Simfoni has established a strong reputation as a next-generation digital solutions provider for procurement professionals. The spend analytics and buying automation business specialises in driving operational improvement and cost reduction for its customers, which include a variety of blue-chip consultancy firms.
The firm, which has regional headquarters in Chicago, London and Dubai, secured a £2m growth loan from BOOST&Co to expand its sales and marketing teams and to further develop its artificial intelligence capabilities, so that it could extend the scope of its spend automation software.
Capitalising on success
The Simfoni Virtuosi™ analytics software, which is powered by machine learning, provides clients with interactive visualisations that can inform management decisions. Clients’ spend management is organised through Simfoni’s Vitesse™ tail-spend management solution, which can deliver cost savings of up to 23% and a supplier reduction of 30%. The Sourceforce application brings all of this data together, creating highly visual dashboards.
“We’ve just closed our fourth consecutive year of 100% year-on-year growth and want to capitalise on this as our brand and market proposition really starts to take hold in the USA,” says Stefan Dent, Simfoni’s chief executive, USA. “The customer feedback we received from Simfoni was among the best we’ve ever had,” says BOOST&Co’s principal Lauren Couch, who leads the lender’s south-west office and secured the deal.