25% in SaaS savings

The Challenge

Spenmo, a spend management platform providing bill payments, corporate cards, and reimbursement products, was founded to help businesses streamline their spend while maintaining control. The platform delivers the tools to gain visibility and proactively control any unintended spend in a way that makes work easier. 

After raising $34 million in series A funding in 2021, the company was growing rapidly. Alongside significant company growth, Spenmo’s tech stack also increased. The leadership team struggled to fully identify what tools were being utilized across the business, and costs were spiraling. This resulted in a significant bill across more than 50 SaaS tools. 

While these technologies had supported its expansion, Spenmo now wanted to control costs, realize savings and achieve better visibility into its tech stack. 

Spenmo’s leadership team set an ambitious cost reduction target of 30% across their software spend. Without a centralized procurement team, achieving this internally was difficult. The leadership team also lacked knowledge of renewal dates and contract details – making negotiating SaaS contracts much harder. 

The Solution 

Spenmo started the search for a partner that could not only help it achieve better tech visibility, but also that could take on the procurement function and deliver substantial savings on new and renewed software. 

The leadership team wanted to find a way to centralize visibility of all its SaaS spend. It was also seeking pricing benchmark data and procurement specialisms that would help the team reduce costs through better negotiation and right-sizing existing contracts.

After an introduction to Vertice, the team at Spenmo felt confident the platform would be able to meet their needs. More than that, Vertice demonstrated that it could save Spenmo time previously stuck in contract management, allowing them to re-deploy resources into more growth-oriented projects. 

The Results 

Spenmo quickly began to see the benefits of working with Vertice. The team at Spenmo quickly gained visibility into their tech stack, and handed over the hassle of negotiating, with the first negotiation completed within ten days. 

Vertice were also to provide comprehensive support to the whole business. The customer experience teams gave timely feedback on negotiated contracts to align with deadlines, and Vertice’s procurement experts provided specialized training and support to C-Suite executives. This enabled the Spenmo team to use Vertice with ease and have constant visibility over their contractual situations.

The expertise at Vertice was passed on to Spemno’s leadership – giving them advice on which contracts to downsize or right-size with a view to scaling effectively for the future. The purchasing team at Vertice also helped Spenmo transition from reactive contract management to a planned, cost-effective approach.

Spenmo were able to appreciate the time and energy saved by partnering with Vertice alongside the cost savings. It could leave SaaS spend management to Vertice with confidence and transparency, while simultaneously feeling totally supported in this.