Fairmarkit Expands Latin American Impact Through Partnership with Sonoco

Global Packaging Leader Sonoco Triples ROI and Completes 15,000 Sourcing Events in One Year, Paving the Way for GenAI Adoption in LATAM Procurement with Fairmarkit’s Technology

BOSTON--(BUSINESS WIRE)--Fairmarkit, a leading AI-powered autonomous sourcing solutions provider, today announced its expanded partnership with Sonoco, a global leader in high-value sustainable packaging, to streamline procurement operations across Latin America. After a successful partnership with their North America team, Sonoco has broadened their use of Fairmarkit’s AI-driven sourcing and procurement technology to standardize procurement workflows, automate sourcing requests, and centralize supplier engagement across their operations in Mexico.

In one year working with Fairmarkit in Latin America, Sonoco completed 15,000 sourcing events, achieved a 3.4X return on investment, and reduced costs by 9%. Automating the RFQ process allowed Sonoco to eliminate manual inefficiencies, reduce PO rework, and increase supplier competition. Today, these advancements provide greater visibility into sourcing activities and expand opportunities to engage new suppliers, foster compliance, and drive long-term procurement success.

”Having the requesting and sourcing process integrated into one system has provided some key benefits to the LatAm team including automation, efficiency, visibility, control, a wider supplier base and standardized processes.” said Eira Bunnell, Continuous Improvement Lead at Sonoco. “Requesters now enter their item request directly in Coupa and the events are routed to Fairmarkit to initiate an RFQ. When the winning quote is awarded, Fairmarkit updates the request automatically with the RFQ details and the requisition continues on with the business approval process. This was made possible due to the strong integration between Fairmarkit and Coupa.”

With Fairmarkit’s advanced AI-driven sourcing technology, Sonoco quickly mapped out custom procurement workflows and centralized sourcing activities, allowing its teams to process over 100 requests per day and successfully run 60 sourcing events in a single day. By seamlessly integrating into existing systems like Coupa, Fairmarkit enabled Sonoco to optimize its end-user experience and rapidly expand the program to new categories and sites, supporting consistent results across LATAM operations.

“Our partnership with Sonoco is a testament to what’s possible when companies embrace bold ideas in procurement," said Kevin Frechette, CEO of Fairmarkit. "Procurement isn’t just a function—it’s a catalyst for growth. Sonoco’s results in just one year speak volumes about their vision and dedication to transforming how they approach sourcing. We’re proud to stand alongside them and all of our LATAM customers who continue to set new standards for what great procurement can achieve."

To learn more, visit Fairmarkit’s website to view the full case study on their partnership with Sonoco: https://www.fairmarkit.com/case-studies/sonoco.

About Fairmarkit
Fairmarkit is the leading autonomous sourcing platform that helps enterprise procurement teams source more, faster, and drive strategic initiatives at scale. By equipping procurement and their stakeholders with automation and AI, it unlocks data visibility and efficiencies for tail spend and strategic sourcing. Leveraged across a number of industries by innovative procurement teams at companies like BP, Snowflake, Nestle, Maxar, and Boeing, Fairmarkit aims to revolutionize the way all organizations buy and sell. Learn more at http://www.fairmarkit.com.

Fairmarkit was named to the 2023 BostonInno Fire Awards, Inc. 5000 fastest-growing private companies list in 2023 and 2022, and currently serves enterprises such as BP, BT, Emirates, Snowflake, ServiceNow, and Boeing. Fairmarkit was recognized by Forbes as one of America's Best Startup Employers 2023, and customers continue to experience 11.5% cost savings on purchases and a 60%+ reduction in manual procurement efforts.

About Sonoco
With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world’s best-known brands. With our corporate purpose of Better Packaging. Better Life., Sonoco is committed to creating sustainable products and a better world for our customers, employees, and communities. Sonoco was named one of America’s Most Responsible Companies by Newsweek. For more information on the Company, visit our website at www.sonoco.com.