Software-as-a-service buying platform startup Vendr Inc. today announced the launch of Vendr 2.0, an updated platform that harnesses SaaS purchasing, management products and industry data to deliver full end-to-end purchasing.
Vendr says the new version of the platform is designed to equip enterprise customers with unprecedented visibility into which software their teams are buying and using — in one central location. The service enables leaders to reduce overspending and eliminate duplicative products while unlocking insights that lead to better software choices and faster procurement at lower prices, according to the company.
Standard buying processes waste time and resources for software vendors and customers, Vendr says. With Vendr 2.0, businesses can maximize the return on their SaaS investments through cost savings and more efficient spending, improving stack visibility across the organization. The service is said to facilitate a “critical transformation” in how organizations purchase and manage software.
Features in the new release include the provision of insights and negotiation support to help buyers and sellers quickly evaluate whether a deal is fair for both sides. In doing so, it ensures that the process continues moving along internally once it comes time to buy. Vendr provides visibility into internal approval workflows and offers fast-tracked ways to request purchases, leading to smoother relationships between buyers and their company procurement functions.
On the finance side, Vendr 2.0 allows stakeholders to easily see the value-add of finance and procurement, ensuring compliance and keeping a handle on costs, leading to better business outcomes for all.
“The software purchasing process is broken and becoming all the more cumbersome as companies everywhere work to cut costs, as they seek to do more with less,” Ryan Neu, co-founder and chief executive of Vendr, said in a statement. “The introduction of 2.0 enables organizations to manage their second-highest expense — software — more effectively than ever before while reducing the difficulties surrounding the process.”
The announcement comes after Vendr raised $150 million in new funding on a $1 billion valuation in June. The round, co-led by Craft Ventures and SoftBank, was raised by the company to accelerate platform development and to help organizations cut costs when it comes to managing software.