2014 Marks Global Shift to Cloud-Based Procure-to-Pay Solutions
SAN FRANCISCO–Tradeshift, the fastest growing business transaction and collaboration platform, today announced record year-over-year network and revenue growth. The company’s growth is attributable to the rapid global adoption of its cloud-based platform that automates and simplifies the accounts payable, procure-to-pay (P2P) and transaction processes of global enterprises and their supply chains. Twenty-five of the Fortune 1000 companies have now adopted Tradeshift, including well-known global brands such as Archer Daniels Midlands (ADM), DHL, CBRE, Kuehne + Nagel, and the National Health Service (NHS).
In response to the growing global adoption of its platform, which now comprises a network of 500,000 connected businesses, and the need to provide localized products, Tradeshift opened offices in London, Paris, Tokyo and Munich in 2014. The company now employs more than 200 people around the world to work locally with customers, suppliers and alliance partners. It has also rapidly expanded its research and development facility near Shanghai, building broad base alliances in China in the process.
Additionally, earlier in the year, Tradeshift announced $75 million in Series C funding from Scentan Ventures, bringing the company’s total funding to date to $112 million, to accelerate corporate expansion.
“Our vision is to bring businesses together and fix the broken, disconnected, paper-based procure-to-pay process,” said Christian Lanng, CEO and co-founder of Tradeshift. “We are helping large and small businesses participate in a global economy in ways that were previously not possible. We’ve seen our network transaction volume grow by 600 percent since this time last year. Suppliers love Tradeshift and that’s a big benefit for our enterprise customers and their return on investment.”
The launch of Tradeshift Studio in May 2014 allows third-party developers to build applications for Tradeshift that are easy to use and integrate with any ERP system. This has helped accelerate adoption of Tradeshift’s platform, which boasts the fastest growing network of connected businesses in global procure-to-pay innovation.