It’s hard to measure momentum. It’s a series of small moments that show progress in the right direction, and a collective buzz around what you’re doing. You can’t exactly put a finger on it, but there are times where it’s clearer than others that the momentum is building.
The past few months at Fairmarkit are exactly that - clear signs that the excitement in the market is growing around tail spend management and how it’s being solved. Here are a few highlights:
At the beginning of August, Gartner released their Hype Cycle for Procurement and Sourcing Solution 2022. This year, we were featured as a sample Vendor for three categories: Supplier Discovery, Tail Spend Solutions, and Autonomous Sourcing. While we’ve been recognized before in the category of Tail Spend Management, this year shows that “how” we’re solving for tail spend management is getting the attention it deserves. All three categories are still, according to Gartner, in the early days of the Hype Cycle, and we’re excited to be in the forefront.
It’s surreal to think that of all the companies out there, Fairmarkit is growing at such a fast rate to be named #159 on Inc. 5000’s Fastest Growing Companies 2022 list. As the 5th fastest growing company overall in Boston, and is the 18th fastest growing software company in the US, customers are seeing the value in what we do and are coming onboard to solve what traditionally is seen as an “unsolvable” problem. There’s a buzz and that’s proven in the fact that our company has grown by 3,202% over the last 3 years.
On September 1st, we were thrilled to announce a $35.6 million Series C investment, led by OMERS Growth Equity, with participation from GGV Capital, Insight Partners, Highland Capital Partners, and ServiceNow. They all see what we see - the huge potential for enterprises to get tail spend under control and manage more of their spend. It’s a trillion dollar problem, and through their due diligence have put their confidence and investment behind us to solve it.
As we look into 2023, external factors like inflation and fear of a recession are causing companies to look to procurement for savings and ensure competitive pricing on necessary spend, while ensuring supply chain continuity. To accomplish this, leadership is hesitant to add headcount (and in many cases are reducing it) and is looking to better manage spend without additional resources. This means now more than ever, our customers are pushing us to expand so they can continue to drive better data visibility, faster turnaround times, and more savings.
Being named a Gold winner in The 19th Annual Stevie Awards for our submission of Autonomous Sourcing was another data point that we are pushing the envelope and uniquely innovating in this space.
We couldn’t have accomplished all of these huge milestones without our dedicated Fairmarkit team, our go-to-market partners, and our incredible customers. We’re already looking ahead to how we can push automation and data intelligence forward to add more value and revolutionize the way all organizations buy and sell.
We look forward to continuing on this journey and keeping the momentum going.