We’re excited to announce that we’ve hit $100M in cumulative software savings for our customers in just two years.
When you’re starting your own company, the number of unknowns seem endless – especially when you’re setting out to build a new category of business.
For Vendr’s founder and CEO Ryan Neu, those what-ifs around SaaS buying didn’t hold him back from seeing the possibilities. The opportunities always outnumbered the uncertainties.
What started as a team of three at Y-Combinator in Silicon Valley has grown to a $60 million Series A company with over 150 employees, and today, we’re proud to announce yet another milestone in our journey: $100M in software savings for our customers.
“This milestone would not have been possible without the unwavering support of each company that decided to give us a shot; you've all motivated us to work harder. We didn’t have the validation. We just had a dream to change the way people buy and sell B2B SaaS. Today, we came back for the validation,” says Ryan.
The software industry is evolving, but the way we purchase SaaS hasn’t (until now)
Over the last several years, there’s been a push towards digital transformation, in part accelerated by the pandemic and need for tools that empower remote collaboration and productivity. Despite the shift and increased reliance on software, the way many companies purchase SaaS has not changed.
If you’re a buyer, you’re probably familiar with what unfolds and how long it takes to bring on a new tool once you get connected with a salesperson.
What you might not know about the process is that you’ll likely be paying more than the next person that fills out the same demo request form.
Two companies can purchase the same tool but depending on who you're working with, the time of year, the importance of your logo, the LTV (Lifetime Value) projection, the two will likely end up with completely different prices. Even if you buy software at the last minute – which, let's face it, a lot of us do – you'll pay a higher price tag as a result.
What we’re saying here is that SaaS pricing is highly variable, and to make matters more challenging, these SaaS contracts are designed to compound as you scale.
Now take what we’ve just outlined and double it by two.
Many companies start off with a decentralized buying process, which can lead to duplicative purchases. When a clear process is lacking, different department heads purchase tools that their team needs, without ever knowing that the company might already have the tool under a different department.
That’s a nightmare for your Finance and Procurement teams to maintain control of and forecast accurately. It’s one of the main reasons SaaS is creeping up as a top five line item on company P&Ls.
How would you spend your savings?
Imagine a world where you're able to buy the SaaS you need at the click of a button — at the best price, every time.
Our goal is to make that a reality for every company. Today, Vendr's B2B SaaS buying platform has facilitated over $500 million in software purchases across 4,000+ suppliers - saving our 200+ customers over $100M on their SaaS expense.
How would you spend your savings? Would you use it to scale your Procurement or Finance arm? Would you use it to 10x your lead gen? Would you hire more dev resources?
These are just some of the things that our customers are doing by cutting their annual software expenses.
As we continue our journey, we will remain committed to saving our customers more than it costs to work with us.