At SpendHQ – now joined by the Per Angusta business – we’re gearing up for a transformative year in 2023 with our customers and partners, as more focus within Procurement and Finance leadership shifts towards strategic business support and impact. Our solutions for Spend Intelligence and Procurement Performance Management fill that critical gap missing in source-to-pay suites and applications, by connecting management-level planning, goal setting, tracking and outcome reporting to the execution side of Procurement.
The year 2022 was significant for SpendHQ to be able to advance Procurement towards that ambition of having a “strategic seat at the table” and realize the function’s true potential. Let’s review some key milestones and achievements that help us meet Procurement’s needs today and in the future:
Better Together: SpendHQ Combines With Per Angusta
Backed by Pamlico Capital’s $65 million investment, SpendHQ’s depth in Spend Intelligence joined forces with Per Angusta’s pioneering innovation in Procurement Performance Management when we closed our merger in July 2022. Read more about the vision behind this decision.
Within five months of that announcement, our product teams achieved something amazing: seamless user journey experiences between our two applications that were not integrated prior to the merger. It also meant we added more multi-language support in our Spend Intelligence product, as well as user interface updates to visually bring the products closer together.
We now number close to 100 employees worldwide to support our global customer base.
Our 2023 roadmap will continue to tighten the integration so that our joint value as a strategic procurement management hub can bring even more benefit to customers.
A Hub for Procurement Management Insights and Oversight
Across both of our product lines, we saw growth in users, usage frequency, and the types of user personas benefitting from our capabilities to quickly deliver accurate spend insights, procurement project discovery and tracking, and value measurement.
In our Spend Intelligence product, our customers analyzed more than $1 trillion in spend in 2022 alone – with more than $7 trillion in spend managed over time. Our customers for Procurement Performance Management tracked more than 80,000 projects in 2022, more than double in the past two years.
The products also integrate easily into the existing procurement ecosystem – with more than 60 connectors available for products ranging from source-to-pay suites and point solutions, to supplier data apps, ERP and financial data systems, and more.
We’ll soon be announcing new features in both products to support Supplier Diversity and Sustainability initiatives through Procurement management practices, and such innovations in the ESG area have elevated us to the Gold Sustainability Score from partner Ecovadis.
Together, our products create a natural hub for gathering your distributed, messy spend data to turn that into accessible spend insights, to take action on those insights through stakeholder collaboration and project prioritization, and then track the success and outcomes of those projects across all your categories.
Customer Growth and Engagement
We added a record-breaking 67 new customers in 2022, bringing our combined global total to more than 450 customers served. Our teams have been busy on-boarding and setting those customers up for success.
And we thank our customers for sharing their feedback and reviews! Our Net Promoter Score tracked in the Spend Intelligence product increased by 14 points in 2022, while our Procurement Performance Management customers kept our satisfaction score north of 94 points. We are so grateful and really extend great appreciation to our client-facing employees and product developers who work so hard to deliver exceptional results.
Such good feelings from the market are showing up in third-party reviews and recognitions.
Independent review site G2 shows us at 4.5 out of 5 stars and lists us as a Winter 2023 “high performer.” A more recent review there states that: “SpendHQ Adds Significant Value to Savings Efforts.” (Read the reviews on G2)
Spend Matters in their fall 2022 SolutionMap for spend analytics offerings put our offering in the top “Value Leader” quadrant, thanks to high scores from both their own analysts and customer surveys. And both products were listed to Spend Matters’ Top 50 Providers to Know list in 2022.
Learn More – Integrated Demo
Needless to say, 2022 was an eventful year for SpendHQ as we combined with Per Angusta!
We look forward to showing Procurement teams the value of our combined offering – or even by product line. As you look at your 2023 Procurement roadmap plan, let’s see how a strategic management hub can uncover new, untapped areas of savings, efficiency, and impact you can deliver to your business.