75 Percent Growth in ACV, 1,300 Percent Increase in Spend, 100 Percent Employee Growth, and HQ Expansion
AUSTIN, Texas— SourceDay, the direct spend industry’s leading supplier collaboration engine, today announced a series of performance and momentum milestones, including 75 percent growth in total annual contract value during 2019. In 2019, SourceDay added thousands of additional manufacturers, distributors, and suppliers to its platform, driving over $66 billion in total direct spend processed, an increase of 1,300 percent over the previous year.
SourceDay also added significant new capabilities to its supplier collaboration engine in 2019 with the introduction of Request for Quote and Accounts Payable Collaboration products. These new solutions extend SourceDay customers’ ability to collaborate with thousands of suppliers worldwide – from quoting to purchase order to auto-vouchering invoices for payment.
I’ve never been more excited about SourceDay’s future. The company’s impressive growth proves that it solves some of the biggest challenges that manufacturing companies face as they compete in a $2.3 trillion dollar industry in the U.S.”
Paul Bell, SourceDay Board of Directors
“There’s nothing more important to manufacturers than shipping to customers on-time,” said Morgan Flager, also a member of SourceDay’s board of directors and General Partner with Silverton Partners, a SourceDay investor. “That is exactly what SourceDay helps its customers do and why the company is growing so fast.”
In addition, at now over 50 employees, the company doubled the size of its team in 2019, including the arrival of Jim Hilbert as Chief Customer Officer (CCO), Sarah Moore as CMO, Emeka Obianwu as Senior Vice President of Alliances & Channel, Peter Feldman as Chief Technology Officer (CTO) and Josh Tong as Vice President of Product.
To accommodate its growth and rapidly expanding team of executives, software engineers, data professionals and marketing and sales operations team members, SourceDay moved offices this week from a 5,000 sq ft location to a 14,000 sq ft office located in Austin’s Arboretum area. The company continues to hire across a number of departments, including sales.
As a result, SourceDay is now positioned as the only solution that can truly modernize how companies manage direct spend. It is an approach that supports SourceDay’s mission to eliminate the reasons companies experience misses and costly inefficiencies with their suppliers.
Just as growth and customer relationships are top priorities for SourceDay, so too is company culture. SourceDay is proud to have been recognized this month by BuiltInAustin as a Best Place to Work, receiving the following distinctions:
- 100 Best Places to Work in Austin 2020
- 50 Best Small Companies to Work for in Austin 2020
- 50 Companies with the Best Benefits in Austin 2020
We are successful because we’re the only SaaS platform purpose-built for the direct spend industry. 2019 was an important year for us. We achieved big milestones, which validate the quality of our team, the impact of our product portfolio, and the strength of our customer relationships. In 2020, we look forward to bringing even more innovation to market with our growing list of customers.”
Tom Kieley, SourceDay CEO
Looking ahead, SourceDay expects its team to double in size again this year, and will continue to invest in product innovation, including new machine learning-based products.
About SourceDay
SourceDay is the collaboration engine that brings people, information, and processes together to modernize how companies manage orders with their suppliers, drive collaboration and ship orders on time. From Fortune 100 companies to mid-size manufacturers, thousands of organizations use SourceDay to connect their teams with their suppliers, centralize order data, and drive their businesses forward. Since 2015, SourceDay has helped more than 5,000 manufacturers, distributors and suppliers process more than $66B in total spend.