Vertice is putting an end to the problem of software overspend by helping firms to find a better deal on their SaaS and cloud subscriptions.
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Founder: Eldar Tuvey and Roy Tuvey
Year founded: 2021
Website: vertice.one
Across every industry, businesses share one thing in common this year: they’re all looking to limit costs. As the cost of living crisis continues, and inflation soars high, finding areas to cut down spending has become an existential issue for some enterprises.
Research shows that companies can overspend by as much as 20% to 30% annually on software budgets. Largely, this is due to a lack of transparency from vendors. Only 75% of SaaS providers disclose their prices, making it difficult for customers to discern if they’ve really been given a good deal.
Enter Vertice. After decades working as co-CEOs at Wandera, a major SaaS (Software as a Service) brand, brothers Eldar and Roy Tuvey saw first-hand the wasted hours spent managing SaaS renewals, arguing for better rates, and navigating the opaque waters of software pricing tiers.
Companies can overspend by as much as 20% to 30% annually on software budgets.
In answer, they came up with Vertice. The platform harnesses data from millions of transactions, conducting large-scale analyses to help clients intelligently manage their technology spending and identify areas to save money.
While competitors focus solely on SaaS purchasing, Vertice enables organisations to reduce both SaaS and cloud expenditure in one platform. This convenient USP is one reason why the firm ranked highest for customer satisfaction in the reputable Lionfish report for 2023.
Since its debut, Vertice has achieved impressive growth. It now manages over $1.1 billion of SaaS spending and has expanded its team to over 150 members across Europe, North America, and Asia Pacific.
The Tuveys also claim their innovative solution has reduced client bills by 25%, on average. In future, they plan to improve on this figure by promoting greater pricing transparency amongst vendors; empowering organisations to negotiate costs with large SaaS providers.
On the funding front, Vertice recently raised £21m in a Series A round led by 83North and Bessemer Venture Partners, alongside eight angel investors who hail from high-growth, fintech, and enterprise SaaS companies.
As firms continue on their digital transformation journey this year, choosing the right SaaS and Cloud software will be crucial, and Vertice is well-positioned to ease the challenge for its customers.
One investment we’re sure is worth it? Betting on Vertice, as one of the UK’s fastest-growing startups for 2024.
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