Achieves nearly 250% year-over-year growth in transaction value and signs new customers from across the Fortune 500
Tradeshift, the fastest growing supplier collaboration platform with the goal to democratise business, today announced significant growth across all aspects of its business in 2015. The strong growth underlines both the success of Tradeshift’s vision and platform strategy and the speed with which business is embracing a long overdue digital transformation in the source-to-pay process and global supply chain management.
Tradeshift’s growth was spurred in part by the successful launch of Tradeshift® Buy and Tradeshift® Risk, which are poised to transform the outdated procurement, supplier information and risk management technology stack. The company also expanded its base of global enterprise customers, technology and reseller partners, is experiencing the benefits of a flourishing ecosystem of third-party apps on the Tradeshift platform, and achieved a global Net Promoter Score of +53 indicating very high customer satisfaction. Combined, this contributed to a nearly 250% boost in the value of transactions on the platform compared to 2014.
“The accelerated speed of adoption we’ve achieved last year speak volumes around the fact that disruption of legacy systems is what the market has been waiting for. We are absolutely on the right track to deliver on our mission to connect all buyers and suppliers around the globe,” said Christian Lanng, Tradeshift co-founder and CEO. “Our customers are transacting billions of dollars across the network on a monthly basis as they reap the reward of digital transformation.”
Mainstream Global Customer Adoption
2015 attracted global industry leaders to Tradeshift’s growing customer roster, including:
- Zurich Insurance Group
- Air France-KLM
- World leader in aluminum solutions, SAPA
- Multinational distribution company specialising in IT products and services, Tech Data
- Automotive parts manufacturer, SNOP
- Biggest fashion group in the world, Inditex
- FTSE 250 engineering firm
- 150-year-old automotive technology provider
- DAX 30 German electric utilities company
- Leading French construction company
- Major US automaker
“Enterprise customers are increasingly becoming cognizant to the reality that to keep the status quo in how they manage supplier information, transactions, and relationships is simply not going to work at a time when business models change, seemingly overnight.” said Jigish Avalani, President and COO, Tradeshift. “Remaining competitive and agile in the era of digital disruption means making the most of the best possible technology platform like Tradeshift to support critical back-end business processes.”
New Solutions and Partnerships Continue to Drive Tradeshift’s Platform Disruption
With over five years of building business software designed for accounts payable automation, Tradeshift entered the buying world with the launch of Tradeshift Buy. The offering is disrupting the stagnant e-procurement category with a new end-to-end solution that unites buyers, suppliers and products in a single, open collaborative platform. Industry observer, Jason Busch, Executive Editor, Spend Matters, remarked, “Tradeshift is entering the eProcurement and broader source-to-pay market as an antagonist with a radical perspective on how to improve corporate buying.”
The company then achieved another milestone in ridding business of legacy, outmoded, and impractical processes between buyers and suppliers with the launch of Tradeshift Risk, which brings real-time risk monitoring and compliance through a supplier collaboration platform.
The company also continued to build a strong ecosystem of platform and distribution partners to help enhance Tradeshift’s vision including:
- A technology partnership with Microsoft (NASDAQ: MSFT) granting Microsoft Dynamics NAV 2016 customers with automatic free access to the Tradeshift e-invoicing solution
- A partnership with Munich-based riskmethods to integrate all risk-relevant information about suppliers, locations, and supply chains from riskmethods’ SaaS solution
- New category leading apps to be added to the platform from Determine (NYSE: DTRM) MetaProcure, ProcurePort, Icertis, StockonDeals, GHK, and Timestarter
2015 also brought Tradeshift the ISO certification of Universal Business Language (UBL), the platform’s main data format. Achievement of ISO/IEC standardisation enables the adoption of UBL by a large number of government agencies and industrial organisations that are required by law or policy to use de jure standards. Tradeshift’s users can expect easy data integration with taxation and procurement agencies as the new international standard becomes widely deployed.
Davos and Digital Disruption
Tradeshift’s growth combined with their strong thought leadership surrounding digital disruption has also launched the company onto the world stage last week in Davos, Switzerland where it hosted the Tradeshift Sanctuary, a weeklong event with partners TechCrunch and CNBC. In Davos, Tradeshift announced a partnership with (RED) to deliver more than $3 million for the Global Fund to fight AIDS, Tuberculosis and Malaria by driving contributions from across its network.
Tradeshift is a force for positive societal change through its work with the Global Agenda Council on the Future of IT Software & Services where it provides thought leadership to the World Economic Forum’s (WEF) Information Technology Industry community and to the digital agenda of the Forum. Last year, Tradeshift won the Circular Economy Digital Disruptor Award at the WEF in Davos, Switzerland.