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Specright Announces Business Milestones

It doubled year-over-year revenue and platform user growth managed via its cloud-based Specification Data Management™ platform and was granted a patent for a platform that enables companies to digitize specifications and improve sustainability reporting.

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Specright was also recognized as a representative vendor in the 2022 Gartner Market Guide for Packaging and Product Specification Management, naming it as a Representative Vendor for Packaging and Product Specification Management (PPSM).

"With two million products on our platform globally, Specright is helping companies make the products and packaging that we use every day in an efficient, sustainable way – from Tide Pods, to Carmex chapstick, and even the packaging for COVID-19 vaccines," said Matthew Wright, CEO and founder at Specright. "It's rewarding for the entire Specright team to reap the recognition of our industry-leading position in the market."

Digitized specification management is vital for businesses in packaging, product development, supply chain, manufacturing, and more that need to easily create, share, and track product and packaging specifications while working closely with suppliers to bring their product to market while ensuring sustainability. Specifications are constantly changing, and managing this data with Excel spreadsheets, PDFs, and email can result in product recalls, waste, and production delays when outdated specs are used. Specright not only digitizes this data with a patented, spec-first platform but introduces a new way for companies to make amazing, sustainable things by developing them from the ground-up.

Specright's approach has led to year-over-year doubling of revenue and the number of active platform users since the company's first funding round. Multiple companies in the Fortune 500 as well as challenger brands choose Specright as the foundation for digitizing their supply chains, including Colgate-Palmolive, Taylor Farms, and Johnson & Johnson, and the platform boasts 99 percent customer retention.

Multiple factors contributed to Specright's success thus far in its journey, from developing a unique spec-first approach to building a partnership ecosystem and investing in academia that supports its customers' goals. Additional milestones from 2022 that cement Specright's position as the trusted provider in the packaging and product specification management category include:

Patent secured: With technology patents today having to meet a higher standard to prove uniqueness, securing a patent for its platform and Specright Network, which enables brands, suppliers, retailers, and manufacturers to share live, digital specifications with one another, is a significant achievement for validating Specright's approach.

Expanded partnership ecosystem: New notable partnerships in 2022 include an integration with SAP after participating in the SAP.iO accelerator program and with Trayak and Lorax EPI to streamline sustainability reporting, Life Cycle Assessment calculations, and Extended Producer Responsibility compliance.

Investment in industry education: Specright introduced the Specification Management Summit, the first industry event, and launched the Spec Management Foundations Course that has already helped more than 500 people become Specification Management certified.

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