Tradeshift

Tradeshift is a cloud based business network and platform for supply chain payments, marketplaces, and apps. Its 2018 round of funding, led by Goldman Sachs, raised US$250 million at a valuation of $1.1 billion, giving the company unicorn status.[1][2] Headquartered in San Francisco, Tradeshift serves 300 companies and processes over half a trillion USD through transactions.[3]

Tradeshift
IndustrySoftware
FoundedMay 2010
FounderChristian Lanng, Mikkel Hippe Brun, Gert Sylvest
Headquarters
San Francisco
Number of employees
+900

History

Tradeshift was founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest. Inspiration for Tradeshift came after they created the world's first large scale peer-to-peer infrastructure for an e-business called NemHandel. The founders also had leading roles (Governing board member, Technical Director[4]) in the European Commission project PEPPOL inside the European Union.[5]

In 2010, the Tradeshift platform launches in May in Copenhagen. Tradeshift won the European Startup Awards in the category of "Best Business or Enterprise Startup."[6] In 2011, Tradeshift makes its App marketplace available.[7]

In 2012, Tradeshift moves their headquarters from Copenhagen to San Francisco.[8] In 2013, Tradeshift opened an R&D center in Suzhou, China.[9] Tradeshift opens an additional office in London.[10] And LATAM e-invoicing capabilities are added through partnership with Invoiceware.[10]

In 2014, Tradeshift expanded with offices in Tokyo,[11] Paris, and Munich.[12] The EU Commission officially approved the Universal Business Language (UBL) data format – a format Tradeshift supports – as eligible for referencing in tenders from public administrations.[13]

In 2015 Tradeshift won the Circulars "Digital Disruptor" Award at the WEF conference in Davos, Switzerland.[14] Tradeshift also acquired product information management company Merchantry, and launched e-procurement and supplier risk management solutions.[15] In 2016, Tradeshift acquired Hyper Travel[16] and secured a $75 million series-D round funding.[17] In 2017, Tradeshift acquired IBX Business Network and launches Tradeshift Ada.[18]

In 2018, secured a $250 million series-E round funding.[19] and launches Blockchain Payments, the latter as part of Tradeshift Pay.[20] In December 2018 Tradeshift acquires Babelway, an online B2B integration platform. The acquisition added three new office locations to Tradeshift (Salt Lake City, Louvain-la-neuve Belgium, Cairo Egypt).[21] In Q3 2018, Tradeshift reported year-over-year revenue growth of 400%, new bookings growth of 284%, and gross merchandise volume (GMV) growth of 262%. New total contract value also grew by US$47 million. Additionally, it added 27 new customers including Hertz, Shiseido, ECU and multiple Fortune 500 companies.[22]

In October 2019, Tradeshift partnered with Abreon to help businesses implement new technology and establish new procedures smoothly and effectively.[23]

In March 2020, Tradeshift collaborated with DXC for automation of procure-to-pay processes.[24]

Financials

The company's valuation as of May 2018 was $1.1 billion.[25] Tradeshift is now considered a unicorn,[26] and according to Bloomberg, won't need any further funding.[25]

Acquisitions

2015: Tradeshift acquires product information management company Merchantry.[15] Merchantry is retail product information management (PIM) software for multi-vendor ecommerce retailers. Merchantry is known for managing retail product information for ecommerce retailers, including amazon.com, Marks & Spencer, and others.

2016: Tradeshift acquires Hyper Travel.[16] Hyper Travel is a travel management service that allows customers to access travel agents via its native messaging apps, SMS, and email.

2017: Tradeshift acquires IBX Business Network.[18]

2018: Tradeshift acquires Babelway, an online B2B integration platform.[27]

Customers

As of 2018, Tradeshift has over 500 global customers[28][29] spanning six continents and 190 countries. A sampling of Tradeshift customers include Air France KLM,[30] Kuehne + Nagel International AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever, and Volvo.[31]

Further reading
  • Jonathan Løw: The GuruBook: Insights from 45 Pioneering Entrepreneurs and Leaders on Business Strategy an Innovation. Chapter: Christian Lanng, Leadership from the trenches. CRC Press: Boca Raton, Florida 2018.

