Fairmarkit is an autonomous sourcing platform that enables organizations to manage procurement processes more competitively and efficiently at scale. The platform leverages artificial intelligence (AI) and generative AI (GenAI) to help procurement teams handle significantly more sourcing events per employee and uncover substantial cost savings.
Fairmarkit’s technology is designed for procurement teams looking to automate and optimize how they source goods and services. By using AI-driven automation, the platform allows teams to manage up to 10 times more sourcing events per full-time equivalent (FTE), while helping each buyer identify approximately $40,000 in potential weekly savings. This makes Fairmarkit particularly valuable for enterprises seeking to streamline procurement operations, reduce manual workload, and improve sourcing outcomes.
Who Uses Fairmarkit?
Fairmarkit serves a diverse range of large organizations across various industries, including retail, manufacturing, technology, and public sector entities. Notable customers include Walgreens, Nestlé, Alcoa, Goodyear, Boeing, ServiceNow, Snowflake, BP, Vera Bradley, International Paper, and Boston University (BU), among others. This broad customer base illustrates Fairmarkit’s flexibility and scalability for organizations with complex procurement needs.
How Was Fairmarkit Started?
Fairmarkit was founded by a team with expertise in technology, procurement, and business operations. The founding team includes Kevin Frechette (Chief Executive Officer & Cofounder) and Victor Kushch (Chief Technology Officer & Cofounder), supported by leaders in finance, sales, engineering, and operations. Their combined backgrounds have shaped Fairmarkit’s focus on using advanced software to solve procurement challenges at scale. More details about the team and company’s story can be found on their About page.
What Makes Fairmarkit Different?
Fairmarkit stands out by automating and scaling the sourcing process using AI and GenAI. Unlike traditional procurement tools that rely heavily on manual processes, Fairmarkit’s platform empowers teams to achieve higher efficiency and greater cost savings. Its ability to manage a high volume of sourcing events per team member and uncover substantial savings differentiates it in the procurement software market.
Where Is Fairmarkit Based?
Fairmarkit is headquartered in Boston, Massachusetts, United States, and operates as a privately held company with a team of 51-200 employees.
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