Concept: Massachusetts-based startup Vendr has launched a SaaS (Software as a Service) purchase platform to assist businesses in discovering, purchasing, and renewing SaaS. It provides both a product and a people-powered service to help companies buy software fast and affordably.
Nature of Disruption: The platform examines enterprise SaaS stacks and informs customers how much they could save by sharing their current year or previous year’s SaaS purchases. Companies should define their SaaS budget and overall budget goals, which should include a reduction in the annual SaaS budget, room for new acquisitions with the existing spend, and a more compliant purchasing procedure. This can help businesses lower unit rates, add users, plan classes, and enhance payment terms by determining the quickest path to a fair price. The dashboard can be used by executives, department heads, and team leaders to request new tools. The platform seeks permission from legal, security, and financial stakeholders to automatically close the deal, document the savings, and prepare for the following year’s event.
Outlook: As businesses develop and spend more money on SaaS, their software contracts become more complex and difficult to manage. Most businesses begin with a decentralized purchasing procedure, which provides little insight into previous software purchases and overall spending. To get their SaaS stack management into a proactive condition, it usually takes many months to track down old contracts, manually reconcile data, and find duplicative tooling. The software market is transforming, but the way businesses buy and manage SaaS has not yet. Vendr has identified a big consumer and market need as the IT industry has transitioned to SaaS, and it intends to provide a consolidated view and reduce the buying and administrative inefficiencies that organizations encounter. It claims to have helped finance and procurement teams at Brex, HubSpot, Canva, Toast, and Reddit. In February 2022, Vendr acquired New York-based startup Blissfully to manage their suppliers, gain visibility into their SaaS stack, and find possible cost reductions all from a single system of record.