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ProsperOps Secures $72 Million to Help Businesses Save Money as Cloud Computing Growth Continues

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ProsperOps Secures $72 Million to Help Businesses Save Money as Cloud Computing Growth Continues

ProsperOps - Hands-free AWS Cost Optimization Software

Led by H.I.G. Growth Partners, the Growth Investment enables ProsperOps to accelerate the adoption of its AI-Based FinOps platform for enterprises that seek to reduce costs and unlock maximum value from the cloud

ProsperOps, the autonomous cloud cost optimization platform, has announced a $72 million investment led by H.I.G. Growth Partners (“H.I.G.”) and other strategic investors. ProsperOps delivers best-in-class return on investment on cloud spend, unlocking maximum value and savings outcomes for companies building in the cloud. The investment enables ProsperOps to further scale its platform capabilities, engineering, and go-to-market teams, as well as expand from Amazon Web Services (AWS) to additional cloud providers.

According to the FinOps Foundation’s “2023 State of FinOps” report, the top FinOps challenge cited is getting engineers to take on the task of reducing cloud spend, while up to one-third of cloud spend is estimated to be waste. ProsperOps removes the burden on developers by autonomously managing Savings Plans and Reserved Instances across compute services such as Amazon Elastic Compute Cloud (EC2), Fargate, and Lambda. FinOps and finance teams further benefit with clear ROI, showback, and savings performance benchmarks.

Read More: Digital Business Growth Exploding in 2023

Today, ProsperOps administers savings for nearly $800 million of compute usage and analyzes nearly 20 million customer environment changes per month for some of the world’s leading born-in-the-cloud businesses, including Coinbase, Drift, and Wix. ProsperOps only makes money when customers save money with its “savings as a service” model based on the cloud cost savings generated by the platform. On average, ProsperOps customers achieve a savings of 40%.

Quotes 

Dvir Mizrahi, Head of Financial Engineering at Wix: “Wix is a sophisticated FinOps organization with dynamic AWS compute consumption. ProsperOps allows Wix to maximize their compute savings while retaining the ability to change their engineering footprint at a day’s notice.”

JR Storment, Executive Director of the FinOps Foundation: “Enterprises of all sizes are finding that unlocking the agility and flexibility of the cloud can come with its own cost control challenges. As a result, the FinOps ecosystem continues to grow and thrive, supporting new tooling and applications, such as ProsperOps, that help organizations streamline and maximize the business value of the public cloud.”

Chris Cochran, CEO of ProsperOps: “Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitate an algorithmic rather than a human solution. We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud.”

Ross Hiatt, Managing Director and Co-Head of H.I.G. Growth: “The ongoing tailwinds driving public cloud adoption present an exciting opportunity to invest, and ProsperOps is particularly unique in its ability to help customers get the most out of public cloud at a time when every dollar counts. I’m looking forward to leveraging H.I.G.’s capabilities and relationships to further accelerate the Company’s strong momentum.”

Sara Baack, Board Member at ProsperOps: “Cloud is such a vital foundation for scalable enterprise architectures today, but often complex to use wisely and efficiently. I’m thrilled to support a company that goes beyond existing reporting and recommendation solutions to deliver true automated savings outcomes to cloud builders.”

Read More: SalesTechStar Interview with Jason Smith, CEO at Klue

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

FarEye’s Eye On Last-Mile Delivery Report Uncovers Retailers’ and Logistics Providers’ Delivery Priorities and Opportunities Through 2027

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FarEye’s Eye On Last-Mile Delivery Report Uncovers Retailers’ and Logistics Providers’ Delivery Priorities and Opportunities Through 2027

FarEye’s global research findings reveal that reducing cost to deliver while boosting consumer experience is the pinnacle of last-mile delivery success

FarEye released the full findings of its Eye on Last-mile Delivery Report , conducted with Researchscape International, which explores retailers’ and logistics providers’ last-mile delivery priorities and opportunities over the next five years.

Logistics providers’ priorities for performance improvement differs by company size

FarEye’s research findings for logistics providers reveals that for providers over $100 million in revenue, on-time delivery (74%) and cost per delivery (62%) are their top two priority KPIs to improve. For providers under $100 million in revenue, their top two priorities are cost of delivery (73%) and customer satisfaction (64%). As logistics providers grow, complexity and scale increase, where on-time deliveries become more challenging to execute with precision.

