Sievo Raises $44M to Grow Platform in US, Europe

Procurement analytics platform Sievo has raised $44 million in development funding and can use it to speed up the expansion of the platform in U.S. and international markets.

Sievo offers spend administration software program and different providers to assist companies create a procurement data hub, analyze knowledge units, and handle provide chain, financial and environmental occasions, in keeping with a Monday (Sept. 19) press release.

In latest years, corporations have needed to cope with provide chain shocks ensuing from COVID-19, the battle in Ukraine and a rising give attention to enterprise practices associated to environmental, social and governance (ESG) standards, Sievo CEO and Co-Founder Sammeli Sammalkorpi mentioned within the launch.

“Companies cannot predict every event — but the companies that are quickest and most strategic to react and make the right decisions will have the competitive advantage against slower-moving peers,” Sammalkorpi mentioned. “The dire need among enterprises for faster and deeper data and analytics could not be more apparent amid the current environment.”

With the funding from development fairness fund Susquehanna Growth Equity, Sievo plans to scale each its staff and its consumer base throughout the U.S., construct out its place in Europe, scale its product portfolio and add new providers.

“Sievo enables large enterprises to understand and influence their procurement cost base, helping them manage new business realities evolving by the day,” Susquehanna Growth Equity Managing Director Ben Weinberg mentioned within the launch. “We are pleased to partner with the [company] at this key inflection point in its growth trajectory, and work to capture this attractive opportunity as they seek to become the partner of choice to leading enterprises across the U.S. and other global markets.”

In order so as to add true worth to the enterprise, knowledge analytics options should transcend spend and past merely offering insights into previous traits, Johan-Peter Teppala, who was CEO of Sievo on the time and is now chief buyer officer, advised PYMNTS in August 2020.

Read extra: Why Procurement Optimization Must Go Beyond Spend Analytics

“Before the pandemic, we already saw a lot of interest toward more active risk management, but the pandemic boosted that even further up,” Teppala mentioned on the time. “Savings [has stayed] on top of the procurement agenda, and an economic downturn has even increased the need for tools to manage a savings pipeline, and measure savings achieved.”

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