The Sastrify procurement platform reported that following the results of the Series B financing round, it managed to raise investment funds in the amount of $32 million.
The company intends to spend the raised funding to provide other forms of assistance in overcoming unnecessary software costs. The investment will help the procurement platform expand its staff in Europe and the USA, and increase the intensity of product development.
The company pursues a goal, which is to overcome what the firm’s management calls overspending on software. The relevant information is contained in a press release that was published by Sastrify on the occasion of attracting investments.
The press release also contains information that according to the results of industry research, it was recorded that this year financial resources in the amount of more than $200 billion and 3.9 billion working hours will be allocated for the purchase of software. Experts predict that in 2023 one in five companies will face the problem of cyberattacks committed by shadowy IT firms.
The results of industry research also indicate that the average company in the structure of SaaS costs provides financing that exceeds fair indicators by 30%. Firms spend up to 400 hours annually managing the relevant contracts.
As a result of the spread of SaaS solutions, intensive digital transformation due to the coronavirus, and the current global economic climate, scalable software management has become the foundation of a successful company. This was stated by Philip Schroeder, who is a partner of Endeit Capital, which led the financing round.
Special studies show that in the United States, 74% of large companies with employees ranging from 500 to 1,500 people are highly likely to have implemented solutions for managing expenses unrelated to salary. This trend is natural and justified by objective factors since financial resource allocation management systems allow for saving money and time for employees. The study also revealed that 31% of company executives are convinced that their departments for working with creditors can integrate new software within a month.
As we have reported earlier, Pesto Raises $11 Million and Launches Asset-Backed Credit Card.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