“Unlike retail, last-mile delivery is the backbone of logistics providers’ operations and their goals will be focused on delivery performance and cost efficiencies, above all. While their priority improvement metrics don’t differ heavily from retailers’ priority improvement areas, the difference lies in the size of the logistics provider. With size comes complexity, but also efficiency, where the cost per delivery goes down, but the difficulty in managing and tracking orders goes up,” said Stephane Gagne, vice president, product, FarEye.

Read More: Robocorp Announces Enhanced Partner Program To Bring Benefits Of Automation To More Businesses

Retailers and logistics providers must work together to achieve superior deliveries

How retailers and logistics providers work together to achieve the pinnacle delivery experience – one that simultaneously reduces cost to deliver while increasing customer satisfaction will be crucial. Outsourced delivery networks have become a way for retailers to increase speed to deliver (64%) and reduce cost (37%) of last-mile delivery, however, it comes with the sacrifice of less control of the consumer experience.

FarEye’s initial report findings denote that 84% of retailers that have outsourced their delivery networks want more control of their delivery networks. Specifically, 33% of retailers are challenged by logistics providers’ inability to provide reliable information and they rank carrier performance as the top factor that inhibits delivery speed.

Read More: SalesTechStar Interview with Jeannine Shao Collins, Chief Client Officer at Kargo

Logistics providers’ last-mile delivery growth priorities

Over the next year, 77% of logistics providers expect their budgets for last-mile delivery technology to grow. Eighty-two percent of logistics providers claim they will likely change or buy a new last-mile delivery solution in the next 1-2 years. Forty percent of logistics providers expect to buy a last-mile delivery platform in the next five years, vs. building their own in-house (40%).

Similar to retailers, logistics providers are also evaluating electric vehicles (80%), autonomous vehicles (44%) and drones (38%) to make their fleets more sustainable and efficient, over the next five years.

Research Methodology

The FarEye Eye on Last-mile Delivery research was released in two parts, in January and February 2023. FarEye analyzed responses from 300 leaders across retail and logistics with responsibility for logistics and retail operations in the U.S. (32%), EMEA (36%) and APAC (32%) regions.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

BlueCargo Raises $11 Million to Make Containers Flow Faster Through US Port terminals, in a Round Led by Soma Capital and Left Lane Capital

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BlueCargo Raises $11 Million to Make Containers Flow Faster Through US Port terminals, in a Round Led by Soma Capital and Left Lane Capital

BlueCargo, the logistics SaaS platform that optimizes the entire container workflow from port to warehouse, just announced it raised $11 million in new funding led by Soma Capital and Left Lane Capital, bringing the total amount raised to $15 million. This new round will allow the company to expand its geographic footprint in North America, invest in its core technology, and continue attracting top talent in the areas of product and engineering, industry experts and business leaders.

“Pre-covid, companies didn’t have an appreciation of the detailed costs of drayage. This has changed as companies are looking to streamline their operations and want to know the true cost of drayage. BlueCargo is the only platform that can help monitor, forecast and mitigate accessorial fees: demurrage, detention, and per diem. In 2022 alone, we saved one of our customers Forrest Logistics, a freight brokerage, more than $5 million in fees,” explained Alexandra Griffon, CEO of BlueCargo.

BlueCargo connects any importer, logistics provider, or drayage carrier on its platform to move cargo on time at the ports and decrease demurrage and per diem fees.

Instead of navigating multiple, scattered pieces of information, BlueCargo provides container level tracking, audit trail visibility and documentation, in one single window connected to all of North America’s busiest container ports. BlueCargo’s proprietary algorithms aggregate hundreds of different sources of information to only showcase the most reliable data and, for the first time, empower operators to adapt in real time. Containers flow from port to first-mile destination faster, more reliably, and cost-effectively.

Read More: Genesys Strengthens India Leadership Team To Drive Innovation And Business Momentum

Today, 1,200 drayage trucking companies are using BlueCargo to schedule their daily container pick ups and returns on its platform, making it the largest operational drayage carrier connected network in the United States.

The Los Angeles and New York-based startup was founded by two female entrepreneurs originally from France, Alexandra Griffon (Chief Executive Officer) and Laura Theveniau (Chief Product Officer) who graduated from the prestigious Silicon-Valley based accelerator Y Combinator, that previously backed Flexport, Convoy and Shipamax in the logistics space.

Laura and Alexandra met during their studies in data science, artificial intelligence and entrepreneurship at UC Berkeley in 2018, located close to the Port of Oakland. They discovered back then the painful lesson that everyone learned after Covid disruptions: ports are where all supply chains converge (around 90% of traded goods are carried over the waves), but they are also the biggest black box and bottleneck, resulting in safety stocks, frozen capital and billions of dollars lost on inefficiencies, detention and demurrage fees.

