ValueCard was selected as a finalist in the 2005 Emerging Technology Top 100 awards, for TenderSystem’s innovation of the procurement process.

Technology Top 100 is South Africa’s foremost business excellence awards programme. Emerging TT100 is a separate section of the program that caters for the unique needs and attributes of companies that are in the start-up phase, not having been in operation for more than 3 years.

TenderSystem was developed in 2002 and is currently used by insurance companies in Southern Africa to decrease their largest expense, namely claim payments. This is achieved by leveraging the age-old principle of supply and demand, through reverse auction, to ensure that claims are settled at the best possible suppliers, resulting in audited savings in excess of 20%.

ValueCard released TenderSystem as an open source project at SourceForge.net in July 2005, to replicate the success into other industries.