SaaS and cloud costs are often the biggest expenses for a company after payroll. Following a tough economic year, firms need all the help they can get to afford these technologies as they become a crucial part of their infrastructure. Tackling this issue is Vertice.
To learn more about Vertice, the spend management platform, we sat down with the company’s CEO, Eldar Tuvey. In 2021, Tuvey founded Vertice to help businesses reduce their annual software spend by 20-30 per cent. As CEO, Tuvey is responsible for scaling the business and providing strategic leadership across product, technology, and marketing operations.
Tell us more about your company and its offering
Vertice is a spend management platform that saves businesses up to 25 per cent on their SaaS and cloud spend.
SaaS and cloud costs are often the biggest expenses for a company after payroll, but finance and procurement teams face huge headwinds in trying to control spending.
Vertice streamlines the entire process, giving companies the visibility and control to optimise SaaS and cloud spend from a single platform. We offer a tech-enabled service, which means we combine great software with a team of expert negotiators who work on behalf of our customers to get them the best possible deal.
What problem was your company set up to solve?
We started Vertice to save businesses their most precious resources: time and money. My brother Roy and I had spent two decades running software companies and in many ways that kicked off the thinking that went into Vertice. As SaaS and cloud spend became some of our biggest expenses, we saw first-hand how challenging it is to keep track of all our different renewal dates and get proper visibility of what we were spending.
We became obsessed with the question — how could we build a solution that solves the complexity of managing spend across multiple software applications and geographies? We saw an opportunity to design a solution that would help businesses spend less and increase their overall efficiency.
Since launch, how has your company evolved?
When we founded Vertice we saw an opportunity to solve an urgent problem in the market but we had no idea we would grow as quickly as we have. We now manage over $1.1billion of SaaS spend for high-growth customers across the world and we are rapidly growing across the US, Europe and APAC.
We’ve also evolved our product significantly since our launch. In September 2023, we launched our Cloud Cost Optimisation offering, making Vertice the only platform globally that tackles both SaaS and cloud spending. With cloud costs rising by an average of 35 per cent year-on-year, a huge number of our customers requested expertise, support, and technology to help them take control of their cloud spend.
What has been the biggest challenge or most ‘tricky moment’ to overcome?
Managing SaaS and cloud spend is an urgent problem for businesses, but there are still a large number of companies that haven’t thought about getting support with cost optimisation.
When we started Vertice, we knew we had a powerful value proposition but we needed to earn the trust of prospective customers without a vast amount of social proof.
We focused on building strong relationships with our early customers and becoming a vital part of their business. It’s been rewarding to see those first customers achieve significant savings and grow their businesses more profitably as a result.
What are your biggest achievements or ‘proudest moment’ so far?
We measure our success by how much money and time we’re saving our customers. So far, we’ve helped our customers achieve seven times ROI and saved them millions of hours of employee time, and we’re just getting started.
What sets us apart is that we are the only company in the industry that is completely on the side of the customer in a negotiation. We operate 100 per cent independently from vendors to get our customers the best possible deal. As we scale, we are committed to making sure that every action we take and everything we build is in the best interest of our customers.
How would you describe the culture of your company?
Above everything, we are customer-first. We obsess over delivering exceptional products and helping our customers achieve cost-savings that have a significant impact on their bottom line. We’re also incredibly ambitious. We are on a mission to scale Vertice into a business that helps millions of customers save time and money, and we execute rapidly on everything we do – from product development to contract negotiations on behalf of our customers.
What’s in store for the future?
2024 is set to be another big year for Vertice as we look to scale quickly but responsibly. We are growing fast globally and we are on a hiring push across all functions, particularly in the R&D and customer success teams. Companies everywhere are under pressure to maximise efficiency and Vertice’s solution is therefore resonating strongly with businesses of all sizes.