One year later, Alexandra and Laura decided to launch BlueCargo, drawing on their insider experiences working at various terminal operators and terminal operating systems in the United States and Europe. BlueCargo’s vision is to shed light on the port terminal and drayage blackbox.

“The pandemic exposed significant deficiencies in global supply chains and inadequacies in the outdated manual systems used by shippers and carriers alike. Alexandra and Laura’s experience as port terminal operators and data scientists uniquely positioned them to solve these pain points with an end-to-end SaaS solution” said Alicia Garabedian, Investor at Left Lane Capital. “We’re excited to support BlueCargo’s mission to empower logistics businesses of any size with the software and data to digitize global trade.”

Read More: SalesTechStar Interview with Joe Dillon, Executive Vice President of Sales at Baffle

“Alexandra and Laura bring a unique innovative view on making an efficient port supply chain” said Mir Faiyaz, Partner at Soma Capital. “We’re confident that the ‘why now’ has never been more apparent, with supply chains facing secular challenges around labor availability, and cascading blockages, which add to the need to develop systems that promote transparency and data availability. BlueCargo’s mix of product expertise, and focus on customer experience, provide a compelling argument for them to capture the massive opportunity ahead. In two years, BlueCargo has grown from a 4 person to a 35 person team while revenue and users grew exponentially.”

BlueCargo is up to no small task when the industry is lacking standards, data sharing and interoperability. Shippers can find out where their products were lost overboard days or weeks after an incident occurred, while dispatchers rely on phone calls and text messages to know the gate schedules and ask the terminals for exemptions.

This $11 million new funding round will be deployed to roll out the BlueCargo platform across any North American shipment, double its fully in-house US-based engineering team and continue building its core technology – BlueCargo Connect™.

The company is grateful to be on the journey with all its early customers and experienced business angels and investors such as Mike Roth, Left Lane Capital, Soma Capital, Cathexis Ventures, EXPA, SpringTime Ventures and HyperGuap, among others.

The coming years present new challenges and objectives such as preparing for growing trade volumes, reducing greenhouse emissions and change in regulation – starting with the Ocean Shipping Reform Act of 2022 and shippers being directly involved in accessorials billing processes. It is the right time for drayage and logistics companies, brokers, freight forwarders and shippers to ensure they have the right partners, technology and tools to adapt, like BlueCargo.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

AiFi Surpasses 100 Computer Vision-Powered Autonomous Stores Opened Globally

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AiFi Surpasses 100 Computer Vision-Powered Autonomous Stores Opened Globally

AiFi is the first to prove its ability to scale with a single partner by opening more than 50 stores with Żabka Group, the operator of the largest chain of autonomous stores in Europe

AiFi, the leading AI provider empowering retailers worldwide to scale autonomous shopping solutions with 100% computer vision, announced it has opened its 100th checkout-free store and welcomed Joe Jorczak as its Head of Global Revenue to support the company’s global expansion. Among its deployments across North America, Europe, Middle East, Asia, and Australia, AiFi is the first autonomous retail provider to showcase its ability to scale with an individual partner, as it has now opened more than 50 stores with Żabka Group in Poland.

Fully-frictionless retail is growing, with the number of stores offering checkout-free technology increasing threefold during 2021, and RBR forecasts the number of check-out free stores to reach over 12,000 by 2027. The opportunity for in-store formats is growing across an increasing number of checkout-free stores in stadiums, workplaces, and other spaces. In fact, there are currently 790,000 convenience stores worldwide with US and European convenience stores making up more than half of the global share with 20% and 32% respectively.

“As we’ve entered a new year, retailers are reimagining everything from inventory management to staffing efficiency and in-store automation in order to meet the evolving needs of their customers,” said Steve Carlin, CEO of AiFi. “We’re proud to offer retailers an affordable, advanced, and flexible solution that helps retailers attract new customers and keep existing ones coming back. Surpassing 100 open stores is a huge accomplishment for our team, and we’re eager to continue expanding our work with current partners, such as Żabka Group, Microsoft, Verizon, as well as new ones we’re eager to welcome this year.”

Read More: Epson To Create In-Store Experience With Café At NRF 2023: Retail’s Big Show

In December of 2022, AiFi welcomed Joe Jorczak to the team as Head of Global Revenue. Joe joins the team with more than 20 years of experience holding executive and leadership positions that honed in on understanding the customer experience to make a significant impact on business growth at companies such as Yext, Zendesk, Medallia, Oracle, and IBM.

