Penny Software, the leading procurement and sourcing management platform for enterprises, announced the launch of its latest technology solution "Souq Penny" exclusively in the Kingdom of Saudi Arabia, in a move that will facilitate procurement processes and increase its efficiency significantly.

"Souq Penny" is an ecommerce-like sourcing platform for procurement, which connects buyers directly with principal suppliers. Buyers can raise RFQs, negotiate offers, and buy directly from suppliers in KSA. 

The official launch came after a successful presentation of the solution during The Big 5 Saudi exhibition, which was held recently in Riyadh under the golden sponsorship of Penny, to contribute to bringing more than 300,000 products of building materials, office supplies and electronics to institutional buyers with absolute ease and provided by hundreds of major well-known manufacturers and suppliers in the kingdom.

Besides that, Penny had signed a partnership agreement with the General Authority for Small and Medium Enterprises "Monsha'at" to enable small and medium companies to expand their business by selling in "Souq Penny" with exclusive benefits.

Iyad Aldalooj, co-founder and CEO of Penny, said: “The launch of Souq Penny comes integrated with our vision of providing ideal solutions for companies to digitise purchases and transactions between companies and suppliers, which contributes to raising spending efficiency and reducing financial risks resulting from manual operations”, and he noted that hundreds of major suppliers and manufacturers have joined the platform to provide hundreds of thousands of Products in different segments “What constitutes an exemplary launch that enhances the success of the business model through our technical solution” Aldalooj added.

Penny was founded in 2020 with a mission to help businesses manage procurement and sourcing from request-to-payments, integrating all operations on a single platform. Penny has closed two investment rounds worth of 24 million Saudi Riyals, with the participation of local and international venture funds.