The technology behind Vertice utilizes AI to automate purchasing processes and ingest contract information, providing actionable pricing insights at the point of purchase.

Vertice differentiates itself from competitors by integrating broader business data with AI to enhance procurement recommendations, similar to cybersecurity approaches in understanding network activity.

Vertice, a London-based spend optimization platform, has successfully raised $50 million in Series C funding led by Lakestar, bringing its total funding to over $100 million.

The platform is set to introduce new features that include automated capabilities and integrations designed to enhance visibility, streamline procurement processes, and reduce costs for enterprise teams.

Key customers of Vertice include notable companies such as ASML, Euronext, Grant Thornton, and Santander, with a growing footprint in the US, EMEA, and APAC regions.

Georgia Watson from Lakestar praised Vertice's consistent execution and innovation, expressing confidence in its potential as a leading platform for modern procurement teams.

While Vertice has not disclosed its current valuation, Tuvey confirmed that this Series C funding represents an up-round compared to its previous valuation of several hundred million dollars a year ago.

Roy Tuvey, the CEO of Vertice, noted that procurement challenges have intensified due to increased scrutiny of spending and the complexities of vendor management in today's global economy.

Tuvey emphasized that their platform integrates data and insights into workflow processes, enabling employees to make purchases efficiently and transparently.

Gartner forecasts a 9% increase in IT spending in 2025, reaching nearly $5 trillion, highlighting a significant opportunity for procurement optimization solutions like those offered by Vertice.

The recent investment aims to enhance procurement processes for enterprises globally and support the establishment of new regional offices.

Founded by brothers Roy and Eldar Tuvey, Vertice leverages their extensive experience in enterprise SaaS, having previously founded companies that were acquired for substantial sums.