Introducing the Monthly Software Report by Vendr

Today we’re excited to introduce The Monthly Software Report by Vendr, where we share recent events and data-backed purchasing trends to help you save time and money buying software.In the rapidly evolving world of SaaS, knowing the latest trends isn’t just beneficial—it’s essential. 

This month, it was nearly impossible to miss the substantial funding round secured by Wiz, a leader in cybersecurity. They announced a massive $1B funding round with a $12B valuation. 

If you’re wondering, that’s one of the largest funding rounds in SaaS history.

There’s more to the story that we’re excited to dive into in this month’s report. Before we get there, we’ll share a rundown of May’s SaaS Trends, including the suppliers and categories that topped the charts in May.

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May’s Monthly Software Report: Top Products, Categories, Insights and Events

So, how did SaaS trends shake out in May? The full report is now available on Vendr but here’s a quick preview.

The top five products purchased net new on Vendr in May 2024 were:

1. 1Password 
2. Vanta
3. Netsuite
4. Zscaler
5. Zoom

A noteworthy trend is that 40% of May’s  top new purchases fall under the security category. This isn't surprising, as Security & Compliance software has consistently been a strong performer on Vendr. Between 2022 and 2023, there was a 23% increase in security product purchases on our platform.

We expect this trend to grow further with the rise of AI. As AI technology advances, it also heightens cyber risks, driving a greater demand for cybersecurity solutions. This leads us to one of May’s major SaaS developments.

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Monthly Software Report: Understanding the Impact of Wiz's Recent $1B Series E Funding for SaaS Buyers 

This month, Wiz announced a $1 billion Series E funding round, elevating its valuation to $12 billion. This achievement marks one of the most significant funding rounds in SaaS history.

Wiz’s recent funding highlights a broader market trend: with the rise of AI, SaaS buyers are increasingly prioritizing security.

In our Q1 SaaS Trends Report, we noted that Wiz was quickly rising in the rankings for net new purchases.

In our full May Software Report, we delve deeper into the impact of Wiz’s funding on SaaS buying patterns and how AI is driving the heightened demand for security products. And it doesn't stop with Wiz. This month, we also saw another leading cybersecurity provider, Zscaler, climb the ranks.

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Here’s How to Access May’s Full Monthly Software Report

We’re excited to introduce our Monthly Software Report, offering you the latest SaaS trends to help you save time and money purchasing software.

But Vendr’s insights extend beyond our SaaS Trends Reports.

With our free product, Vendr provides pricing benchmarks, negotiation support, and procurement automation. And now, you can also access our Monthly Software Report within our product.

To access our full Monthly Software Report, which includes top renewed products, top net new and renewed categories, and an in-depth feature on Wiz’s funding and the growth of cybersecurity, simply create a free Vendr account. Or, if you already have a free Vendr account, you can find it within the Reports section.

Creating a free Vendr account takes less than three minutes. To create your free Vendr account, visit this link and submit your company email. Once you’re up and running, don’t forget to check out the reports section for May’s software report.

Each month, we’ll deliver a similar format: timely SaaS stories paired with SaaS buying insights. Like our quarterly Trends Report, you can use this report to see where others are investing in software. Then, when you’re ready to buy, hop in our free product so Vendr can help you purchase fast and fair. Cheers to the next phase of fast, fair and equitable SaaS buying.

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