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News

Vertice raises USD 25 mln

Friday 19 January 2024 15:24 CET | News

Vertice, an integrated SaaS and cloud spend management platform, has announced USD 25 million in Series B following a year of revenue growth. 

Per the official announcement, the funding is being co-led by 83North and Bessemer Venture Partners, which also co-led the startup’s previous round of USD 26 million.

Vertice, an integrated SaaS and cloud spend management platform, has announced USD 25 million in Series B following a year of revenue growth

Having now raised a total of USD 51 million, the spend management platform aims to broaden its service offerings, assisting a greater number of companies in managing their SaaS and cloud expenses. The fintech intends to allocate its recent investment to accelerate product innovation and facilitate its expansion into additional global markets. 

Officials from the company stated that this was done as an all-inside round so that they could continue the close relationship with investors. The company's current valuation stands in the millions of dollars. 

The problem that Vertice is going after is focused on SaaS and cloud spend. The company’s approach involves a mix of automation, human evaluation, and a suite of AI tools that looks at spending and usage trends across the hundreds of customers already using Vertice and the more than USD 1 billion that is being spent by those customers tracked through the platform.  

The gathered insights serve a dual purpose: firstly, aiding finance teams—its primary clientele—in obtaining a comprehensive overview of expenditures and their respective allocations. Additionally, users can delve into finer details, uncovering reasons behind flagged expenditures. This may include instances where spending pertains to obsolete products or has been surpassed by other existing IT contracts.  

About the company 

Based in the UK, Vertice is a SaaS and cloud spend optimisation platform that intends to build a new way to manage SaaS and cloud spending, designed for modern businesses. For long, SaaS and cloud spending have been complex and opaque, and Vertice aims to create a solution that could better reflect the challenges of today’s businesses.  

Source: Link


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Keywords: artificial intelligence, SaaS, spend management, funding
Categories: Banking & Fintech
Companies:
Countries: World
This article is part of category

Banking & Fintech

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