[ad_1]
Investing and expanding market leadership Accelerating the development of IT procurement technology using AI
NPI, a leading provider of data-driven IT procurement solutions for large enterprises, announced a significant growth investment from Falfurrias Growth Partners (Falfurrias). charlotteA private equity fund focused on growth-oriented, middle-market businesses. The transaction strengthens the continued innovation of NPI’s proprietary artificial intelligence and machine learning technology platform, while enabling further investment in new AI-powered technologies, enhanced products, sales and marketing, and NPI’s continued We will promote economic growth.
IT is one of the largest and most complex cost centers for businesses today, and spending continues to rise as departments digitize their operations and customer experiences. Global IT spending in 2024 will be 5 trillion dollarsManaging this dynamic spending category, characterized by price volatility, inconsistency, and opacity, is a persistent challenge for large enterprises.
Recommended AI news: Riding the Generative AI Hype, CDP Will Need New Definition in 2024
Founded in 2003, NPI has established itself as a leading provider of data-driven intelligence and technology-enabled services specifically designed to help large enterprises optimize their IT procurement costs.of atlantaThe company has more than 500 customers, including 120 Fortune 500 companies. 75 billion dollars IT spending identified in the last five years alone 9 billion dollars On related savings opportunities. NPI’s flagship subscription service provides transaction-level price benchmarking analysis and negotiation information across over 1,500 IT vendors across all subcategories, including SaaS, traditional on-premises software, cloud, hardware, data center, temporary workforce, and communications. We provide The company has a center of excellence specializing in Microsoft licensing and cost optimization, and also offers software license auditing and carrier contract optimization services. NPI’s solution portfolio is built on measurable ROI and superior customer service.
Recommended AI news: Wolters Kluwer and Smile Train improve access to important medical research
Founder and CEO John Winsett, will continue to lead the company. “Today, we proudly support some of the world’s best-known brands in their pursuit of IT cost governance and procurement excellence,” he said. “By partnering with Falfurrias, our continued mission is to not only scale, but to become a pioneer in enterprise IT procurement. We are ready to unveil breakthrough AI-powered technology specifically for IT procurement practitioners to ensure world-class transaction results with unparalleled ease, speed, and reliability.”
“We are excited to partner with Jon and the NPI team on this next phase of growth. We believe their large and unique datasets will allow us to provide unique insights. NPI continues to lead the field with innovation, including new solutions that leverage generative AI in ways that are truly meaningful to IT procurement practitioners.” michael clifton and amy brandtFalfurrias’ partner. Kevin HesselbergA first-in-class executive at Falfurrias, he brings more than 25 years of experience leading and growing software and services businesses to serve as NPI’s chairman.
Recommended AI news: AWS signs collaboration agreement with Freshworks to expand AI-powered Software as a Service
Capital for this investment is being raised from Falfurrias Growth Partners I, a growth buyout fund strategy launched in 2023 by Falfurrias Management Partners, which invests in Falfurrias Management Partners in the information services and technology-enabled services sectors. Based on experience.
[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]
[ad_2]
Source link
