Model, annual Seat Licensing and multiple Event Packages.
Who are Procurex's main competitors?
Direct peers on record are GEP Worldwide, Bonfire Interactive and ProcureAbility. Emerging players are Keelvar and ScanMarket (a Simfoni company). Broad incumbents are Zycus, SynerTrade (Accenture), Jaggaer and Coupa Software (now part of Broadcom). US eDirect is listed as a regional player.
Does Procurex have an API?
No public API is recorded for Procurex.
What industry is Procurex in?
Procurex's product category is Reverse Auction Software. Its primary akta.pro industry code is BPAAAJAI, Catalog & eProcurement Enablement (Punchout, Item Master), with a secondary code of EDAEAIAO, Procurement Platforms, Catalogs & Contract Purchasing (Co-ops, GPOs, eProcurement). Its NAICS code is 513210 and its SIC code is 7372.