Funding will support LogicSource’s expansion into new verticals and enhance offerings to meet accelerating demand for tech-enabled procurement solutions as record inflation and supply chain constraints mount
LogicSource, the leading provider of procurement services and technology solutions, announced today that it has raised $180 million from FTV Capital, a sector-focused growth equity investor in innovative enterprise technology and services businesses. With this new funding, LogicSource will enhance its services, technology and data offerings, enter new verticals and further invest in client-centric growth initiatives, helping drive measurable and sustainable profit improvements for the world’s most recognizable brands.
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This partnership comes at a pivotal time for LogicSource and the procurement industry as a whole, as today’s business leaders are seeking solutions to combat ever-increasing costs and supply chain constraints amid a highly reactive business environment. Compounding these challenges, inflation recently hit a 40-year record high in February 2022, with the Consumer Price Index for all items increasing 7.9 percent.
LogicSource helps companies increase profitability through better buying. By focusing exclusively on the sourcing and procurement of indirect goods and services – which typically represent 20 percent of a company’s revenue – LogicSource addresses the area of greatest spending inefficiency within most organizations. With over $60 billion of indirect spend and pricing data managed on behalf of its client partners, LogicSource brings a network of more than 100 ready-to-deploy category experts, onsite program management, a world-class supplier ecosystem, and pre-built tools and technology to accelerate time-to-value, ensure supply continuity, drive innovation and generate significant bottom-line improvements. LogicSource boasts a client roster of blue-chip companies such as Big Lots!, Deluxe, Lululemon and Rite Aid, among others.
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“LogicSource’s unique combination of outsourced services, software and proprietary data clearly position the company as a category leader in the tech-enabled sourcing and procurement solutions market,” said Brad Bernstein, managing partner at FTV Capital. “Between increasing margin pressure, rising inflation and the unpredictable nature of today’s supply chain environment, senior executives are up against a number of challenging headwinds that necessitate a partner such as LogicSource to better manage their businesses and reduce cost inefficiencies. We are excited to partner with such a high-caliber team to help streamline supplier management and deliver pricing and process improvements to even more brands.”