“I’m thrilled to have joined a company that’s filled with people who seek to push the envelope of what a next generation consumer experience can look like,” said Joe Jorczak, Head of Global Revenue at AiFi. “What attracted me most to AiFi is the unique work they’re doing to understand consumer behavior at a more granular level, and apply that insight to the process of creating innovative technologies that completely transform the user experience in places such as sports stadiums, college campuses, office buildings, transportation hubs, and more. I’m proud and excited to join CEO Steve Carlin and the team as Head of Global Revenue.”

In January of this year, AiFi partnered with Microsoft and Żabka Group to announce the public preview of Smart Store Analytics, a data-driven tool that allows retailers to optimize store layout, shelf placement, and inventory, at NRF 2023 in New York City.

Read More: SalesTechStar Interview with Koko Zarov, CEO at Nymblr

“In cooperation with AiFi, we have created an innovative concept of Żabka Nano, which on a global scale, makes a revolutionary change in the perception of consumer experience,” said Tomasz Blicharski, EVP, Managing Director of Żabka Future. “As an outcome of our dynamic expansion, Warsaw has become the world capital of autonomous stores and Żabka Group is now the largest chain of autonomous stores in Europe. The idea of an autonomous store makes shopping the most convenient experience ever, since it only requires taking a product from the shelf and paying for it at the checkout without scanning. Żabka has always been committed to providing the highest quality products and services. Together with AiFi, we show how cutting-edge technologies, a good understanding of gathered data, and prioritizing customers’ needs can make their lives easier and free up valuable time.”

AiFi has deployed stores at major sports stadiums, transportation hubs, grocery store chains, office buildings, college campuses, convenience stores, and more worldwide. AiFi was recently selected by the Phoenix Raceway to open an autonomous store at the 2022 NASCAR Cup Series Championship in November, and was invited to deploy another store at NASCAR’s next race in the spring of 2023 because of the store’s success. AiFi’s autonomous stores have reached more than one million customers with six million products sold. In 2022 alone, AiFi sold more than 4.8 million products, which is a 1,926% increase of the number of products sold in 2021.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

Reltio Introduces Offerings to Accelerate Time-To-Value and Speed Data-Driven Innovation for Life Sciences and Healthcare Markets

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Reltio Introduces Offerings to Accelerate Time-To-Value and Speed Data-Driven Innovation for Life Sciences and Healthcare Markets

Reltio for Life Sciences and Reltio for Healthcare velocity packs, built with best-in-industry data models and configurations, are part of Reltio’s multiple vertical solution rollout strategy

Accelerating time-to-value is crucial for companies that want to best capitalize on their core data. Reltio, the leading cloud-native, SaaS Master Data Management (MDM) platform company, is simplifying that process with new platform offerings that will enable customers across various vertical industries to jump-start their master data management implementations. Today, Reltio introduced two offerings, the Reltio for Life Sciences and Reltio for Healthcare velocity packs.

Reltio’s velocity packs are out-of-the-box solutions with prepackaged configurations and integrations. These were developed from Reltio’s 11 years of leadership and expertise in building and deploying successful cloud-native, modern MDM solutions in these verticals. The predefined universal data models for core data domains, aligned with leading industry standards for interoperability, help life sciences companies and healthcare organizations collect, unify, and activate trusted, high-quality data in real time. These solutions allow Reltio customers to unify data from disparate sources, enrich data from third-party sources, improve data quality, and create a single source of truth for key data domains.

Read More: Mastering Sales in 2023 Will Require Masterful Outbound

“With its latest platform update, Reltio’s introduction of multiple industry-specific data models, multiple configurations, and a roadmap for customers with ROI-driving business initiatives will help organizations rapidly and effectively activate clean, trusted data.”

  • Reltio for Life Sciences velocity pack enables companies to manage their customer data with HCOs (healthcare organizations), and HCPs (healthcare professionals) to improve engagement, sales and marketing effectiveness, improve efficiency, and accelerate growth.
  • Reltio for Healthcare velocity pack covers data domains like Providers and Patients to enable business initiatives to drive growth and to ensure regulatory compliance with unified, trusted data.

These velocity packs for Life Sciences and Healthcare have pre-built data ingestion from various third-party sources and applications to unify and enrich data. Velocity packs enable companies to deploy their solutions and realize value in just weeks versus the years it could take for traditional MDM deployments.

