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was spurred in part by the successful launch of Tradeshift® Buy and Tradeshift® Risk, which are poised to transform the outdated procurement, supplier information and risk management technology stack.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.
Sunak to use budget to expand apprenticeships in England
LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.
Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.
The scheme will extended by six months until the end of September, the finance ministry said.
Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.
Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.
Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.
“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.
(Reporting by Andy Bruce, editing by David Milliken)
UK seeks G7 consensus on digital competition after Facebook blackout
LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.
Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.
“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.
“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”
Dowden said recent events had strengthened his view that digital markets did not currently function properly.
He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.
“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.
Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.
“Nick strongly agreed with the Secretary of Stateâ€™s (Dowden’s) assertion that the governmentâ€™s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.
Britain will host a meeting of G7 leaders in June.
It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.
The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.
Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.
(Reporting by William James; Editing by Gareth Jones and John Stonestreet)
Britain to offer fast-track visas to bolster fintechs after Brexit
By Huw Jones
LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.
Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.
“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.
Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.
Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.
The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.
“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.
Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.
The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.
It also recommends more flexible listing rules for fintechs to catch up with New York.
“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.
“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”
Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.
“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.
A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.
“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.
The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).
“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.
($1 = 0.7064 pounds)
(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)
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