Procurement analytics platform Sievo has raised $44 million in growth investment and will use it to accelerate the growth of the platform in U.S. and global markets.
Sievo provides spend management software and other services to help businesses create a procurement information hub, analyze data sets, and manage supply chain, economic and environmental events, according to a Monday (Sept. 19) press release.
In recent years, companies have had to deal with supply chain shocks resulting from COVID-19, the conflict in Ukraine and a growing focus on business practices related to environmental, social and governance (ESG) criteria, Sievo CEO and Co-Founder Sammeli Sammalkorpi said in the release.
“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 said. “The dire need among enterprises for faster and deeper data and analytics could not be more apparent amid the current environment.”
With the investment from growth equity fund Susquehanna Growth Equity, Sievo plans to scale both its team and its client base within the U.S., build out its position in Europe, scale its product portfolio and add new services.
“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 said in the release. “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 to add true value to the enterprise, data analytics solutions must go beyond spend and beyond simply providing insights into past trends, Johan-Peter Teppala, who was CEO of Sievo at the time and is now chief customer officer, told PYMNTS in August 2020.
Read more: 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 said at 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.”