Reltio’s velocity packs combine modern technology with a prescriptive implementation approach that accelerates time-to-value. Reltio has taken its collective knowledge of industries, customers, popular applications, and tools in its key vertical markets and developed a business-value framework that identifies areas and roadmaps where customers can achieve ROI and extend the value of their MDM investment beyond the initial use case.

“The power of data is a strategic imperative in today’s digital-first world—for fast-tracking growth, increasing efficiencies, and reducing risk, but business leaders will tell you that getting there is difficult,” said Manish Sood, CEO, Founder and Chairman of Reltio. “That’s especially true when they are working with legacy MDM solutions. While some MDM vendors are still in the process of moving to the cloud, Reltio was born there. For more than a decade, we’ve been supporting real-time operations, accelerating the time to value for our customers through our modern multi-cloud platform. We knew we could further transform customers’ experiences by bringing together our years of industry expertise into pre-packaged solutions that fast-track the journey into MDM for the next generation of companies so they can get the most value out of their data – faster.”

Each velocity pack includes three elements:

  • Industry-specific core data domain models and configurations for data unification, ready to collect and unify data from various sources. They also include pre-built data enrichment capabilities from industry-standard data sources. The Life Sciences and Healthcare velocity packs include pre-built connectors for third-party data enrichment, such as the National Provider Identifier (NPI) registry and from the U.S. Drug Enforcement Agency (DEA).
  • Fast and easy integrations with leading applications and data warehouses – Reltio offers a wide selection of connectors to industry-leading applications and enables fast and easy integrations using Reltio Integration Hub. Reltio also provides connectors for scalable, reliable integration with data warehouse solutions such as Google Cloud’s BigQuery, and Snowflake for analytics and reporting.
  • A prescriptive implementation methodology that simplifies the process and reduces implementation time.

Read More: SalesTechStar Interview with Matthew Sentena, Senior Vice President, Global Sales at Digital.ai

Reltio for Life Sciences

Using Reltio, life sciences organizations can quickly access unified, clean, timely, and consistent data across all operational and analytical systems to activate the following key business initiatives:

  • Improve sales effectiveness and efficiency by enabling sales reps to spend more time with the right organizations and prescribers to drive additional sales and revenue, reducing core data-related issues that slow their efforts.
  • Accelerate research and development (R&D) innovation by enabling higher clinical trial effectiveness, rapid and reliable segmentation, 360 views of the drug throughout the development life cycle, and reducing efforts for FDA approvals and IDMP compliance.
  • Enhance patient-centric and omnichannel experiences by providing targeted and personalized education, and digital engagement based on patients’ needs.

Reltio for Healthcare:

With trusted and connected data, healthcare organizations can activate a variety of business initiatives:

  • Enhance patient health outcomes and experience with a holistic view of patient data and effectively design and manage value-based care programs.
  • Manage complex provider data (including employees, practitioners, organizations) and improve practitioner and staff experience.
  • Simplify operations with enhanced processes, analytics, and data privacy.

“With more than half of organizations using Master Data Management (MDM) on a daily basis, the discipline is evolving at a lightning pace to meet new business and data technology demands. Cloud-native architectures, embedded AI/ML capabilities, support for real-time operations, and industry-specific configurations that reduce implementation time and time to value are ways MDM platforms take back their vital role in today’s complex data landscape,” said David Menninger, SVP and Research Director, Ventana Research. “With its latest platform update, Reltio’s introduction of multiple industry-specific data models, multiple configurations, and a roadmap for customers with ROI-driving business initiatives will help organizations rapidly and effectively activate clean, trusted data.”

The Reltio for Life Sciences and Healthcare velocity packs are available now. Reltio will soon introduce velocity packs for Financial Services and Insurance. Customers in those industries interested in learning more about speeding their implementations should reach out to a Reltio sales team member here.

Reltio proudly serves companies of all sizes, including 15 of the Fortune 100, and globally recognized customers such as Pfizer, L’Oréal, Xerox, CarMax, Takeda, and AstraZeneca — all of which rely on the Reltio platform.

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

New IRI Report Reveals At-Home Food Spend Remains Strong, Despite 13% Increase in Inflation

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New IRI Report Reveals At-Home Food Spend Remains Strong, Despite 13% Increase in Inflation

Food and beverage dollar sales will moderate in 2023, but will remain higher than the historical baseline, even as volume sales decline

IRI, which recently merged with The NPD Group to create a leading global technology, analytics and data provider, released its Impact of Inflation on Consumer Behavior report, offering new insights on purchasing behavior and key CPG trends to note in 2023.

