RESEARCH TRIANGLE PARK, N.C., Feb. 12, 2020 (GLOBE NEWSWIRE) -- JAGGAER, the world’s largest independent spend management company, has reported that it acquired 167 new customers in 2019, along with module expansion across the majority of the JAGGAER customer base. Driven by the introduction of the JAGGAER ONE platform, JAGGAER expects double digit top-line growth and continued acceleration of new customer wins in 2020.
“JAGGAER is experiencing continued strong growth through new customer acquisitions, as well as existing customer expansion that addresses the entire spend management spectrum. Our vertical market expertise allows us to provide solutions that solve real customer challenges as opposed to trying to apply the same solution generically to everyone. We are strong believers that manufacturing is unique relative to healthcare, consumer goods, energy, utilities, public sector, or higher education,” said JAGGAER CEO Jim Bureau. “In addition, our customers depend on us to address their global needs across languages, einvoicing, tax compliance, and supplier certifications. All of this speaks to our fantastic vertical sector experience and ability to execute globally.”
“We took a huge stride forward into the future with the launch of the JAGGAER ONE platform in February 2019. JAGGAER ONE makes it easier for customers who have adopted specific JAGGAER solutions to expand into areas that are currently white space opportunities for JAGGAER, and more importantly, operating gaps for customers historically,” added Bureau.
Analysts at the procurement technology website Spend Matters picked up on these developments when attending JAGGAER’s annual user conference, REV 2019, in San Diego, writing: “Clarity of vision is critical today for JAGGAER after the whirlwind of the past three years. … All of this activity has created economies of scale and efficiency benefits based on a textbook consolidation strategy, driving stronger profitability and overall enterprise value in the near term.” On the topic of JAGGAER ONE, Spend Matters said, “The goal of unification is a noble one: to layer advanced analytics on top of the data layer that deliver predictive and prescriptive insights across the S2P process."
Overall, JAGGAER exceeded its 2019 forecast for recurring subscription revenue and bookings, with new business strong across both new customer acquisition and existing customer expansion. In 2019 the international private equity company, Cinven, saw the growth potential at JAGGAER and injected new funds as the lead investor, enabling JAGGAER to accelerate product development and customer experience.
In 2019 JAGGAER already launched a number of embedded intelligence technology solutions that deliver concrete benefits to users through the application of artificial intelligence and machine learning. These include the On-Time Delivery predictor, which is used for predicting the probability of on-time delivery of goods and materials in direct procurement and the JAGGAER Digital Assistant.
“Embedded intelligence makes AI useful to the procurement practitioner by reducing the burden of routine tasks, simplifying processes and providing insights that support strategic decision-making,” said Bureau.
Bureau was appointed CEO of JAGGAER in October 2019 and Vic Chynoweth named Chief Operating Officer, a role he combines with that of CFO. Since then the JAGGAER senior leadership team has been further strengthened to include Vance Huntley, SVP Product Management, Theo Beack SVP, Engineering & Operations, Michele Hamill, Chief Human Resources Officer, Thomas Dieringer, President, Europe, and Kristian O’Meara, SVP of Strategic Initiatives.
“2020 will be a very exciting year as we ramp investment and focus relentlessly on customer success. To that end, we plan to increase our global workforce by around 15 percent, with a focus on product development and all customer facing organizations,” said Bureau.
About JAGGAER: Procurement Simplified
JAGGAER is the world’s largest independent spend management company, with over 2000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. Additionally, JAGGAER holds 37 patents–more than any other spend management company.