References
  1. "Tradeshift raises $250M Series E, Goldman Sachs joins the round". TechCrunch. Retrieved 2018-11-29.
  2. "These are the 35 US tech startups that have reached unicorn status in 2018". Business Insider. Retrieved 2018-11-30.
  3. "Tradeshift Frontiers innovation lab hopes to drive blockchain adoption in the global supply chain". TechCrunch. Retrieved 2018-11-29.
  4. "Europe's "Facebook" for Government Procurement". www.govtech.com. Retrieved 2018-11-29.
  5. "EU e-procurement agency implements TradeShift ( - Government )". news.idg.no. Retrieved 2018-11-29.
  6. "TradeShift launches to disrupt an entire financial system – And Morten Lund is advising it". TechCrunch. Retrieved 2018-11-29.
  7. Corning, Paul. "Tradeshift goes social with business apps | ZDNet". ZDNet. Retrieved 2018-11-29.
  8. "Keen On… Christian Lanng: Why All Current Business Software Is Crap [TCTV]". TechCrunch. Retrieved 2018-11-29.
  9. "iBlog". Danmark i Kina. Retrieved 2018-11-29.
  10. "Invoiceware and Tradeshift Partner: E-Invoicing Goes Global". Spend Matters. 2013-05-21. Retrieved 2018-11-29.
  11. "Tradeshift Secures $75M To Expand Its Invoicing Platform Globally". TechCrunch. Retrieved 2018-11-29.
  12. "Tradeshift Accelerates Global Growth With Office Openings in France, Germany and Japan; Expands Leadership Team With New EMEA & Japan Sales Executives". MarketWatch. Retrieved 2018-11-29.
  13. "European Commission Approves Referencing of OASIS Universal Business Language (UBL) Standard | OASIS". www.oasis-open.org. Retrieved 2018-11-29.
  14. "Tradeshift wins Circular Economy Digital Disruptor Award". eeiplatform.com. Retrieved 2018-11-29.
  15. "Payables News Weekly: Tradeshift Makes $30 Million Acquisition; Basware Appoints UK Managing Director - Payables Place". Payables Place. 2015-08-28. Retrieved 2018-11-29.
  16. "Tradeshift acquires Hyper to launch virtual travel assistant for the enterprise". VentureBeat. 2016-06-24. Retrieved 2018-11-29.
  17. "Tradeshift raises $75M Series D to expand its invoicing platform to new verticals". TechCrunch. Retrieved 2018-11-29.
  18. "Tradeshift to Acquire IBX Business Network from Capgemini". Spend Matters. 2017-03-08. Retrieved 2018-11-29.
  19. "'Oh' Shift: Tradeshift Raises a New $250 Million Warchest". Spend Matters. 2018-06-01. Retrieved 2018-11-29.
  20. "Afternoon Coffee: Tradeshift Adds 38 New Customers in Second Quarter, Toys R Us Settles with Suppliers". Spend Matters. 2018-07-19. Retrieved 2018-11-29.
  21. "Tradeshift Acquires Babelway, a Key Innovator of Cloud Integration Technology". 2018-12-18. Retrieved 2018-12-18.
  22. "Tradeshift Announces Q3 2018 Results". Retrieved 2018-11-29.
  23. "Change consulting firm Abreon partners with Tradeshift". www.consulting.us. 2019-10-17. Retrieved 2020-03-03.
  24. Forrester, Nick. "DXC announces collaboration with Tradeshift to automate payments". channellife.co.nz. Retrieved 2020-04-09.
  25. Mathis, Will. "Tradeshift Valuation Hits $1.1 Billion After Pre-IPO Fundraising". www.bloomberg.com. Retrieved 2018-11-29.
  26. "Denmark has a new unicorn after Tradeshift raises $250 million, with Goldman Sachs leading the round". nordic.businessinsider.com. Retrieved 2018-11-29.
  27. "Tradeshift Buys Babelway: A 'First Take' Analysis".
  28. "Tradeshift buys the IBX Platform from CapGemini". eeiplatform.com. Retrieved 2018-11-29.
  29. "Tradeshift Acquires IBX Business Network to Create World's Largest Business Commerce Platform". VentureBeat. 2017-03-08. Retrieved 2018-11-29.
  30. "Lift off! Air France-KLM selects Tradeshift for global e-invoicing and collaboration". eeiplatform.com. Retrieved 2018-11-29.
  31. "Tradeshift Raises $250M Gets A $1.1BN Valuation | PYMNTS.com". www.pymnts.com. Retrieved 2018-11-29.
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