The report leverages IRI’s latest point-of-sale data, which reveals that at-home food and beverage inflation was up 13.2% in Q4 2022 versus Q4 2021. While consumption levels are continuing to soften, at-home food spend remains strong, with center store sales up 11.1% and perimeter sales up 6.3% in Q4 2022.

“The CPG space has proven to be less volatile and more resilient during economic downturns than other sectors,” said Alastair Steel, executive, Client Engagement, IRI. “However, shoppers are feeling the impact of high prices and are shying away from discretionary purchases. Multiple tactics are being used to reduce spend and manage budgets, with value channels performing well.”

Read More: Digital Business Growth Exploding in 2023

Key insights from the Impact of Inflation on Consumer Behavior report include the following:

  • Price inflation across the store varies widely.
    • Inflation in the alcohol category was up 5.4% in Q4 2022 versus Q4 2021, while fresh meat and seafood were up 3.4%. Bakery and dairy experienced larger increases, up 18% and 23.2%, respectively. Center store inflation remains elevated at 15.3% in Q4 2022, while inflation is coming down in the perimeter departments (7.5% in Q4 2022).
  • Shoppers are seeking value and convenience.
    • The food channel is not growing as quickly as online, dollar and club channels. At the end of January 2023, online grew 16%, the dollar channel grew 14% and the club channel increased by 12% versus a year ago. Comparatively, the food channel only grew by 7%. Value shopping behaviors will continue to define 2023.
  • Private label and promotions are on the rise, while premium purchases are on the decline.
    • Many consumers are shifting to private label brands due to the impact of inflation, with private label gaining share of category in 75% of all food and beverage categories seeing growth within private label. Premium growth is slowing down as trade down behavior increases, with premium food and beverage brands losing 0.6 share points for the 12 weeks ending Nov. 27, 2022. However, pockets of growth remain for premium products, including beverage alcohol and energy drinks.
  • Multifunctional products and at-home cooking are increasing in popularity.
    • Shoppers are opting for beverages that offer functional hydration, with energy attributes and health and wellness benefits like electrolytes, vitamins and prebiotics. Authentic, high-quality meals and snacks that are easy to make and provide a better-for-you home cooking and snacking experience are on the rise.
  • Food and beverage dollar sales growth will moderate in 2023, as a result of easing inflation and price stability, increasing price elasticity and increased at-home consumption.
    • Inflation is expected to remain relatively high versus historical standards. Despite trade downtrends, consumers will look for premium experiences at home, innovation and better-for-you products that offer taste and convenience.

Read More: SalesTechStar Interview with Jason Smith, CEO at Klue

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

NoFraud Names Scott Gifis CEO to Lead Company as it Aims to Eliminate Fraud in eCommerce

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NoFraud Names Scott Gifis CEO to Lead Company as it Aims to Eliminate Fraud in eCommerce

NoFraud | BigCommerce

Gifis brings extensive experience leading high-growth companies, including Frame.io and AdRoll

NoFraud, a premier provider of fraud prevention technology for eCommerce, today announced that Scott Gifis has been named as CEO. Gifis previously served as president and COO of Frame.io, which was recently acquired by Adobe for $1.3 billion, and as president of AdRoll.

Gifis brings deep experience setting business strategy and guiding day-to-day operations for high-growth companies and will set a bold vision for NoFraud’s future as eCommerce continues to skyrocket. At its core, NoFraud empowers ambitious eCommerce merchants to grow with confidence, removing unnecessary friction and powering their path to purchase while working to protect them from fraud and related risks that plague their growth.

Read More: Mastering Sales in 2023 Will Require Masterful Outbound

“It’s a fascinating time in eCommerce – it has never been easier to create an online store, and yet the operational challenges that come with trying to grow and scale an online business have never been more complex. The last few years have seen incredible growth and with that some important opportunities have gone unmanaged, particularly within the purchase experience,” said Gifis. “NoFraud has been flying under the radar for years, building one of the best kept secrets in eCommerce. Fundamentally, NoFraud is about removing friction and fraud from the bottom of the eCommerce funnel to deliver better experiences for shoppers and drive more sales with less headaches for merchants. I’m thrilled to be joining such an incredible company at such a compelling point in its growth and excited about where we go from here.”

Under Gifis’ leadership, NoFraud is set to execute on a strong new product pipeline and growth strategy for 2023. Thousands of eCommerce merchants – from iconic brands like Sony and Monoprice to up-and-comers – are able to grow with confidence thanks to NoFraud’s solutions. Merchants typically enjoy a 2-5% lift in sales once implementing NoFraud alongside greatly reducing fraud-related costs and chargebacks.

