Verdane invests in leading eSourcing company Scanmarket
Stockholm/Copenhagen — Verdane Edda has invested in Scanmarket, a cloud-based SaaS suite within strategic sourcing software. The goal of the investment is to strengthen Scanmarket’s position as a best of breed solution within eSourcing and to build a leading international Source-2-Contract (S2C) software company that helps procurement professionals in achieving cost savings.
Founded in 1999, Scanmarket is a top-rated niche player targeting medium and large companies to help digitalise their procurement function in order to improve efficiency and provide cost savings. On average, Scanmarket’s platform helps achieve cost savings between 10-15% for procurement professionals. Based in Solbjerg, Aarhus in Denmark, Scanmarket supports procurement teams with purchasing, planning, assessment and performance management through a Source-to-Contract SaaS suite. Its client portfolio of more than 120 customers includes automobile manufacturer Nissan, film studio Paramount Pictures, facility service company ISS and grocery retailer COOP. Spread across 29 countries primarily in North America and Europe, Scanmarket has employees in Denmark, the UK, the US, Germany, the Netherlands and Ukraine. The global market for Strategic Sourcing Applications is estimated at USD 1.5 billion by Gartner, a leading research and advisory company.
“Scanmarket is already a fast-growing global market leader in a strategic procurement software niche, and I believe Verdane the ideal partner for us to further accelerate growth”, says Scanmarket founder Ole Nielsen.
“This partnership allows us to accelerate our investments into product development and marketing, so that even more companies can benefit from the cost savings generated by our clients from adopting our platform”, adds CEO Betina Nygaard.
“Procurement is still relatively undigitalised compared to for example marketing. In the transition to cloud-based software for procurement professionals, efficient platforms like Scanmarket’s are key to reaping the benefits of engaging with multiple suppliers, to increase productivity and to generate cost savings when using for example eAuctions as part of the engagement. We look forward to working together with the team at Scanmarket in realising the company’s growth potential”, comments Martin Welna, investment director at Verdane’s Danish office.
Scanmarket joins a Verdane roster of over 170 software and consumer internet investments made over the last 14 years. CEO Betina Nygaard and CCO Ole Nielsen will reinvest in Scanmarket to retain an ownership stake at approximately 10%, with Verdane Edda holding the remaining 90%. Both Nygaard and Nielsen will remain with the company to play an active role in its future development.
Scanmarket is already a fast-growing global market leader in a strategic procurement software niche, and I believe Verdane the ideal partner for us to further accelerate growth.
Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both minority and majority investments in individual companies and portfolios. Verdane funds act as ambitious, active, and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s unrivalled technology capabilities and proven track record in driving business value. Verdane funds’ and SPVs’ current portfolio includes EasyPark, inRiver, HR Manager and Freespee. Verdane funds have attracted SEK 12 billion in total commitments from investors. Verdane Advisory Group has 39 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com
Scanmarket is a market-leading global strategic sourcing platform that since 1999 has delivered superior bottom-line results in savings, transparency and efficiency to hundreds of organizations globally. We achieve this by dramatically increasing adoption and volume through a proven cloud-based platform that is easy to use, easy to get expert support, and easy to do business with. Scanmarket has 43 employees working out of offices in Solbjerg, London, Hamburg, Amsterdam and Atlanta. For more information, please visit www.scanmarket.com
Jonathan Bui, Communications Manager
+46 76 27 28 100
Betina Nygaard, CEO
+45 22 52 83 24
Ole Nielsen, CCO
+45 20 12 30 09