LONDON, UK; 19th May 2022: Vertice, a technology-enabled SaaS buying company with its headquarters in London, has emerged from obscurity to help companies all over the world cut down on their software spending annually and make purchasing easier. The announcement comes on the heels of Vertice having raised $26 million in a Series A round, led by 83North and Bessemer Venture Partners.
Vertice was created in the early 2000s by two serial businessmen Roy Tuvey and Eldar Tuvey. The Tuvey brothers have over two decades of experience operating SaaS businesses, including creating ScanSafe and Wandera which were sold for the sum of $200 million (Cisco) and $400 million (JAMF). The experience of their parents has inspired the Tuveys to use their extensive knowledge of the market and their firsthand experiences to drastically enhance the purchasing process for SaaS products.
Vertice was designed to assist companies cut their software expenditure by 20% to 30%, while streamlining the buying process. It is designed specifically for finance, IT and procurement departments. It addresses the constant increase in costs of SaaS applications as well as the challenges that companies confront in managing and monitoring the software platforms they have.
Vertice has been working in silent operation since the second quarter of 2021. Vertice has worked closely with a number of selected European companies to stress-test its product, ensuring that the company releases its product with a solid, tested, and proven design on the market.
The funds will be used to speed up Vertice’s expansion, which includes expanding commercial and engineering teams, assisting in further developing the platform and speed up the growth of revenue globally.
83North as well as Bessemer Venture Partners led the round that also included an impressive group of angel investors, all of whom are founders of high growth fintech, tech and SaaS companies. Angel investors included in the round are Juan Lobato, founder and co-CEO of Ebury; Omri Dahan, former CRO at Marqeta; Ronni Zehavi, co-founder and CEO of Hibob; Tom Ryan, co-founder and CEO of Pluto Television; Yuval Tal who was the former CEO and founder of Payoneer as well as Bastian Nominacher Co-CEO and co-founder of Celonis.
“Vertice is solving a huge problem for businesses through reducing the cost and friction associated with controlling SaaS renewals. 83North invests in a variety of teams to facilitate process simplification and improvements for the enterprise. Vertice is among the companies that have a special background of the founders and their experience in execution makes it a distinctive investment. We are thrilled to support Vertice once more” added Laurel Bowden, partner at 83North.
Globally in the world, annually SaaS spending is expected to exceed $145 billion by 2022 as per Gartner. It would be 19% more than in 2021 and follows an increase of 23% in 2021 over the 2020.
“SaaS costs are increasing rapidly and businesses across the globe struggle to keep their budgets in check and keep track of their complicated renewal plans,” said Eldar Tuvey, Vertice co-CEO and co-founder. “We have designed Vertice to drastically simplify SaaS purchase, cutting out unnecessary cycles and freeing finance teams to concentrate on their core areas of business.”
The majority of SaaS firms disclose their prices in 2021, as per research conducted by Valueships. With a vast database of market transactions Vertice is able to negotiate SaaS contracts on behalf of clients on behalf of the clients to negotiate lower prices for renewals as well as new purchases.
“As a consequence of the increasing popularity of SaaS products, the users who purchase these SaaS vendors aren’t prepared to meet the unique challenges that arise” explained Adam Fisher, partner at Bessemer Venture Partners. “We are very excited to invest in Vertice as they pursue their mission for the benefit of SaaS customers to take advantage of what we believe to be an opportunity worth billions of dollars.”
The company that was announced recently has hired a seasoned team from seven countries to assist in implementing the Tuveys vision. The company will employ the help of a hybrid, digital-first workforce, based in London’s headquarters.
The Vertice Story Vertice offers a technology-enabled SaaS buying solution that can help businesses cut their annual software expenses. By leveraging extensive data intelligence that covers many thousands of SaaS transactions, Vertice utilises SaaS procurement experience to procure contracts on behalf of customers. The software streamlines the purchase process using software and gives finance executives complete visibility to the SaaS stacks, allowing them to make more strategic purchase decisions. Vertice is located in London and maintains its presence across Europe as well as North America. For more information, visit vertice.one.