Riyadh, Saudi Arabia : Teradix, a leading provider of innovative eProcurement solutions in MENA, announced that it has been awarded a $140,000 grant from the prestigious TAQADAM Accelerator program at King Abdullah University of Science and Technology (KAUST) to revolutionize procurement processes in the Saudi market.

The funds secured from the TAQADAM Accelerator program will be pivotal in supporting Teradix’s strategic expansion into Saudi Arabia. With a focus on enhancing its eProcurement solutions, Teradix aims to drive growth, streamline procurement processes, and deliver unparalleled value to clients in the region.

Teradix offers a comprehensive suite of intuitive procurement solutions designed to boost savings and streamline operations for businesses of all sizes. The platform enables seamless management of spending from requisitions to contracts, ensuring every step of the procurement process is efficient and user-friendly. With innovative sourcing tools, including simple RFQs and advanced reverse auctions, organizations can achieve significant savings on every procurement request. Teradix also enhances supplier engagement by consolidating interactions in one centralized location, fostering better collaboration and communication. Additionally, their customizable dashboards and reports provide effective insights and analytics, empowering businesses to make informed decisions and optimize their procurement strategies.

Khaled Aboshady, Co-Founder and CEO of Teradix, expressed his excitement about the milestone, stating, "Winning this grant from the TAQADAM Accelerator program is a testament to our team’s sheer focus and efforts. It not only validates our innovative approach to eProcurement but also provides us with the vital resources to expand our presence in the Saudi market and deliver unparalleled value to our clients in the Kingdom."

Teradix's entry into the Saudi market ushers in a new chapter on its journey towards transforming procurement practices and fostering digital innovation in the region. The company is poised to leverage this grant to accelerate its growth trajectory and solidify its position as a key player in the eProcurement space.

About TAQADAM

The TAQADAM Accelerator program, hosted by KAUST in partnership with the Saudi British Bank (SABB), is renowned for supporting startups that demonstrate exceptional potential and innovation. Since its inception in 2016, TAQADAM has backed over 263 startups, providing them with mentorship, funding, and access to a vast network of industry experts. The program has collectively raised an impressive $160 million in funding, fueling the creation of 1,400 jobs.

About Teradix

Teradix is a cloud-based procurement software designed to help businesses efficiently manage their entire spend. It covers everything from purchase requisitions and eRFx to reverse auctions, supplier management, spend analytics, and contract management. By using Teradix, businesses can achieve greater savings, enhance transparency, speed up audit cycles, and make better-informed business decisions. For more information about Teradix, visit www.teradix.com or contact info@teradix.com.