Summit: Growth in the Cloud and Software Market with AI-Driven Solutions

The up-and-coming London-based start-up Vertice has attracted worldwide attention with its innovative approach to expense management. Using artificial intelligence, the company aims to make the IT budgets of companies, which spend more than $5 trillion annually, more efficient. This particularly concerns the massive expenditure on software and cloud services. In less than three years, Vertice has grown 13-fold and has now raised fresh funds of $50 million to further expand its ambitious vision. According to CEO and co-founder Roy Tuvey, Vertice's platform offers a standardized solution for purchasing software and more. This is in light of the fact that many companies are currently still working with disparate systems, while their procurement departments are under constant pressure to achieve savings. Vertice simplifies this process through a unified platform. The new Series C funding round was led by Lakestar, with participation from Perpetual Growth, CF Private Equity, as well as existing investors like Bessemer Venture Partners and 83North. This latest capital increase follows a previous round about a year ago, where Vertice also convinced growth-oriented investors. The number of customers has also expanded and now includes renowned companies such as ASML, Euronext, Grant Thornton, and Santander. Roy and Eldar Tuvey, the minds behind Vertice, have already built an impressive track record with their earlier ventures, which they successfully sold. This has positioned Vertice in a highly competitive market segment, where it competes against numerous rivals, including Spendbase, Spendesk, Gartner, and G2. Vertice stands out through deep integration into its customers' business data to generate tailored purchase proposals. The use of AI tools enables detailed insights into software usage and identifies potential savings. By processing contract information and benchmark data, the company not only optimizes procurement but also shortens negotiation cycles and achieves significant cost reductions. According to Georgia Watson from Lakestar, the founders' successes and the advancement of procurement have particularly attracted investment-friendly supporters. Many of the companies in Lakestar's portfolio are currently relying on Vertice to reduce their software expenses - an aspect that is particularly significant in times of tight budgets.