Distributed Spend Management leader recognized for innovative procurement technology

NEW YORK, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Teampay, the leading distributed spend management platform, today announced that it has been named a Spend Matters “Future 5” company. The second-annual Future 5 List highlights some of the most exciting procurement technology vendors in the world today.

Joining Teampay on the list are graphiteConnect, Prewave, Trakti and Utmost. Winners are independently evaluated by the Spend Matters analyst team. Selected vendors must not only have an interesting and innovative application of technology, but also demonstrate clear momentum and staying power.

Teampay was recognized for its unique approach to managing business spend, which offers a modern variation on e-procurement. The company’s patented technology helps procurement and finance teams manage distributed spending by unifying the purchasing process across the entire organization, from request to reconciliation. Its conversational interface guides employees through the buying process, automatically enforcing the correct policy and providing real-time visibility into spend. As the single place to manage distributed spend, Teampay helps finance and procurement stay fully aligned.

This news comes during a banner quarter for Teampay, which just announced an oversubscribed funding round and new valuation, along with industry-first integrations to Amazon Business and digital contracting platform Ironclad. With these milestones under its belt, Teampay has successfully built a comprehensive, end-to-end solution for managing all kinds of business purchases for all employees across an organization — making it a vital tool for today’s distributed and remote workforce.

“Earning this distinction from the respected analysts at Spend Matters is validation of our team’s willingness to not accept the status quo and continually innovate in the procurement space,” said Andrew Hoag, Founder and CEO of Teampay. “We are humbled to be recognized alongside other forward-thinking companies that are dedicated to ushering in the next generation of procurement technology during a period of rapid change and digital transformation.”

Spend Matters, a leading procurement technology analyst and media firm, is well-known for its “50 Procurement Providers to Watch” and “50 Procurement Providers to Know” lists released each spring. The Future 5 recognition illustrates the firm’s commitment to covering emerging innovations in procurement technology.

“The procurement and sourcing technology market is hot, and this goes for startups as well,” said Magnus Bergfors, VP European Research and Lead Analyst at Spend Matters. “There are hundreds or even thousands of vendors in this space ranging from full S2P suite vendors to specialists. That said, it can be hard for a practitioner to identify truly unique startups. So that’s why we compose our Future 5 list that highlights five really interesting newcomers that are tackling problems existing solutions don’t address, tackling ‘old’ problems in new interesting ways, or both at the same time."

For more information on the Future 5 list and Teampay’s platform, visit https://spendmatters.com/almanac/future-5 or https://spendmatters.com/almanac/teampay/.

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About Teampay
Teampay’s distributed spend management platform gives high-growth companies total control and real-time visibility over purchasing, while empowering employees with smart, policy-driven access to company spend. Teampay’s patented technology (U.S. Pat. No. 10,755,339, and other patents pending) delivers a user-friendly workflow that aligns spenders and finance, collects critical data, integrates it into legacy systems, and provides safe, intelligent payments. As such, the platform solves the common problems of policy misalignment, lack of transparency, and unpredictable spending. Teampay was founded in 2016 and is headquartered in New York City.

Media Contact
teampay@launchsquad.com