Joel Hyatt, Globality Co-founder, Chairman, and CEO

HSBC and a Silicon-Valley headquartered tech company, Globality, have entered into an agreement wherein Globality’s AI platform will be utilized by HSBC in a bid to quicken its project scoping pace and better match requirements to efficient suppliers around the world. Globality’s AI platform, real-time collaboration and user experience is expected to benefit HSBC in its goal to enable business stakeholders to take up self-serve procurement.

“HSBC is a leader in creating a vision for the future of procurement, understanding that the legacy systems of paper-intensive RFPs and sole source negotiations do not result in strategic value. Utilizing AI technology and Globality’s “smart sourcing” process will ensure that all HSBC service providers, large or small, win projects in a transparent digital ecosystem where decisions are based solely on the merits of quality, results, costs, and performance,” said Globality Co-founder, Chairman, and CEO Joel Hyatt.

Established in 2015, Globality’s AI platform enables companies to scope projects, engage qualified suppliers, assure pricing and quality competition in a secure and digital way. The platform has been instrumental in speeding up the procurement process and enabling faster time to market.

HSBC recently invested $10 million capital in an enterprise DevOps provider CloudBees, thereby bringing the total funds raised to over $120 million. HSBC utilizes CloudBees’ Core Platform to enhance its software delivery system and stated that the recent investment points out the importance of DevOps in the bank’s business.

CloudBees states that the funds raised will be utilized in bringing about developmental changes to the DevOps market, modernize its software delivery suite, expand its market reach and business growth through M&A.

Founded in 2010 in California, CloudBees aims to build an end-to-end automated software delivery system, enabling companies to balance governance and developer freedom.

by Megha Bhattacharya
Market Analyst at IBS Intelligence