Opera Solutions sing a song of much more than sixpence… ($64 million to be precise)

Jason Busch at Spend Matters US featured last week's announcement by data analytics firm Opera Solutions that they'd raised $84 million in a fund-raising round - not bad for a firm that is still only 8 years old. Here's Jason:

Earlier this week, Opera raised $84 million in funding from a combination of Siler Lake Sumeru, Accell-KKR, Invus, Tola Capital and JGE Capital Management. The WSJ notes that the deal values the company "at around $500 million." Describing the organization in broad terms, the same article suggests, "Opera builds big-data computer systems that can suck in billions of pieces of data at once -- from home and auto prices to real-time information on brokerage accounts or supply chains. It then analyzes that data to pull out 'signals' or insights about how consumers, markets and systems are behaving."

They're not well known this side of the Atlantic, but they made a high profile and arguably mis-judged intervention in the UK in June with their statistically dubious assertion that local authorities could save £10 billion through better procurement - based on a sample of three items from three authorities.

But they are an interesting organisation, I hear from those that know these things, with some genuinely leading edge analytics technology. That goes beyond procurement spend into a number of different areas, but the procurement -related side of their business is pretty important, and Jason believes they are worth watching. "This week, I briefly caught up with Opera Solutions at ProcureCon and was quite excited to hear about some of the things they're up to in the procurement and operations areas".

The procurement spend analytics market is pretty crowded already, from the procurement suite providers like BravoSolution and Emptoris to specialists like Rosslyn and those that come at it from a wider finance perspective (such as PRGX). Then there are sector specialists such as Spikes Cavell in the UK local authority world, and of course other interesting US firms like Spend Radar also increasingly looking at global opportunities.

So the UK, and I suspect Europe more widely, won't be an easy nut to crack for Opera - but their growth has been very impressive, and this funding will go a long way to support either organic or acquisition led growth in the US and perhaps over here as well.

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