Sovra, formerly MDF Commerce, has appointed board member Tom Spengler as CEO, succeeding Luc Filiatreault. The company, which develops procurement software for North American public-sector organizations, recently acquired Calgary-based Ontopical, though terms were undisclosed.
Ontopical created an AI-powered tool to help businesses identify and respond to government contract opportunities. Sovra will integrate the technology into its platform and retain all 27 Ontopical employees, expanding its workforce to 483. The firm has also divested six business units, three to Valsoft and three to another buyer. Sovra went private in May 2024 following a deal with KKR funds.
Want to know more? Check out the source code on The Logic.