Investment to grow PunchOut2Go’s automation solutions for B2B commerce and procurement
PunchOut2Go, a global provider of transaction automation solutions for business-to-business (B2B) commerce, announced today that it has received a significant investment from Susquehanna Growth Equity, LLC (“SGE”). This is the first external investment in PunchOut2Go’s history and furthers the company’s mission to make it easy for B2B suppliers and buyers to transact online.
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“Since our inception, we’ve been at the center of reducing transaction friction between buyers and sellers”
PunchOut2Go’s integration platform as a service (iPaaS) offering – which connects suppliers’ ecommerce platforms to the eProcurement systems used by corporate buyers – automates B2B transactions and eliminates manual work related to processing corporate orders for goods ranging from medical supplies to heavy equipment. PunchOut2Go’s customers benefit from increased automation, reduced processing costs, and higher customer satisfaction. The company facilitated over $200 billion in transaction volume and over 30 million transactions in 2020 for global customers including Lowe’s, Herman Miller, Coupa, VCA Animal Hospitals and GE Healthcare.
“Since our inception, we’ve been at the center of reducing transaction friction between buyers and sellers,” said Brady Behrman, Co-Founder and Chief Strategy Officer of PunchOut2Go. “We now have the leadership team and resources in place to grow our business to extend the value we deliver to current and new customers. Moreover, the COVID-19 pandemic has dramatically accelerated the shift to online in B2B commerce. I could not be more excited for what’s to come for PunchOut2Go.”
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As part of the transaction, Troy Lynch and Steve Shaffer will assume the roles of CEO and President/COO, respectively. “We are humbled by what Brady and the team have built, and incredibly excited to partner with the Susquehanna Growth Equity team,” said Troy Lynch. “SGE’s investment will be used to extend our platform, support deeper connections with our customers and their trading partners, and expand our team’s global footprint so we can better serve PunchOut2Go’s global network of customers and partners.”
“We are thrilled to partner with PunchOut2Go,” said Ben Weinberg, Managing Director at SGE. “B2B commerce is moving online at an incredibly rapid pace. At the same time, it’s difficult for buyers and suppliers to connect their systems. PunchOut2Go makes these connections easy, which is why thousands of suppliers and buyers use PunchOut2Go to connect with their trading partners. We look forward to supporting Troy, Steve, Brady and the rest of PunchOut2Go team in the next phase of the company’s growth.”