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Vertice raises $25M for AI-based tools to help companies tackle software spend
When you say the phrase "expense management" in a business context, people might think of software like Concur that tracks what you spend on travel,
The problem (and opportunity) that Vertice is going after is focused around SaaS and cloud spend, the two largest and fastest-growing areas of IT expense for businesses worldwide, according to forecasts from Gartner(set to grow between 11% and 14% this year depending on the product). An example of how automation, AI and human involvement might work together: there might be a team using a premium Zoom subscription, when the larger business already has a Google Cloud Platform contract that covers video, too: it can be flagged and then a conversation can happen to determine whether it’s necessary to have both. The plan is to add Azure and GCP into the mix in the very near future, but for now Amazon’s cloud platform is the only one that it tracks: Vertice can alert users to when instances are no longer cost effective for a company, or overlap with other purchases being made by other teams.
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