February 9, 2011 — Lavante Drives Record Revenue and Customer Growth While Delivering Product Innovations in 2010
Dramatic Growth Accompanied by Strategic Series C Funding Led by SAP Ventures
San Jose, California. — February 9, 2011 — Lavante, the leading provider of on-demand supplier management solutions, including recovery auditing and supplier information management, experienced record-breaking growth while meeting significant product and funding milestones in 2010. Lavante revenue increased by 94% over 2009 with significant customer acquisition in key industries, including, retail, hospitality, technology, and media & entertainment. The year also saw the closing of a strategic Series C round of funding, led by SAP Ventures, and the launch of the Lavante’s new Supplier Information Management solution.
These achievements have advanced Lavante’s leadership position in both the recovery audit and the supplier information management markets, with an innovative solution set that intelligently uses technology to deliver fast ROI to its expanding customer base. Lavante enables companies to drive dollars to the bottom line, ensure accurate quality of supplier data, and improve supplier relationships. Lavante on-demand solutions are used to recover millions of dollars for large enterprises on an annual basis.
2010 Achievements Include:
- Record Revenue Growth: Lavante closed 2010 with revenue growth of 94% over 2009, made up not only from Lavante’s established customer base, but also record new customer adoption.
- Record New Customer Acquisition: Lavante added a record number of new F1000 customers in 2010 across all verticals, with the most substantial growth in targeted industries: retail, hospitality, technology and media & entertainment.
- Delivered Ground-breaking New On-Demand Supplier Information Management Application: Lavante launched its on-demand supplier information management solution which enables companies to rapidly connect with thier supplier populations to drive quality supplier data, while gaining real-time visibility into suppliersand relationships.
- Closed $8M Series C Funding Round Led by SAP Ventures: Announced at the end of 2010, this strategic investment propels Lavante forward into 2011. The growth funding will be used to drive further innovations in Lavante products, and accelerate customer acquisition. With the funding, Andreas Weiskam, Partner SAP Ventures, joined the Lavante Board of Directors.
- Announced Strategic Partners: Lavante announced strategic partnerships in 2010, including those with Basware, Winshuttle, and Oversight which will further build out the Lavante partner network.
“Lavante is approaching supplier management in a unique way. By selling primarily into finance organizations and combining the value of supplier AR reconciliation (recovery auditing) with supplier information management, they’ve got a differentiated value proposition that combines trade credit cost reduction opportunity with vendor compliance. Lavante’s toolset not only helps companies identify outstanding credits in their supplier base, it also allows them to drive the quality of their supplier data to improve the basis of overall relationship management. This approach goes far beyond the balance of trade visibility that companies have today with traditional spend management tools and it can also enable companies to help fund supplier information management programs based on the results of audit recovery initiatives.”
— Jason Busch, Principal Analyst and Editor, Spend Matters
“2010 was an amazing year of growth and market validation for Lavante. The massive demand for our combined recovery auditing and supplier information management solutions has fueled last year’s record revenue and customer acquisition. This growth underscore the very real value we deliver to our customers by recovering more dollars faster than any other solution in the industry, all while improving their supplier data. Our latest funding round, led by SAP Ventures, further endorses Lavante’s unique approach to the market.”
— Joe Flynn, CEO & Founder, Lavante
Lavante is the leader in on-demand supplier management solutions, including recovery audit and supplier information management applications. Built with advanced, patented-pending technology, Lavante delivers to the financial arena a new standard in efficient technology-driven solutions that allow companies to quickly drive dollars to the bottom line, improve supplier communications, and assure high supplier data quality. Lavante solutions are deployed across Fortune 1000 enterprises including the hospitality, retail, entertainment, manufacturing, and medical industries. Headquartered in San Jose, California, Lavante is privately held and was founded in 2001. For more information please visit www.lavante.com