Afternoon Coffee: Airbase secures $60M round of funding; Brightfield and Allegis Global Solutions partner for global extended workforce; See the Deloitte and Coupa webinar on agility

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Airbase, a spend management platform for small to mid-size companies, announced a $60 million round of funding led by Menlo Ventures. It brings the company’s valuation to $600 million, according to a press release announcing the investment.

Airbase said the fresh capital will be used to drive product improvements and innovation to define the category, transform how companies spend money and elevate the role of employees to focus on value-added work. The Airbase solution combines accounts payable automation, software-enabled corporate cards and employee expense reimbursements.

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A TechCrunch article said Airbase CEO Thejo Kote sees the spend management market segmenting along target customer scale. Airbase has focused on the mid-market.

“At Airbase, we pride ourselves on making our customers happy, by helping them replace their messy and siloed financial tech-stack (Bill.com, Expensify, corporate cards, etc.), with Airbase’s single platform,” Kote said in the press release. “In addition to saving companies time and money, Airbase helps them fundamentally transform spend culture throughout the organization with real-time visibility into all non-payroll spend. … We’re excited for the future and look forward to delivering software that helps companies operate higher-performing businesses.”

Brightfield and Allegis Global Solutions partner for global extended workforce

Brightfield, a global extended workforce intelligence software solution, announced a partnership with global workforce solution provider Allegis Global Solutions. The partnership aims to set a new standard for high-performance extended workforce management.

In a press release announcing the partnership, the companies said together they will aim to optimize performance and spend across the entirety of their contract labor and services category. The partnership will address pressing workforce and business challenges that companies face today through transparency, automation, cost savings and operational agility in workforce spend.

“AGS is committed to providing full-service workforce solutions turbocharged by market intelligence and automation,” Steve Schumacher, AGS’ Senior Vice President of Global Operations, said in the press release. “Becoming Brightfield’s Platinum Partner enables us to apply the most powerful source for digitizing extended workforce management processes available today, increasing the speed and scale of our impact on customers’ critical business outcomes.”

“The future of work has arrived,” Jesse Levin, Brightfield’s CEO, said in the press release. “By aligning the delivery of these two companies’ world-class capabilities ... we enable customers everywhere to unlock the potential of the extended workforce.”

Watch this Deloitte and Coupa webinar on agility

Last month, Deloitte and Coupa — two leading organizations from both a procurement transformation and technology perspective — joined forces for a webinar to talk through what they’re seeing with their customers regarding how digital is fundamental to making their business operations resilient, and how “agility” is core to making this happen.

Facilitating the 60-minute webinar was Spend Matters’ Chief Research Officer, Pierre Mitchell, and he was joined by Michael van Keulen, Chief Procurement Officer at Coupa, and Max Goralnick, Managing Director at Deloitte Consulting, to consider why that is shaping up to be the case. Drawing heavily on the results of the 2021 Deloitte Global Chief Procurement Officer Survey, where 400 CPOs from around the world shared their insights, the three experts give their “from the trenches” insights on how digital is delivering agility to reduce complexity.

As we promised in our webinar overview: “Deloitte and Coupa discuss how CPOs are leading the way on agility,” we would provide the on-demand link as soon as it became available. Please find that here: Agility is no longer a buzzword — on-demand recording. 

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