“We believe Scott is the ideal CEO for NoFraud at this important time in the company’s history,” said Adam Marcus, managing director at PSG. “He is an inspirational, visionary leader and his experience successfully scaling world-class, industry-leading technology companies speaks for itself. We are excited to partner with Scott for the next phase of growth at NoFraud.”

As a proven leader, over the last 20 years Gifis has established experience building and leading companies from early stages to hundreds of millions in revenue and several successful exits. In addition to Frame.io and AdRoll, Gifis also previously held executive leadership roles at OpinionLab, which was acquired by Verint Systems, Careerbuilder, and TeraSolar, which was sold in 2005.

NoFraud’s co-founder and CEO, Isaac Gurary will be stepping down from day-to-day activities but will remain closely involved with the business as a board member and advisor.

Read More: SalesTechStar Interview with Matthew Sentena, Senior Vice President, Global Sales at Digital.ai

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.

Customer Expectations at an All-Time High: Only 28% Of Businesses Excel

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Customer Expectations at an All-Time High: Only 28% Of Businesses Excel

Businesses fall short on customer expectations on price, speed, convenience, choice and sustainability

Managing peaks in digital economy continues as a top priority for supply chains worldwide. The latest peak season has come to an end, but growing consumer expectations require flexible fulfillment strategies at any time. The Körber Supply Chain Benchmarking Report reinforces the mission-critical role of the supply chain. However, while 92% of supply chain professionals recognize that supply chain performance has a critical impact on customer satisfaction, only 28% excel in end-customer experience.

Customers want to pay less, receive their items faster and utilize easy buying and returns processes, reveals the Körber report. The results provide detailed insight into the state of the industry and the mechanics to respond to ever increasing consumer expectations on price, speed, convenience and choice. The survey grouped participating companies into four maturity levels (leader, advanced, developing and initiating) and indicated that 72% of companies struggle to keep pace with end customer demand.

Read More: Quantiphi Wins Inc.’S 2022 Best In Business Award In The Established Excellence Category

Leading companies, in contrast, look beyond warehouse and transportation operations with technologies to address their end-to-end operations, especially through the use of order management systems (OMS) to optimize order orchestration and fulfillment across locations at the network level. Additionally, businesses are starting to address sustainability aspects across the supply chain, especially with a key focus on transportation optimization, which has a strategic or high priority for 89% of businesses overall.

“Investing in technology that enhances the end-customer experience is becoming more critical to meet the overall demand of an increasingly complex and fluid supply chain environment, explains Rene Hermes, EVP and CMO Software at Körber Business Area Supply Chain. “Successful companies need to conquer a highly competitive, crowded marketplace where the customer has many options to quickly move on from companies that can’t deliver. The right digital tools and technologies are pivotal to add speed, reliability, and agility to their end-to-end operations to consistently exceed customer expectations.”

Read More: SalesTechStar Interview with Jeannine Shao Collins, Chief Client Officer at Kargo

Körber turns challenges into opportunities with a depth and breadth of technologies and expertise to conquer supply chain complexity. This includes an order management system plus point of sale (POS), product information management (PIM), dropship, and more, together with warehouse management, warehouse control, robotics, voice and simulation technologies to help streamline supply chain processes and elevate the end-customer experience.

The Körber Benchmarking Report surveyed more than 200 companies in North America and Europe with greater than 500 employees and is part of a broader research initiative in cooperation with leading international analysts. Full findings are available at benchmarking.koerber-supplychain.com. The site also offers a rapid self-assessment to provide visitors a view into the maturity of their own supply chain operations.

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Thryv Grows SaaS Revenue 25% Year-Over-Year in Fourth Quarter 2022

STS News Desk
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Thryv Grows SaaS Revenue 25% Year-Over-Year in Fourth Quarter 2022

  • Company exceeds all guidance metrics

  • Fourth quarter total SaaS clients increased 13% and SaaS monthly active users increased 37% year-over-year

Thryv Holdings, Inc, the provider of the leading small business software platform, Thryv®, announced that it grew its SaaS revenue 25% year-over-year in the fourth quarter of 2022.

“In support of our goal of driving engagement, we recently announced the move to a multiple-center platform. By offering multiple centers, we can solve additional problems small to medium businesses (SMBs) face.”

