Mon, Sep 19, 2022 6:02 AM
HELSINKI & CHICAGO--(BUSINESS WIRE)--Sep 19, 2022--
Sievo (the “Company”), a leading procurement analytics SaaS provider for data-driven enterprises, today announced it has raised $44 million in growth investment from Susquehanna Growth Equity (“SGE”), an entrepreneur-centric growth equity firm exclusively focused on software and information services. This partnership marks Sievo’s first institutional investment since its founding in 2003. In conjunction with the transaction, Ben Weinberg and Aneesha Raghunathan from SGE will join the Company’s Board of Directors.
Sievo’s mission is to help leading businesses navigate real-world supply chain, economic, and environmental events while driving business value through best-of-breed spend management software and world-class services. The Company’s SaaS procurement analytics solutions, which include Spend Analysis, Savings Lifecycle Management, Materials Forecasting, and ESG Analytics, enable large enterprises to create and maintain a procurement information hub that efficiently analyzes complex, often disparate external and internal data sets to inform better purchasing decisions and overall procurement operations.
Sammeli Sammalkorpi, CEO and Co-Founder of Sievo, commented, “In just the last few years, there have been substantial supply chain shocks emerging from several events such as Covid 19, the conflict in Ukraine, an increasing focus on ESG-centric business practices, and the recent rise of inflation. Companies cannot predict every event – but the companies that are quickest and most strategic to react and make the right decisions will have the competitive advantage against slower-moving peers. The dire need among enterprises for faster and deeper data and analytics could not be more apparent amid the current environment.”
Through its partnership with SGE, Sievo will grow its U.S. presence from its Chicago office, with plans to scale both its team and client base within the US market. The Company will also continue to focus on building out its strong position in the European market. Additionally, Sievo will scale its product portfolio and roll out new services to ensure clients continue to have access to the fastest and most reliable data in all aspects of their procurement, covering spending, savings, risk, and sustainability business decisions.
“We are thrilled to be partnering with SGE at this pivotal time for Sievo and look forward to collaborating closely with their team to execute our continued vision of helping businesses build more sustainable partnerships with their suppliers,” added Sammalkorpi.
“Sievo enables large enterprises to understand and influence their procurement cost base, helping them manage new business realities evolving by the day. We are pleased to partner with the Company at this key inflection point in its growth trajectory, and work to capture this attractive opportunity as they seek to become the partner of choice to leading enterprises across the U.S. and other global markets,” said Ben Weinberg, Managing Director at Susquehanna Growth Equity.
Sievo is a leading procurement analytics solution for data-driven enterprises. Sievo gives procurement, finance, sustainability and leadership teams a single source of truth and radical transparency to all sourcing decisions from choosing the right suppliers and delivering savings, to enabling a sustainable, diverse and resilient supply base. Sievo masters the art of extracting, classifying, enriching and visualizing procurement data into actionable insights. As a member of the Harvest Together program, all employees across Sievo are part owners in the company. More information is available at Sievo.com.
About Susquehanna Growth Equity
Susquehanna Growth Equity (“SGE”) is an entrepreneur-centric growth equity fund with flexible capital and time horizons. SGE is exclusively focused on growth-stage software, internet and information services companies. The firm has invested over two billion dollars in 70+ market-leading technology companies over the last 15 years and has portfolio companies across the US, Canada, Europe, and Israel. SGE is backed by a unique and patient source of capital, enabling the firm to give entrepreneurs and management teams freedom and flexibility to maximize growth. To learn more, please visit www.sgep.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220919005307/en/
CONTACT: Media ContactsSievoAino Häkkinen
[email protected] Growth EquityGasthalter & Co.
KEYWORD: ILLINOIS EUROPE FINLAND UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY FINANCE SOFTWARE INTERNET
SOURCE: Susquehanna Growth Equity
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PUB: 09/19/2022 09:00 AM/DISC: 09/19/2022 09:02 AM