SpendHQ Receives $10 Million in Funding, Spins Out from Parent Company Insight Sourcing Group
Atlanta, November 1st – SpendHQ has become an independent company as of July 1, 2021. Born as an internal product developed by procurement consulting firm Insight Sourcing Group, SpendHQ has become one of the largest spend analytics software products in North America. It has amassed an impressive roster of Fortune 500 and Private Equity clients and has analyzed over $5 trillion in procurement spend for hundreds of customers.
In conjunction with the spin off, SpendHQ has received $10 million in funding. This investment is provided primarily by SpendHQ’s former parent company and its executives and affiliates. Insight Sourcing Group Holdings will remain the majority owner.
This announcement comes on the heels of the appointment of SaaS veteran Scott Macfee as the new CEO of SpendHQ. In 2020, SpendHQ grew over 35% and, unlike many SaaS companies, achieved double digit profitability. This investment under Scott’s leadership will accelerate an ambitious roadmap focused on growth and value creation for our procurement clients.
According to SpendHQ founder and board member Tom Beaty, “SpendHQ benefited mightily from its affiliation with Insight Sourcing Group and still does as a platform built for procurement professionals by procurement professionals. However, we seek to have the best of both worlds: close access to over 150 of the top sourcing experts in the world, while having the autonomy to operate as a true SaaS business focused on growth and innovation.”
According to new SpendHQ CEO Scott Macfee “At the core of our business is driving actionable insights for our customers that result in meaningful savings. This investment in our business will drive the acceleration of our AI/ML powered insights capabilities, third party data enrichment and ERP integrations along with bringing game changing capabilities that don’t exist in the market currently that leverage our deep procurement heritage and expertise. Along with advancing our roadmap, we’ll be further investing in our go-to- market team to ensure more clients have the opportunity to leverage our market leading platform.”
SpendHQ is a procurement analysis solution that provides rapid, accurate, and detailed visibility into enterprise spend data. Built by sourcing professionals for sourcing professionals, this full-service SaaS spend analytics solution delivers actionable insight for every stakeholder. The SpendHQ platform and solutions team serves all industries, and clients include some of the world’s largest organizations.
SpendHQ has been recognized as an industry leader by Spend Matters’ SolutionMap, Ardent Partners’ Key Solution Providers, and Procurement Leaders’ World Procurement Awards.
About Insight Sourcing Group
Insight Sourcing Group is the largest and fastest-growing consulting firm in North America focused exclusively on strategic sourcing and procurement-related services. Founded in 2002, the firm works with senior executives and procurement leaders to accelerate savings through strategic sourcing and procurement transformation consulting services, energy cost management, and on-going category analytics and spend visibility. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 50 Private Equity firms. To learn more, visit www.insightsourcing.com.
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