McKinsey has bought UVC Partners-backed Orpheus to implement a new service using the company's spending analytics technology.
Orpheus, a Germany-based spending analytics provider backed by Technical University of Munich’s venture affiliate, Unternehmertum Venture Capital (UVC) Partners, has been acquired by management consulting firm McKinsey for an undisclosed sum.
Founded in 2005, Orpheus has developed a software platform that helps enterprises cost procurement by automatically extracting, categorising and analysing data on purchases from third-parties.
The artificial intelligence-equipped platform is able to capture the context of spending, presenting insights related to the client’s key performance indicators.
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