“We delivered strong fourth quarter results, closing out a record year at Thryv,” said Joe Walsh, Thryv Chairman and CEO. “We exceeded all of our guidance metrics – reporting strong SaaS revenue growth, improving SaaS Adjusted EBITDA and increasing marketing services revenue. Our key SaaS metrics, subscribers and ARPU, grew double digits year-over-year as a result of our focus on innovation and execution. Our software platform is driving time to first value for clients. We hear from clients they want to reduce friction by consolidating their multiple point solutions and logins. With our all-in-one cloud based platform, SMBs have one login and one dashboard to gain greater business efficiency.”

“As we begin 2023, we are focused on our strategic initiatives – increasing engagement and usage – because these lead to increased renewal and spend,” Walsh continued. “In support of our goal of driving engagement, we recently announced the move to a multiple-center platform. By offering multiple centers, we can solve additional problems small to medium businesses (SMBs) face.”

Marketing Center, Thryv’s newest center, delivers the tools an SMB needs to market and grow their business. The solution offers improved online presence, a suite of marketing tools, search, social, display and connected TV advertising. In the future, additional centers will be launching enabling SMBs to address additional problems.

“I am confident that in 2023, we will sustain durable SaaS revenue growth and will continue to generate strong EBITDA margins from a consolidated standpoint,” said Paul Rouse, Chief Financial Officer. “Given the strength of our product offering, size of our customer base and revenue diversification, market demand has remained strong.”

Read More: SalesTechStar Interview with Jason Smith, CEO at Klue

Fourth Quarter 2022 Financial Highlights:

Revenue

  • Total SaaS1 revenue was $59.3 million, a 24.9% increase year-over-year
  • Total Marketing Services2 revenue was $220.1 million, an 11.7% increase year-over-year
  • Consolidated total revenue was $279.4 million, an increase of 14.3% year-over-year
  • Consolidated net loss was $50.4 million, or $(1.47) per diluted share, which includes a non-cash charge of $102.0 million, or $2.98 per diluted share, related to goodwill impairment; compared to net income of $5.1 million, or $0.13 per diluted share, for the fourth quarter of 2021
  • Consolidated Adjusted EBITDA was $68.2 million, representing an Adjusted EBITDA margin of 24.4%
  • Total SaaS Adjusted EBITDA loss was $2.2 million
  • Total Marketing Services Adjusted EBITDA was $70.4 million, representing an Adjusted EBITDA margin of 32.0%
  • Consolidated Gross Profit was $178.9 million, an increase of 18.2% year-over-year
  • Consolidated Adjusted Gross Profit was $188.6 million
  • SaaS Gross Profit was $35.7 million, representing a Gross Profit Margin of 60.2%
  • SaaS Adjusted Gross Profit was $37.3 million, representing an Adjusted Gross Profit Margin of 62.8%

Full-Year 2022 Financial Highlights

  • Total SaaS revenue was $216.3 million, a 26.5% increase year-over-year
  • Total Marketing Services revenue was $986.0 million, an 4.6% increase year-over-year
  • Consolidated total revenue was $1,202.4 million, an increase of 8.0% year-over-year
  • Consolidated net income was $54.3 million, or $1.49 per diluted share, which includes a non-cash charge of $102.0 million related to goodwill impairment; compared to net income of $101.6 million, or $2.78 per diluted share, for the same period last year
  • Consolidated Adjusted EBITDA was $333.3 million, representing an Adjusted EBITDA margin of 27.7%
  • Total SaaS Adjusted EBITDA loss was $13.4 million
  • Total Marketing Services Adjusted EBITDA was $346.7 million, representing an Adjusted EBITDA margin of 35.2%
  • Consolidated Gross Profit was $780.4 million, an increase of 11% year-over-year
  • Consolidated Adjusted Gross Profit was $819.2 million
  • SaaS Gross Profit was $132.3 million, representing a Gross Profit Margin of 61.2%
  • SaaS Adjusted Gross Profit was $137.6 million, representing an Adjusted Gross Profit Margin of 63.6%

Read More: Digital Business Growth Exploding in 2023

SaaS Metrics

  • SaaS monthly Average Revenue per Unit (“ARPU”)3 increased to $387 for the fourth quarter of 2022, compared to $351 in the fourth quarter of 2021
  • Total SaaS clients increased 13% year-over-year to 52 thousand for the fourth quarter of 2022
  • Seasoned Net Dollar Retention4 was 91% at the end of the fourth quarter of 2022
  • SaaS monthly active users5 increased 37% year-over-year to 41 thousand active users for the fourth quarter of 2022

ThryvPay total payment volume increased 114% year-over-year

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