Company: Vertice
Founders: Eldar Tuvey, Roy Tuvey
Website: https://www.vertice.one/
About Vertice
Vertice is a cost optimization platform that saves companies up to 25% on their SaaS and cloud spending.
Vertice was founded in January 2022 by serial entrepreneurs Roy and Eldar Tuvey, who have two decades of experience running enterprise SaaS businesses, most notably founding ScanSafe and Wandera, which exited for $200m (Cisco) and $400m (JAMF). The idea for Vertice came from the Tuvey brothers’ frustration with trying to control sprawling software costs at their previous companies. This background inspired the Tuveys to create a platform that could radically improve the process of managing SaaS spending, and reduce the cost and time taken up by endless SaaS renewals, procurement, approvals and management.
Since launching in 2022, Vertice has grown rapidly and now has 130 employees across Europe, North America, and APAC. Its ARR growth is in the top 5% of scale-ups on a benchmark basis and it now manages over $1.1B of contract value globally. Vertice achieves a SaaS cost reduction of between 20-30% per customer and its customers typically achieve 7x ROI. In May 2022, Vertice raised a $26 million Series A round led by 83North and Bessemer Venture Partners.
Recently, Vertice hit a major milestone with the launch of its Cloud Cost Optimization product, which empowers companies to save up to 25% on their cloud costs. With cloud costs rising by an average of 35% year-on-year — and in some cases by a staggering 500% – Vertice’s customers asked for support, help and guidance with controlling cloud spending. The launch of Cloud Cost Optimization makes Vertice the only purchasing platform that enables customers to reduce both their SaaS and cloud spending in one place.
Vertice stands out from competitors as it only works in its customers’ best interest and it never partners with any vendors or sells customers as a lead, whereas other platforms receive incentives when a customer buys from the vendor. In the 2023 Lionfish report, a detailed analysis of the SaaS Procurement and Management Platforms (SPMP) market sector, Vertice was ranked highest of any SaaS purchasing solution for customer satisfaction; outcomes achieved and product functionality/usability. It also has the fastest market velocity of any player in the market today.
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